• Embassy of Nigeria São Tomé
  • Avenda kwame Nkrumah. C.P. 1000, Sao Tome

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Experience Nigeria

Nigeria Climate

Temperatures across the country are relatively high with a very narrow variation in seasonal and diurnal ranges (22-36t). There are two basic seasons; the wet season which lasts from April to October; and the dry season which lasts from November till March. The dry season commences with Harmattan, a dry chilly spell that lasts till February and is associated with lower temperatures, a dusty and hazy atmosphere brought about by the North-Easterly winds blowing from the Arabian peninsular across the Sahara; the second half of the dry season, February - March, is the hottest period of the year when temperatures range from 33 to 38 degrees centigrade. The extremes of the wet season are felt on the southeastern coast, where annual rainfall might reach a high of 330 cm, while the extremes of the dry season, in aridity and high temperatures are felt in the northern third of the country.
Area
923,766 sq. km.
Population
250 million (estimate).
Capital
Abuja.
Official Language
English

Nigeria Economy

With a population of over 120 million people, Nigeria is the largest market in sub-Saharan Africa with reasonably skilled and potential manpower for the efficient and effective management of investment projects within the country. It is well connected by a wide network of motorable all-season roads, railway tracks, inland waterways, and maritime and air transportation. Nigeria's economy could be aptly described as most promising. It is a mixed economy and accommodates all corners, individuals, corporate organizations, and government agencies, to invest in almost all ranges of economic activities. Since 1995, the Government has introduced some bold economic measures, which have had a salutary effect on the economy by halting the declining growth in the productive sectors and putting a stop to galloping inflation; they have reduced the debt burden, stabilized the exchange rate of the Naira and corrected the balance of payments disequilibrium. In the 1995 and 1996 budgets, the Government put in place some fiscal measures, which addressed the exchange rate regime and the capital flight issue, which hitherto inhibited project planning and execution. The policy of expanded production through guided deregulation paid off in 1996 when the economy recorded a real growth of 3.2% of GDP The rate of inflation declined appreciably from the high seventies to the low twenties.

Nigeria Trade and Industry Policy

Nigeria's current industrial policy thrust is anchored on a guided dc-regulation of the economy and the Government's disengagement from activities that are private-sector oriented, leaving the Government to play the role of facilitator, concentrating on the provision of incentives policy and infrastructure that are necessary to enhance the private sector's role as the engine of growth. The industrial policy is intended to:
  • generate productive employment and raise productivity;
  • increase export of locally manufactured goods;
  • create a wider geographical dispersal of industries;
  • improve the technical skills and capability available in the country;
  • increase the local content of industrial output by looking inward for the supply of
  • basic and intermediate inputs;
  • attract direct foreign investment;
  • increase private sector participation.
The Nigerian Enterprises Promotion Acts which hitherto regulated the extent and limits of foreign participation in diverse sectors of the economy were repealed in 1995. The principal laws regulating foreign investments now are, the Nigerian Investment Promotion Commission Decree and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Decree, both enacted in 1995. Given the need to stabilize the banking and finance sectors, and promote confidence in these vital institutions, the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks decrees of 1994 were put in place. The Investment and Securities Decree was also promulgated to update and consolidate capital market laws and regulations into a single code. Under the Privatisation and Commercialisation Law of 1988, the government successfully sold its holdings in industrial enterprises and financial institutions, and such divestments were made by way of "Offers for Sale" on the floors of the Exchange so that ultimate shareholdings in such enterprises could be widespread. However, the government retained full control of the public utility service corporations. The 1997 Budget proposed the repeal of all existing laws that inhibit competition in certain sectors of the Nigerian economy. Consequently, with the promulgation of the Public Enterprises Promotion and Commercialisation Decree in 1998, private sector investors (including non-Nigerians) will now be free to participate in and compete with government-owned public utility service corporations in the areas of telecommunications, electricity generation, exploration of petroleum, export refineries, coal and bitumen exploration, hotel and tourism. As a policy objective, the liberalization and deregulation of the exchange control regime are designed to facilitate and enhance trading activities. Items on the import prohibition list have been drastically reduced, with the government opting to utilize tariff structures to protect end-user product pricing of local industries and discourage frivolous imports. In 1998, the import prohibition list was reduced to 11 items namely: maize, sorghum, millet, wheat flour, vegetable oils (excluding linseed and castor oils used as industrial raw materials), barytes and bentonites, gypsum, mosquito repellent coils, domestic articles and wares made of plastic materials (excluding babies' feeding bottles), retreaded/used tyers, gaming machines.

Nigeria Population & Labour Force

Nigeria is famous for its huge population of about 150 million people - the largest national population on the African continent. This population is made up of about 374 pure ethnic stocks. Three of them, Hausa, Ibo, and Yoruba are the major groups and constitute over 40 percent of the population. About 10 ethnic linguistic groups constitute more than 80% of the population: the other large groups are Tiv, Ibibio, Ijaw, Kanuri, Nupe, Gwari, Igala, Jukun, Idoma, Fulani, Edo, Urhobo, and Ijaw. The gender divide of Nigeria's population, as indicated by the last census in 1991, reflects an unusual imbalance in favour of male dominance; 51% male: and 49% female. However, the more critical population indices concern
  • High growth rate – 3.2%; this is affected by decreased infant mortality and high fertility.
  • High school-age population—over 47% are 15 years and below
  • The high child dependency ratio is one dependent to one worker for the working-age group 25-65.
  • Large workforce—the working-age group 15-59 is over 40 percent of the population.
Due to a massive expansion in the education sector in the last two decades, the coloration and quality of the Nigerian workforce have changed to include a large corps of highly trained personnel in mechanical, civil, electrical, electronics, chemical, and petroleum engineering and biotechnics. There are at present over 30 Federal and State Universities, some of them specialist -Technology and Agriculture. In addition, there are at least 20 Federal and State Polytechnics. Over 70,000 graduates in various disciplines from these institutions every year. Disciplines, apart from pure sciences, engineering, and technologies, include social sciences, business studies (management, banking, and finance), architecture, environment, and urban management studies. Also, a sizeable Nigerian population has been and is being trained outside the country, in some of the best colleges in the United States, Canada, United Kingdom, Germany, France, Russia, Japan, and China. Every year, about 2,000 of these Nigerians return home to seek employment or accommodation within the economy. For the less skilled and unskilled labour, the country depends on the primary and secondary school systems whose annual enrolments are over 3.5 million and 1.5 million, respectively.
Nigeria Embassy in São Tomé