Financial Data
Updated 06 Dec 2020


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With a vast amount of resources, a large population and a fast-growing consumer class, Nigeria is proving to be Africa’s and West Africa’s choice destination for growth and investment, particularly in the expanding trade and consumer-related sectors.

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Social overview


Nigeria has a rapidly growing and very young population.  According to the UN’s statistics, Nigeria’s population estimate was 178.5 million in 2014, with the population predicted to reach 227.6 million by 2023. A growing young population can help to create a large and productive labour force within the country.

A rapidly expanding population will bring certain challenges with it, such as the provision of education and employment. There is also the challenge of an increase in crime or militancy, should unemployment levels rise within Nigeria.

Despite the country’s strong economic record, poverty remains significant and reducing poverty levels will require strong growth in non-oil sectors, as well as a focus on human development.

Religion plays an important role in everyday life of Nigerian citizens and continues to be a source of tension. These tensions generally arise from poor living standards and lower employment opportunities.


Nigeria’s people
  • Population: 178.5 million, estimated to reach 227.6 million by 2023
  • Nigeria has a rapidly growing and very young population
  • Languages: English, Hausa, Yoruba, and Igbo are main languages
  • Religion: plays an important role in everyday life.
  • The religious make-up of the country continues to be a source of tension.
Environmental overview

Nigeria is a resource-rich country with large deposits of iron ore, oil, tin, columbite, coal, niobium, lead, zinc and bauxite. There are environmental challenges that the country is working to overcome. These include:

  • Oil spills, mainly due to pipeline and tanker accidents (old pipelines and tankers are susceptible to corrosion), the nature of oil operations, and inadequate or non-functional production equipment;
  • Theft and sabotage through oil siphoning, with stolen oil making its way onto the black market;
  • Rapid urbanisation has resulted in a need for further waste management, including sewage treatment;
  • This rapid urbanisation is also contributing to air and water pollution;
  • Loss of natural habitat, including the linked processes of rapid deforestation and soil degradation;
  • Climate change or global warming.

Despite these challenges, Nigeria has over 80 million hectares of arable land (23% of all arable land in West Africa), with the lowest levels of irrigation in the world and some of the fastest-growing agriculture yields in the world. One of the biggest opportunities within the country is believed to be in improving crop yields.

The environment

Major environmental issues:

  • Oil spills
  • Theft and sabotage through oil siphoning
  • Rapid urbanisation and waste management
  • Rapid deforestation and soil degradation
  • Climate change and global warming
Technology overview

Technology development is slow within Nigeria, with limited investment in technology infrastructure, however, due to increasing internet penetration, there is growing potential for expansion of data services.

Nigeria is still playing catch-up with uptake and inclusion in the digital economy, with few businesses taking full advantage of digital technology to improve operations and connect with customers and suppliers. However, entry into the digital economy is becoming far easier for consumers. Currently, 49% of registered businesses in the country have a website.

There are certain technology challenges that Nigeria must overcome to become a player in the digital economy, such as:

  • Improving access to capital, advanced IT skills, and power infrastructure;
  • Increasing Internet and broadband access. Currently there is limited access to high-speed data services.

As the largest mobile phone market in Africa, Nigeria offers businesses several opportunities within the ICT and IT sectors. Mobile phones are the main form of Internet access in the country, offering businesses an opportunity to introduce new, mobile compatible IT solutions. Nigeria has also developed a national ICT policy, developed to assist investors and other stakeholders in the sector.

Tech outlook
  • Inadequate telecommunication infrastructure
  • Only 49% of registered businesses in the country have a website
  • Internet and broadband access are limited in Nigeria, as there is limited access to high-speed data services
  • Largest mobile market in Africa with mobile phones as the primary form of Internet access in the country
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