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8/14/2019 Country Risk Assessment_NIGERIA
1/18
A Country Risk
Assessment of
NIGERIA:InternationalBusinessOpportunitiesandThreats
LawrenceO.EmeagwaliTheAmericanUniversity,Cyprus. 2009
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ABSTRACTTheNigerianinvestmentenvironmentisaverypromisingone,ladenwithlotsofopportunities.
The countrywhich is amajoroilproducing, exporting anddependentnation alsohasother
lucrativesectors filledwith investmentopportunities. Itsmineral resources includescoal, tin,
bauxiteandzinctomentionafewwhilemorerecently,hugebusinessopportunitiesexistinthe
aviation, IT, energy and education sectors of the economy. Its government and people are
foreign investment friendly and the governmenthas recently takenbold steps toencourage
FDIs. Foreign investors incorporated in Nigeria have equal access to financial instruments
offered by all banks aswell as theNigerian stock exchange.However, investorshave tobe
cautious and sensitive tooccasionalethnic tensions, intellectualproperty violations, identity
thefts, aswell as uneven import and export tariff systems.Despite all of these the general
business environment is very conducive for foreign investments as the opportunities far
outweighthethreats.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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TABLEOFCONTENTSAbstract.2 Introduction 4HistoricalEnvironment 4GeopoliticalEnvironment.. 5SocialEnvironment. 6EconomicEnvironment. 7PoliticalEnvironment. 8CuturalEnvironment.. 8OpportunityandThreats.. 9ConclusionandRecommendation...10
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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INTRODUCTIONBACKGROUNDNigeriaisthemostpopulousblacknationonearthandsitsonageographicallocationofabout
923,768sqkminthewestofAfrica,andsharesborderswiththegulfofGuinea,lyingbetween
BeninandCameroon.Nigeriaisgeographicallyandadministrativelydividedinto36statesand1
territory. Its states include Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Borno,
Cross river, Delta, Ebonyi, Edo, Ekiti, Enugu, Federal Capital Territory, Gombe, Imo, Jigawa,
Kaduna,Kano,Katsina,kebbi,kogi,kwara,Lagos,Nassarawa,Niger,Ogun,Ondo,Osun,Oyo,
Plateau,Rivers,sokoto,Taraba,YobeandZamfarastates.ThecapitalofNigeriaisAbuja,which
isalsoreferredtoastheFederalCapitalTerritory.
Outofthecountrystotalgeographicalsize,910,768sqkmismadeupoflandandabout13,000
sqkmofwater. Its landborder isatotalof4,047kmwhich itshareswithborderingcountries
suchasBenin(773km),Cameroon(1,690km),Chad(87km)andNiger(1,497km).Inaddition,its
coastlinespansatotalofabout853km.
Thecountrys land terrainconsistsofplains in theNorth, lowlandswhichmerge intocentral
hillsandplateauintheSouthandmountainsintheSoutheast.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
Nigeria laysclaim tomaritimeterritorywhichconsistofabout200nmofexclusiveeconomic
zone,200mofcontinentalshelfortothedepthofexploitationandatotalof12nmofterritorial
sea.
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Weather conditions in Nigeria, changes between arid conditions in the North, tropical
conditionsinthemiddlebeltorthecenter,andequatorialclimaticconditionsinthesouth.
Nigeria
has
got
huge
deposits
of
natural
resources
in
both
land
and
sea.
Some
of
these
resources include petroleum, natural gas, ironore, tin, limestone, coal, lead, zinc, bitumen,
niobiumandarablelandtomentionafew.Thecountryisamongthetenlargestoilproducing
andexportingcountriesoftheworld,and itsarable landconstitutesabout33.02%of itstotal
landmass.
Despiteall
of
these,
the
country
like
most
other
countries
of
the
world,
still
deals
with
alot
of
geographical and environmental issues, which include, increased deforestation, increasing
desertification,oilspillagesandtheresultantoilpollutionofwater,airandsoil;soildegradation
andlossofsoilnutrients;fastpaceofurbanizationresultinginthelossofarableland.
