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Businessafrica.net Newsletter ISSN 1563-4108
Dr. QUENUM & ASSOCIATES
INVESTMENT AND BUSINESS PLANNERS

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Nigeria's government website THE FEDERAL REPUBLIC OF NIGERIA

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PRESENTATION

The Federal Republic of Nigeria is located in West Africa region, bordering the Gulf of Guinea, between Benin and Cameroon. Coastline: 853 km

It has a total Area: of: 923,770 sq. km (land: 910,770 sq. Km water: 13,000 sq. Km).

The neighboring countries are: in the West: Benin over 773 Km; in the East: Cameroon over 1,690 Km; in the Northeast: Chad over 87 Km; in the North: Niger over 1,497 Km
It is the most populous African country: 113,828,587 (July 1999); 133,881,703 (July 2003 est.); with a growth rate of: 2.92% (1999); 2.53% (2003 est.)

Capital: Abuja in the center of the country. (On December 12, 1991 the capital was officially moved from Lagos to Abuja; however many government offices still remain in Lagos pending completion of facilities in Abuja)

Independence from United Kingdom on October 1,1960
National holiday: Independence Day: October 1

Natural resources: petroleum, tin, columbite, iron ore, coal, limestone, lead, zinc, natural gas

Agriculture production: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

Industry production: crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel. Industrial production growth rate: 3.1%

Nigeria has everything (natural resources and the market size) to becoming one of the most powerful Africa's economic driving force. However, for the time being it is not so due to, first, decades of political instability (1960-1999); and second, the lack of a "visible", well designed and promoted developing strategy.

There was some hope for a better democracy practice and developing when the new civil government of President Olusegun Obasanjo was sworn in on May 29, 1999 (ending more than 15 years of often brutal military rule.)However, that hope did not materialized and Obansanjo is stepping down in April 2007, after two terms leaving a divided and fragile country

Due to the "prosperity" generated by the oil industry in the 1980's, the successive Nigeria's governments neglected Agriculture, which remained largely a subsistence agriculture. The production of cash crops such as cocoa and palm oil experiencing a constant decline. Globally the agriculture sector has failed to keep up with the rapid population's growth. Nigeria, once a large net exporter of food, now must import food.

The diversification of the economy is an absolute necessity to pull the economy away from extreme dependence on the capital intensive oil sector, which provides 33% of GNP, 95% of foreign exchange earnings, and about 85% of budgetary revenues.

Apart from the oil sector, investment opportunities exist in agribusiness (animal breeding; meat processing, fish breeding and conservation, food production - child food and crops' transformation); low cost housing schemes for Nigeria's sprawling cities (Lagos, Benin-City, Abudja, Kaduna. Etc.). Infrastructure for utilities (fresh water and electricity for the cities and rural areas) and cities transportation networks.

WHAT FUTURE FOR NIGERIA?

On April 21, 2007 a series of elections concerning governatorial seats, national assembly and presidential position were held. The presidential ballot is an historic event that would see the handover of power from one civil leader to another.

The ballots, however, were undermined by ballot-stuffing, violence and a shortage of millions of voting papers on the voting day. It was reported that in some constituencies, the voting material were delivered after closing hours and left to thugs to do ballot stuffing.

The departing president Obasanjo himself declared in a nationwide address: "Our elections could not have been said to have been perfect," citing logistical failures, violence, ballot box snatching and fraud.

He accused "some political leaders" of fomenting violence and employing thugs to achieve victory, but said Nigerians had shown faith in democracy. "Nothing should be done to make our people lose faith in the electoral process and its democratic outcome," he said.

That declaration chimed with opposition parties and international observers remarks who called the vote a "charade." Click here for Huge Win For Umaru Yar' Adua elected president to departing Obasanjo

MORE ON NIGERIA

1- The Distant Talking Drums
Poems From Nigeria
by Isaac Olaleye
2- Hausaland Tales
From the NIgerian Marketplace
by Gavin McIntosh
3- Divine Inspiration From Benin to Bahia
by Phyllis Galembo
4- More News On Nigeria
by Allfrica

Click to contact Dr. Bienvenu-Magloire Quenum

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SOME FIGURES


GNP:
US$ 47.2 billion 2000; 47.95 billion 2001); 49.63 billion 2002); 51.22 billion 2003)
GNP-real growth rate: 1.6% (2000); 3.5% (2001); 3.2% (2002)
GNP-per capita: US$ 393 (2000); 385 (2003)

Click here for the difference between
GNP and Parity Purchasing Power


GNP-composition by sector

  1. agriculture: 45%

  2. industry: 20%
  3. services: 35%

Exports: US$ 22.2 billion (f.o.b., 2000); 17.3 billion f.o.b. (2002 est.)
Commodities: petroleum and petroleum products 95%, cocoa, rubber
Exports - partners: US 32.3%, Brazil 8.3%, Spain 7.2%, Indonesia 5.9%, France 5.6%, India 4.6% (2002).

