Embassy of the Federal Republic

of Nigeria

Lisbon - Portugal

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Contact us: Av. Dom Vasco da Gama, 3, Restelo, 1400-127  Lisbon, Portugal . Tel: (351)213031290. Mobile: (351)963543377, (351)214075593.  Fax: (351)213018152.  

Emails: admin@nigeriaemblisbon.org -- enquiries@nigeriaemblisbon.org -- consular@nigeriaemblisbon.org


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ECONOMY

Nigeria’s economy is primarily oil-driven. Nigeria is the largest producer of oil in Africa and the seventh largest in the whole world. Its oil reserves are estimated at 36.2 billion barrels and with the discovery of new oil wells in various parts of the country, reserves are expected to increase to about 40 billion barrels. Crude oil exportation accounts for over 90% of the nation’s total foreign exchange earnings. However, fundamental reforms are taking place to free the economy  from this mono product and diversify the sources of her revenue.

According to the by IMF, with an annual growth of 5% during the course of2015, Nigeria’s gross domestic (GDP) is set to total US$1.10 trillion in 2015, representing a 5% growth from that of 2014  making Nigeria the sixth world highest achiever. This is despite the global crude oil prices falling by about three quarters over the last year. Nigeria has defied the negative growth that afflicted several crude-producing countries, according to the IMF.

Over the last 15 years, Nigeria has enjoyed annual growth rates of about 7% but with crude oil prices falling to about US$40 a barrel from US$100 a barrel, it is no surprise that growth has slowed. But notwithstanding this, Nigeria economy continues to diversify and the country remains on course to achieve its goal of becoming one of the world’s 20 economies by 2020.

The economic vision of Nigeria is to be one of the 20 most viable economies by the year 2020. This is the attainable in view of the enormous natural endowments in the country.

Nigeria is richly and magnificently endowed by nature. The country has proven reserves of natural gas, petroleum, iron ore, tin, coal, limestone, zinc, lead and niobium. Nigeria also has substantial underdeveloped land, ideal for agricultural development as well as fertile waters for fishing.

GAS

Nigeria also has huge gas reserves in excess of 160 trillion cubic feet, and is ranked 10th in the world of proven natural gas reserves. The harnessing og gas and the production of liquefied natural gas in Nigeria has grown at a tremendous rate with the 7th train under construction. For detailed information on Nigeria’s burgeoning gas industry, visit www.nlng.com


Interested in Investing in Nigeria?

Nigeria welcomes foreign investors. For detailed information on investment opportunities throughout Nigeria, please feel free to book an appointment or if you have any questions, do not hesitate to contact the Embassy.

To know more about investing in Nigeria, visit NIPC - Nigerian Investment Promotion Commission (An investor’s guide to Nigeria).


FEDERAL GOVERNMENT OF NIGERIA SINGLE WINDOW FOR TRADE

The Nigeria Single Window Trade Portal is a cross-government website that opens a new era for trade facilitation by offering a single portal for trade actors, both Nigerian and international, to access a full range of resources and standardized services from different Nigerian government agencies. The NSW Trade Portal facilitates trade by offering a platform for users to:

 

Consult trade information online. For example, tariff search, arrived vessels, regulatory guidelines

Submit trade documents and track their trade transaction status online

Pay online through e-payment facilities using credit card (this function to be deployed in the next phase)

Access help-desk, trouble tickets, and other support services online (for registered users)

Quickly reference important information on different government agencies involved in trade matters,

as well as link to their websites through a convenient hub. Learn more















©DISCLAIMER: With brighter investment climate in Nigeria, many unsuspecting investors  have fallen prey to online scams. In order to stem  this ugly tendencies, all prospective investors should always consult with the Embassy in Lisbon, or the Portuguese Embassy in Abuja before venturing into payment for any business transactions.  The Embassy of Nigeria in Lisbon , Portugal  will not be responsible for any fraudulent transactions.