HISTORICALENVIRONMENT
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
ThehistoryofNigeriadatesas farbackasabout1000AD. InthenortherncitiesofKanoand
katsina,recordstosuggesttheexistenceofancientandhistoricHausakingdomscaneasilybe
found.ThesekingdomsalongwiththeBornoempirewhichwascloseto lakechad,grewand
prosperedassignificanttravelroutesandterminalsfornorthAfricanandSouthAfricantrade,
which involved the tradebybarterofslaves, ivoryandkolanuts forsalt,glassbeads,corals,
cloth,weapons,brass rods and the ancient cowry shellswhichwere legal tender as at that
period.Other kingdomswhichexisted inNigeria include theYorubaKingdomofOyo,which
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influencedmostofwestAfricaasfarasTogo,andalsotheBeninkingdomwhichasearlyasthe
15th
and16th
centuries,haddevelopeda functionalandhighlyefficientarmyandceremonial
courts.Intheearly19th
centuryhowever,Islamwaspromulgatedinthenorthbyaprominent
Fulanileader,UsmanDanfodio,whileChristianitywasalreadybeingintroducedinthesouthby
Britishslavetradersandmissionaries.Between1885and1914,theBritish interestwentfrom
trade,tocontrolofboththesouthandnorth,whereithadawidesphereofinfluence.Itunited
thenorthandsouthin1914,anduseditspopularadministrativestrategyofdivideandruleto
strengthen itsgripandcontrolofthearea.However,afterWorldWar II,thereweregrowing
nationalistic tendencies and sentiments, and demand for independence; and in response to
these intense demands, the British government legislated consecutive constitutions which
moved Nigeria into a federal based self government structure. The country finally gained
independencein1960.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
However,itsexistencebetween1960and1999,weremarredwithdifferentproblems,different
coups saw the country suffer about 16 years of military rule and dictatorship, one or two
experimentswith shortlived democracy inbetween and a civilwarwhich spanned about 3
years. However, following the death of the last military dictator General Sani Abacha, an
interim government led by General Abdulsalam Abubakar, handed over power to a
democratically elected president Olusegun Obasanjo in 1999. Obasanjo who had been a
politicalprisoner
in
Gen.
Sani
Abachas
military
regime,
assumed
office
in
1999
and
successfully
handed over to the newly elected and current democratic government of President Umaru
Musa YarAdua, after serving two terms in office. This is the first time the country would
witnessacivilianciviliantransitioninitslonghistory.
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GEOPOLITICALENVIRONMENTAlthough
avery
wealthy
nation,
years
of
mismanagement
by
past
military
rulers,
have
seen
the
decayofthenationsbasicinfrastructure,leadingtoloweconomicdevelopment.Althoughthe
presentgovernmentaswellastheObasanjogovernmenthave triedto improvethesituation
with the involvementof theprivatesector,anda targetedeffortaimedat reducingendemic
corruption in thenationspolity, the country stillneeds todoa lot in theprovisionofbasic
infrastructuresuch
as
electricity,
transportation
and
communication,
ifit
is
to
achieve
the
desired levelofdevelopment.Alsodueto lackofcoordinationbetweenthefederalstateand
localgovernments,aswellaslackofstafftoimplementandmonitorprojectsonhealth,poverty
and education,Nigeriawillnotbe able tomeet itsmillenniumdevelopment goalofhalving
povertyby2015.
Onthe
aspect
of
defense,
the
country
maintains
asizeable
armed
services
of
about
76,000
activedutypersonnelcomprisedof theNigerianArmywhichhasgotabout90%of the total
servicepersonnelaswellastheNigerianNavyofabout7,000personnelandtheNigerianAir
force of approximately 9,000 personnel. Nigeria plays an important role in regional and
continentalpeace,contributingthelargestbulkofsoldiersintheUNpeacekeepingmissionsin
Liberia,Sierra
Leone,
Rwanda,
Yugoslavia,
and
Sudans
Darfur
region.
The
country
currently
pursuesapolicyofdevelopingdomesticmilitaryproductioncapabilities.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
Nigeria shares territorial borders with Benin, Cameroon, Chad and Niger; and had been
involvedinalongterritorialdisputewiththerepublicofCameroonoverthepotentiallyoilrich
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approximately68%ofthetotalpopulationisliterate.Thisfigurehasincreasedrecently,dueto
theimportanceandprivilegeswhichdegreeholdersenjoy.Thefastupwardmobilityofdegree
holders,fromlowincomefamiliestomiddleclassstatusisspurringthistrend.Whiletheupper
class citizens exists as the wealthy few, typically business and power brokers in the oil,
telecommunications,bankingandpoliticssectorsofthecountry.
TheaveragelifestyleoftheNigeriancitizenisdependsongeographicalandreligiousaffiliations.
Life is more conservative in the predominantly Muslim north, while a more western and
flamboyantlifestyleisthenorminthepredominantlyChristianeastandsouthofthecountry.A
marketforwesternproductsalthoughvibrantinallstatecapitalsofthecountry,ismorevibrant
inthesouth,whilethenorth ismore inclinedtobeingamarket forconsumables fromNorth
AfricaandtheMiddleEastduetoreligiousaffiliations.
