Nigeria Country Overview
Nigeria, situated in Western Africa, has a population of 229.5 million, making it the sixth most populous country globally. The capital is Abuja, while Lagos is the largest urban area. English is the official language, but over 500 languages are spoken. The nation is predominantly split between Islam in the north and Christianity in the south. The Nigerian Naira is the currency, and as of late 2023, cryptocurrency regulations have been eased. The political climate is high-risk, with security threats in northern regions and the Niger Delta.
Nigeria General Information
Capital: Abuja
Language: English is the official language. Other major languages include Hausa, Yoruba, and Igbo. Nigeria has over 500 distinct languages spoken by different ethnic groups.
Religion: Nigeria is roughly split between Muslims and Christians, with a small percentage practicing traditional religions. Islam is predominant in the north, while Christianity is more common in the south.
Currency: Nigerian Naira (NGN)
Cryptocurrency: At the end of 2023, the central bank lifted its ban on banks operating accounts for crypto service providers, signalling a shift towards a more open, but regulated approach.
Time Zone: Nigeria operates on West Africa Time (WAT), which is UTC+1
About Nigeria
The Federal Republic of Nigeria is situated in Western Africa, bordering Benin, Niger, Chad and Cameroon. Nigeria has a population of 190.63 million people, making it the seventh most populous nation in the world.
Whilst the capital, Abuja, has a population of 2.44 million, Lagos is the largest urban area with a population of over 13 million inhabitants. Kano, Ibadan, Port Harcourt and Benin City also all have over a million denizens.
English is the only official language although indigenous languages are widely spoken by their respective ethnic groups; the largest and most influential of these are the Hausa, Fulani, Yoruba, Igbo and Ijaw. The state is officially secular, although over 90% of the population are either Muslim or Christian.
In relation to the political-economic situation and the current business climate, Nigeria is classed as a high-risk country.
The security situation varies geographically but there are significant threats posed in northern Nigeria by Islamist insurgents and in the Niger Delta states by militant groups.
Corruption is rife across Nigerian society and state. Nigeria is ranked as 136 of 179 in Transparency International’s 2016 Corruption Index, as corrupt practices and neopatrimonialism are the norm across Nigeria’s government, economy and society.
Nigeria’s GDP is currently measured at US$394.82 billion and has begun recovering from a recession in 2016 partly caused by low oil prices. The economic forecast for Nigeria is positive with low levels of growth. The official currency is the Naira.
Nigeria is a federal presidential republic. Executive power rests with President Buhari, who is both head of government and chief of state. The President is elected every four years by absolute majority vote.
Legislative authority is held by the bicameral National Assembly which consists of the Senate and House of Representatives. Members serve four year terms and are elected by absolute majority vote in their respective constituencies.
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