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.

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.

Nigeria Economic Outlook by the AfDB

Nigeria’s economy grew by 3.6% in 2021 from a 1.8% contraction in 2020, underpinned on the supply side by 4.4% expansion in the non-oil sector against 8.3% contraction in the oil sector; non-oil growth was driven by agriculture (2.1%) and services (5.6%). On the demand side, public and private consumption were contributors to GDP growth. Per capita income grew by 1.0% in 2021. The fiscal deficit narrowed to 4.8% of GDP in 2021 from 5.4% in 2020, due to a modest uptick in revenues, and was financed by borrowing. Public debt stood at $95.8 billion in 2021, or about 22.5% of GDP.

Annual average inflation stood at 17.0% in 2021 against 13.2% the previous year and above the central bank’s 6–9% target. Inflation was fueled by food price rises at the start of the year and exchange rate pass-through. The central bank kept the policy rate unchanged at 11.5% in 2021 to support economic recovery. The current account deficit narrowed to 2.9% of GDP in 2021 from 4% the preceding year, supported by recovery in oil receipts. Improved oil exports and disbursement of the SDR allocation of $3.4 billion (0.8% of GDP), pending decision on its use, helped to boost gross reserves to $40.1 billion in 2021. The ratio of NPLs to gross loans was 4.9% in December 2021 (regulatory requirement 5%), while the capital-adequacy ratio was 14.5% (regulatory benchmark 10%). Poverty and unemployment remained high, broadly unchanged from 40% and 33.3%, respectively, in 2020. Source AfDB https://www.afdb.org/en/countries-west-africa-nigeria/nigeria-economic-outlook

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 of 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: -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

©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.

 

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