Powerrestswiththetraditionalchiefs,thelocalgovernment,stategovernmentandthefederal
government.However,companies interested in investing intheextractive industrialsectorof
thecountry,wouldhavetomaintainstrongcordialrelationshipwiththetraditionalrulersand
chiefs of the communities which theyll be involved in and must take corporate social
responsibilityseriouslyasindigenouscommunitiesareadeptatmobilizingitsresidentsagainst
firmsperceivedtobecausingharmorseenasunfairtothecommunity.Thisisexemplifiedby
the ordeals US oil exploring organizations have had to face at the hand of theNigerDelta
militantsinrecenttimes.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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ECONOMICENVIRONMENTSince 1999, Nigeria has witnessed considerable economic stability with its GDP purchasing
power
parity
rising
to
US
$
336.2
billion
in
2008.
The
countrys
real
growth
rate
has
seen
steady
increasesince1999andgrewatabout6.4% in2007,butdue to fluctuatingglobaloilprices,
coupled with internal disruption of its oil production by the activities of the Niger delta
militants,thisgrowthsloweddowntoabout5.3% in2008.Althoughthecountryhasrecently
put in great efforts to diversify its economy by opening up the financial and
telecommunicationssectorsof, itstilldependsheavilyoncrudeoilexportswhichaccountfor
about95%of its foreignexchangeearnings.National capital reservesasatDecember,2008,
stood at over US $35billion while inflation and interest rates stood at 11.6% and 15.48%
respectivelyduringthesameperiod.Unemploymentratestoodat4.9%asat2007.
As per capital markets, the Nigerian Investment Promotion Commission Decree of 1995,
liberalizedNigeriasforeigninvestmentlaws.Thishasledtoincreasedandeasyaccesstoloans,
creditfacilitiesandinstrumentsprovidedbyfinancialinstitutions.Anyforeigninvestorwhohas
successfully registeredor incorporated their company in the countryhasequal access to all
financial instrumentsavailable.Thispresentsagreatopportunity for investors,moreover,as
commercialbanklendingratesarehighwithveryshortmaturityratesfordebtinstruments,the
NigerianStockExchange(NSE)isconsideredbymostinvestorstobeagoodfinancingoption.
OtherEconomicandForeignInvestmentPolicies
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
NigeriaisAfricasmostpopulousnationwithover140millionpeople,andasourceforlowcost
labor,abundantnaturalresourcesandpotentiallythelargestdomesticmarketinsub Saharan
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Africa.However,hurdlesexistswhichhindersitsattainmentofitspotentials,andtheseinclude
inadequate infrastructure,transportationandetc.Thusthepresentgovernmenthas loosened
controls over foreign investment in these and other areas; and previous decrees hindering
healthy competition, or giving monopolistic powers to public enterprises have either been
repealed or amended. The government of YarAdua has continued to solicit for foreign
investmentandhasimplementedvariousreformsaimedatattractingforeigninvestments.
ForeigninvestorscanownpropertyinNigeriathroughmortgages,althoughlittleproblemswith
the registration of properties exist, and theWorld Banks publication:Doing Business 2008,
rankedNigeria51outof178countriessurveyedforregisteringproperty.Thereportshowsthat
ittakesapproximately14proceduresand82daystoregisteranygivenproperty;whilecosting
about 22.2% of the propertys value. Most properties are long term leases which have
certificatesofoccupanciesa.k.aCofOsactingastitledeeds.Repatriationoffundshasalways
beeneasywithminimalregulatoryrestrictions.
EconomicopportunitiesHuge opportunities exists in the oil and gas field machinery sectors, aerospace / aviation/
avionics sectors; Computer software development and peripherals; telecommunications
equipmentsupply
sector;
medical
equipment,
automobile
parts,
assembly
and
manufacture
sectorsandconstructionequipmentsectorsoftheNigerianeconomy.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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POLITICALENVIRONMENTGovernancesystem inNigeria isdemocratic,consistingofthreebranchesofgovernment.The
Executive,
legislative
and
Judicial
branches.
The Executive branch of government is occupied by the presidentwho is both the head of
governmentandthechiefofstate.ThispositionhasbeenoccupiedbyPresidentUmaruMusa
YarAduasincethe29th
ofMay,2007.Whilethelegislativearmofgovernmentismadeupofa
bicameral national assembly consisting of 109 senators and the House of Representatives
consistingof
360
representatives.
Both
the
senators
and
representatives
each
have
4year
tenure.Thejudicialbranchofgovernancehowever,ismadeupoftheSupremeCourt,whichis
thehighestcourt,andthefederalcourtofappealaswellasothercustomaryandshariacourts.
The dependence of thejudiciary on the federal government for the appointment of its top
officialisakeyfactorwhichhasbeenattributedtothepresentfairlyunfairlegalsystemsinthe
country.