Imports: US$ 10.7 billion (f.o.b., 2000); 13.6 billion f.o.b. (2002 est.)
Commodities: machinery, chemicals, transportation equipment, manufactured goods, food and animals
Imports - partners: UK 9.6%, US 9.4%, China 9.3%, France 8.7%, Germany 6.8%, South Korea 6.1%, Netherlands 5.2%, Italy 4.7% (2002)

FOR CURRENCY EQUIVALENCE CLICK HERE

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ENTRY POLICY / HEALTH POLICY


A valid passport and a visa are required for most nationalities. It is strongly advised to contact / consult with addresses and links below listed for more.

http://www.nigeria-consulate-ny.org
http://www.nigeria-consulate-atl.org
http://www.nigeria.co.za

It is also recommended to bring only foreign cash in US Dollars as travelers' cheques and credit cards are rarely accepted.

Trade of money on the black market is prohibited. One could get imprisoned. Import and export of foreign money is not limited, but must be declared on arrival. The import and export of local currency is limited to N100.

FOR CURRENCY EQUIVALENCE CLICK HERE
Ministry of Commerce and Tourism Old Secretariat,
Area 1, Block G2H,
PMB 88, Garki, Abuja
Tel: +(234) 9 2342770
Fax: +(234) 9 2341351
England
High Commission for the Federal Republic of Nigeria

Nigeria House,
9 Northumberland Avenue,
London, WC2N 5BX
Tel: +(44) 171 8391244
Fax: +(44) 171 8398746
Canada
High Commission for the Federal Republic of Nigeria

295 Metcalfe Street, Ottawa,
Ontario K2P 1R9
Tel: +(1) 613 2360521
Fax: +(1) 613 2360529
USA
Embassy of the Federal Republic of Nigeria

1333 16th Street, NW,
Washington, DC 20036
Tel: +(1) 202 9868400
Fax: +(1) 202 7751385

AIR-LINKING / TRANSSHIPPING


Nigeria Airways
, the national flag carrier service is no more flying frequent schedules to say the least.

Many other international air companies have regular schedules with Lagos: , Ethiopian Airways, South African Airways, British Airways, etc.

Ports and harbors: Calabar, Lagos, Onne, Port Harcourt, Sapele, Warri

Merchant marine: total: 38 ships (1,000 GRT or over) totaling 371,499 GRT/631,425 DWT ships by type: bulk 1, cargo 13, chemical tanker 3, oil tanker 20, roll-on/roll-off cargo 1 (1999)

INVESTOR CONTACTS
Nigeria Export processing Zone
Federal Head Office

Radio House, 4th Floor,
Herbert Macaulay Way (South),
P.M.B. 037,
Garki-Abuja, Nigeria
Tel:
+(234)-9-234060
Fax: +(234)-9-2343061
Nigeria Export processing Zone
Lagos Office

5th Floor Elephant Cement House Alausa,Ikeja
Lagos State, Nigeria
Tel: +(234)-1-4705430
E-mail: info@nepza.com
Corporate Affairs Commission
Federal Head Office

Area 11, Garki Federal Capital Territory
Abuja, Nigeria
Tel: +(234)-09-2342917
Fax: +(234)-09-2342669
http://www.cac.gov.ng
E.Mail: info@cac.gov.ng
Corporate Affairs Commission
Lagos State Office
Elephant Cement House
Assbifi Road
Central Business District Alausa Ikeja Lagos, Nigeria
Tel: +(234)-01-774499
Fax: +(234)-01-4698256
http://www.cac.gov.ng
ACCOMMODATION


There are top hotels available (and expensive) in Lagos and other major towns (Click here to choose), but advance booking is required; and if possible a confirmation by a resident business partner is an asset to secure the booking. If you are in for a long stay in Lagos, weekend visit to the neighboring, quite and peaceful Benin (where accommodation is easier) is possible. Cotonou the economic center of Benin is only 150 Km by highway

Follow this lead and choose an hotel in any Nigerian major city.

Le Meridien Eko Hotel
Adetokunbo Ademola
St. Victoria Island Lagos
Tel: +(234) 2624600
Fax: +(234) 2615205

Nicon Hilton Abuja
PO Box 200,
Abuja, Maitama, Nigeria
Tel: +(234) 9 4131811
Fax: +(234) 9 4132417
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