Embassy of the Federal Republic
of Nigeria
Lisbon - Portugal
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: -
- 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 cards (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.
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