Economy Overview 

Nigeria is situated in the West African region and lies between longitudes 3 degrees and 14 degrees and latitudes 4 degrees and 14 degrees. It has a land mass of 923,768 sq.km. It is bordered to the north by the Republics of Niger and Tchad; it shares borders to the west with the Republic of Benin, while the Republic of Cameroun shares the eastern borders right down to the shores of the Atlantic Ocean which forms the southern limits of Nigerian Territory. The 800km of coastline confers on the country the potentials of a maritime power. Land is in abundance in Nigeria for agricultural, industrial and commercial activities.

Industry Trade and Investment 

The Federal Ministry of Industry, Trade, and Investment (FMITI) is the Ministry of the Federal Republic of Nigeria tasked with creating a conducive environment to stimulate domestic investment and attract foreign direct investment across all sectors of the Nigerian economy, positioning Nigeria as the preferred investment destination. Additionally, FMITI aims to facilitate trade in goods and services, maximizing the advantages of international trade through effective bilateral and multilateral trade relations with other nations. A key focus is to accelerate the growth of the industrial sector while enhancing overall productivity and supporting the development of Micro, Small, and Medium Enterprises (MSMEs) as vital drivers of economic growth.

FMITI implement this mandate through various programs, including the Nigerian Industrial Revolution Plan (NIRP), the National Enterprise Development Programme (NEDEP), and the Trade Policy, all of which are designed to promote investment and industrialization throughout the country. These initiatives work collectively to foster an enabling environment that encourages business growth and enhances the nation's economic landscape.

For more information, please check the Federal Ministry of Industry, Trade and Investment’s website: https://fmiti.gov.ng/

Agricultural and Food Security 

The Federal Ministry of Agriculture and Food Security is Ministry of the Federal Republic of Nigeria tasked with developing and executing policies and strategies in Nigeria's agricultural sector to ensure sufficient food supply for a growing population. The Ministry aims to provide adequate raw materials for an expanding industrial sector, enhance market access for crops, livestock, and agro-allied products, create continuous employment opportunities, and promote economic diversification for national development.

To support these objectives, the Ministry allocates resources for various agricultural projects and programs. Additionally, efforts are bolstered by partnerships and funding from donor organizations, facilitating the successful implementation of numerous agricultural initiatives throughout the country.

For more information, please check the Federal Ministry of Agriculture and Food Security’s website: https://agriculture.gov.ng/

Digital Economy 

The National Digital Economy Policy and Strategy aims to transform Nigeria into a leading global digital economy, enhancing the quality of life and providing digital opportunities for all citizens. The strategy is built around eight key pillars: Developmental Regulation, Digital Literacy & Skills, Solid Infrastructure, Service Infrastructure, Digital Services Development & Promotion, Soft Infrastructure, Digital Society & Emerging Technologies, and Indigenous Content Development & Adoption. These pillars align with the Federal Government's Economic Recovery and Growth Plan and focus on economic development, anti-corruption, and security. 

The Ministry in charge of this initiative is the Federal Ministry of Communications and Digital Economy, which was re-designated to reflect its expanded mandate in October 2019. This ministry is responsible for coordinating activities related to Nigeria's digital economy and ensuring the development and implementation of the Digital Economy Policy and Strategy. The ministry's mission is to leverage digital technologies for national economic development, positioning it as a central player in the country's digitization efforts.

For more information, please check the following websites:

https://fmcide.gov.ng/

https://nitda.gov.ng/

Blue Economy 

The Federal Ministry of Marine and Blue Economy in Nigeria is tasked with harnessing the country's vast marine resources to drive economic development and improve living standards. The Ministry was established to capitalize on the blue economy, the ministry focuses on various sectors, including fisheries, maritime transportation, and renewable energy. It aims to stimulate job creation, enhance food security, and promote sustainable practices while fostering trade relations that benefit both local communities and the national economy. The ministry emphasizes the importance of regulating and managing resources to ensure their long-term viability and to protect Nigeria's coastal ecosystems from overexploitation and pollution​

One of the ministry's primary goals is to create a favourable environment for investment in maritime infrastructure, including the development of deep seaports across the country. These ports are expected to alleviate congestion in existing facilities and attract foreign investment, significantly boosting job creation and economic activity. The ministry also seeks to combat illegal fishing practices that undermine Nigeria's economic potential and to promote policies that facilitate the sustainable use of marine resources. By leveraging partnerships with private sector stakeholders and international organizations, the ministry aims to unlock the full potential of Nigeria's blue economy.

For more information, please check the Federal Ministry of Marine and Blue Economy’s website: https://fmmbe.gov.ng/

Nigeria is famous for her huge population of about 140,003,542 as at March 2006 - the largest national population on the African continent. This population is made up of about 374 distinct ethnic stocks. Three of them, Hausa, Ibo and Yoruba are the major groups and constitute over 40 per cent of the population. In fact, about 10 ethnic linguistic groups constitute more than 80% of the population: the other large groups are Tiv, Ibibio, Ijaw, Kanuri, Nupe, Gwari, Igala, Jukun, Idoma, Fulani, Edo, Urhobo and Ijaw. The gender divide of Nigeria's population, as indicated by the last census in 1991, reflects an unusual unbalance in favour of male dominance; 51% male: 49% female.

However, the more critical population indices concern:

• High growth rate - 3.2%; this is affected by decreased infant mortality andhigh fertility.

• High school age population - over 47% are 15 years and below.

• High child dependency ratio - one dependant to one worker for the working age group 25-65.

• Large work force - working age group 15-59 is over 40 per cent of the population.

Due to a massive expansion in the education sector in the last two decades, the coloration and quality of the Nigerian work force has changed to include a large corps of highly trained personnel in mechanical, civil, electrical, electronics, chemical and petroleum engineering and biotechnics. There are at present over 30 Federal and State Universities, some of them specialist - Technology and Agriculture. In addition there are at least 20 Federal and State Polytechnics. Over 70,000 graduates in various disciplines from these institutions every year. Disciplines, apart from pure sciences, engineering and technologies, include social sciences, business studies (management, banking and finance), architecture, environment and urban management studies. Also, a sizeable Nigerian population has been and is being trained outside the country, in some of the best colleges in the United States, Canada, United Kingdom, Germany, France, Russia, Japan and China. Every year, about 2,000 of these Nigerians return home to seek employment or accommodation within the economy. For the less skilled and unskilled labour, the country depends on the primary and secondary school systems whose annual enrolments are over 3.5 million and 1.5 million, respectively.

Nigeria, in addition to its huge population is endowed with significant agricultural, mineral, marine and forest resources. Its multiple vegetation zones, plentiful rain, surface water and underground water resources and moderate climatic extremes, allow for production of diverse food and cash crops. Over 60 per cent of the population is involved in the production of the food crops such as cassava, maize, rice, yams, various beans and legumes, soya, sorghum, ginger, onions, tomatoes, melons and vegetable. The main cash crops are cocoa, cotton, groundnuts, oil palm and rubber. Extractions from these for export and local industrial use include cocoa flour and butter, rubber crumb, vegetable oil, cotton fibre and yarn. The rain forests have been well exploited for timber and wood products of exotic and popular species. Oil and Gas, by value, are the most important minerals. They are exploited and produced in the Niger Delta basin and off-shore on the continental shelf and in the deep-sea of the territorial waters. Nevertheless, there are significant non-oil mineral deposits on land many of which have been identified and evaluated: coal, iron ore, gypsum, kaolin, phosphates, lime -stone, marble, columbine, baryte and gold.