Nigeria Facts and Figures

Nigeria, located in West Africa, shares borders with Benin, Chad, Cameroon, and Niger. It is the most populous country in Africa, with over 200 million inhabitants. Major cities include Lagos, the commercial capital, and Abuja, the political center. Nigeria became a member of the United Nations (UN) in 1960, coinciding with its independence, and has been actively engaged since. Membership in the Economic Community of West African States (ECOWAS) since 1975 reflects Nigeria's commitment to regional cooperation and economic integration, enhancing stability and development across Africa.

Historical and Economic Transformations
Nigeria's independence from British colonial rule in 1960 marked a pivotal moment in its history, setting the stage for significant political and economic developments. The Nigerian Civil War (1967-1970), or Biafran War, profoundly influenced national unity and governance. The discovery of extensive oil reserves in the 1950s propelled Nigeria into a major global oil producer by the 1970s, reshaping its economy and fueling rapid urbanization. It also posed challenges such as dependency and uneven wealth distribution. Over time, Nigeria has diversified its economy, with sectors like telecommunications, banking, and agriculture gaining prominence.

Demographics Overview
Nigeria, home to 223.8 million people as of 2023, exhibits a youthful population with a density of 234 individuals per square kilometer (2021). Approximately 54% of Nigerians are of working age (2022), presenting a vibrant labor force. The median age is 17 years (2024), emphasizing the nation's youthful potential and the need for investments in education and skills. Challenges persist with a life expectancy of 54 years (2022), underscoring healthcare gaps. The population growth rate stands at 2.4% (2023). Meanwhile, the fertility rate, recorded at 5.1, continues to drive population expansion. However, healthcare disparities are evident with a crude death rate of 12.4 per 1,000 persons and an infant mortality rate of 68.5 per 1,000 live births (2022). Urbanization is rapidly increasing at 54.3% (2023), impacting economic growth and infrastructure demands.

Economic Landscape
Nigeria's economy, valued at a GDP of $362.8 billion in 2023, has a GDP rank of 42nd globally, reflecting its substantial market size. The GDP growth rate was 2.9% the same year, indicative of steady economic expansion amidst varying global challenges. Inflation rates stood at 26.3% (2024) and 24.7% (2023), influencing consumer spending and investment climates. The country maintains a trade surplus with exports totaling $57.89 billion and imports at $45.95 billion in 2023, resulting in a trade balance of $11.94 billion. Unemployment decreased significantly to 3.8% (2022) from 10.7% (2019), signaling improved labor market conditions. Nigeria's economic structure includes agriculture contributing 23.7%, industry 30.8% (with manufacturing at 13.6%), and services 44% (2022) to GDP, showcasing sectoral diversity. Businesses seeking opportunities in Nigeria can benefit from conducting market research in Nigeria to navigate its dynamic economic landscape effectively.

Nigeria's Public Finance
Nigeria's Net ODA received was 1.0% of Gross National Income (GNI) in 2022, underscoring international contributions to national development. The country saw a decline in net lending, with a deficit of -5.42% of GDP in 2022 narrowing to -4.23% in 2023, indicating efforts to stabilize fiscal operations. General government debt stood at 38.02% of GDP in 2022, reflecting moderate indebtedness levels. Notably, central government debt rose from 10.42% in 2012 to 34.93% in 2022, suggesting increased fiscal pressures over the decade.

Military Overview
Nigeria's military landscape is characterized by a force of 80,000 personnel, comprising approximately 0.043% of the total population as of 2016, underscoring its commitment to maintaining national security. Military spending, accounting for 0.6% of GDP in 2022, decreased from 1% in the previous year, which impact readiness, modernization efforts, and overall capabilities of the armed forces.

Conclusion
Navigating Nigeria's multifaceted landscape encompassing economy, demographics, digital usage, military, and politics requires nuanced understanding and strategic planning. Leveraging local expertise and data-driven strategies from a market research agency in Nigeria empowers businesses to make informed decisions, mitigate risks, and capitalize on emerging opportunities in this diverse and evolving market.