CULTURALENVIRONMENT
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
Religionand traditional/culturalaffiliationspermeatebusinesssettings,andhighmoralsand
respectisacustominsincerebusinessdealingsinNigeria.Forbusinesstransactions,visitorsare
expected to be appropriately dressed. Wearing casual clothes may convey an unserious or
casualattitude,
especially
to
European
trained
Nigerians.
People
are
commonly
addressed
by
theirtitles,especiallythehonorarytitlesofalltraditional leaders.Importantbusinessdealings
are usually done on a face to face basis in Nigeria. Meaningful business transactions are
normally not completed at one meeting. There are usually follow up meetings. Nigerians
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OPPORTUNITIESANDTHREATSOPPORTUNITIES THREATSSellingOilandgasEquipment Occasionalethnicupheavals
Selling Aviation and avionic components,
Equipmentsandcrafts.
Fairlyunreliablelegalsystems
Selling Computer software and hardware
peripherals
Weak enforcement of Intellectual Property
protectionlaws
Miningofmineralresources,suchastin,zinc,coal
etc.
Longprocessofpropertyregistration
Easyrepatriationofprofits
Equal financing opportunity from the Nigerian
capitalmarket
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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CONCLUSIONNigeria isaveryattractiveeconomyto invest inastherearevery limitedrestrictionstodoing
businessandtherearenorestrictionstoimportsexceptthoseontheimportbanorprohibition
listavailableontheNigerianCustomswebsite.Withastablepoliticalenvironment,investments
aresuretobesecureandsafe.Theopennessofthegovernmenttoforeigninvestmentsandthe
easeof repatriationof fundsmake ita choice investmentdestination formost international
investors. However, occasional ethnic disturbances may erupt, but are usually of little
significancetomajorbusinessactivities.
RECOMMENDATIONSBelowareafewrecommendationsforinvestorsintendingtocarryoutbusinessinNigeria:
Investors interested inmaking foreigndirect investments shouldconsider investing in
themanyopportunitiesavailable in theOilandgas,Aviation,Computersoftwareand
peripherals,Medicalequipments,Constructionequipmentsand ITeducation;as there
are no legal barriers preventing entry into any business, except the minimum
qualificationsrequiredbythevariousprofessionalbodies.
Foreigncompanies
seeking
to
do
business
in
Nigeria
are
expected
to
do
so
with
incorporatedcompaniesorotherwiseincorporatetheirsubsidiarieslocally.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
Despite the above recommendations, Firms interested in the Nigerian market are
stronglyadvisedtoseekandsecuretheassistanceofexperiencedcommerciallawyers,
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since the enforcement of intellectual property rights remains a problem in Nigeria
despiteseveralofficialpronouncementsandexistingcopyrightlaws.
ForeigncompaniesinterestedinsellinginNigeria,shouldbearinmindtheinconsistency
of thenations tariff system.AlthoughNigeria isa foundingmemberof theEconomic
CommunityofWestAfricanStates(ECOWAS)andsupportsitsCommonExternalTariff,
however, thenations implementationofnontariffbarriersare arbitraryanduneven
andcontinuestoviolateWTOprohibitionsagainsttradebans.
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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REFERENCES
1. http://www.nigeriaembassyusa.org/investment.shtml
2. http://www.buyusa.gov/nigeria
3. http://www.buyusa.gov/nigeria/en/7.html
4. http://www.cenbank.org/
5. http://www.state.gov/r/pa/ei/bgn/2836.htm
6. www.ncc.gov.ng
7. http://www.nigerianfranchise.org
8. http://www.nigeria.gov.ng/fed_min_health.aspx
9. http://www.nipc-nigeria.org/valueinfo.html
10. http://www.nbc-nig.org/Licenced_stations.asp
11. https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html
12. https://www.cia.gov/library/publications/the-world-
Factbook/fields/2144.html?countryName=Nigeria&countryCode=ni®ionCode=afni
13. https://www.cia.gov/library/publications/the-world-factbook/fields/2077.html?countryName=Nigeria&countryCode=ni®ionCode=afni
14. https://www.cia.gov/library/publications/the-world-factbook/fields/2115.html?countryName=Nigeria&countryCode=ni®ionCode=afni
15. http://www.doingbusiness.org/exploreeconomies/?economyid=143
16. http://www.otal.com/nigeria/nigeriaimports.htm
17. http://www.buyusa.gov/nigeria/en/serviceproviders.html?bsp_cat=80120000
LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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LawrenceO.Emeagwali lawrenceemeagwali@gau.edu.tr http://strategylawrence.blogspot.com
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