A Little About This Market…

Africa.

It’s massive.

SERIOUSLY MASSIVE.

And it has one of the fastest growing consumer markets in the world…and in particular the Federal Republic of Nigeria.  Below you’ll find a brief intro to the 7th most populous country in the globe, and take a look to see if YOU would be interesting in finding an open market there.  Oh, and welcome to Africa’s Largest Market!

AFRICA

Basic Info

  • Independence: Declared independence from the UK on October 1, 1960
  • Capital: Abuja
  • Largest City: Lagos; Located on the Southern Coast, primary trade port
  • Population: 1st in Africa; 7th largest globally
  • Size: To compare, its area is nearly twice the size of California
  • Ethnic Groups: Has over 250 ethnic groups, the three largest being:
    •  Hausa & Fulani (29%)
    • Yoruba (21%)
    • Igbo (18%).
  • Religion:
    • Muslim (50%)
      • Hausa & Fulani in the North
    • Christian (40%)
      • Yoruba and Igbo in the South
    • Indigenous faiths (10%)
  • Official Language: English
    • Hausa, Yoruba, Igbo, and Fulani are the other top languages.

Type of Government: Federal Republic, modeled after the American system

  • Branches: Executive, Legislative (the bicameral National Assembly), and Judicial
    • The President is head of state, head of government, and head of a multi-party system.
    • Law is based off of English Common law, however it is important to note that several of the northern states use Sharia law.
  • Division: Divided into 36 states and one capital district.
    • States are nearly autonomous, with the governors wielding immense power in their home states.
  • Multi-Party System (Political Breakdown Below):
    • People’s Democratic Party (PDP) is the current party leading the Administration.
      • Has dominated politics since the first elections that followed the fall of the military junta in 1999.
    • All Progressive Congress is the primary opposition.
      • An amalgamation of three opposition parties—the Action Congress of Nigeria (CAN), the All Nigeria People’s Party (ANPP) and the Congress of Progressive Change (CPC).
  • Upcoming Elections:
    • 2014: PDP Primary Election, Gubernatorial Elections
    • 2015: Presidential & Parliamentary Elections

 Economy

  • GDP: $262 Billion; with 7% annual growth
    • Nigeria expected to overtake South Africa as largest economy within the next two years
  • Natural resources: Natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, and arable land.
    • Country still relies on oil for 80% of its income
      • Oil makes up 95% of Nigerian export earnings and 40% of government revenues
    • Primary petroleum reserves reside along the southern coast.
      • Nigeria actually imports its gasoline, due to a lack of refineries.
  • Agricultural products: cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber, cattle, sheep, goats, pigs, timber, and fish.
  • Sample of Large American/Foreign Companies Present: Wal-Mart, Marriott, 7UP, Guinness, Accenture, Fidelity, Chevron, Daewoo, Dupont, Microsoft, Shell.
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