The ISO code of Nigeria is NG according to the ISO 3166 standard. The local name of the country is the same as its English name. Nigeria capital city is Abuja. People in Nigeria speak the English language. On 1 October 1960, Nigeria emerged as a sovereign political entity. In the year 10/01/1960, Nigeria emerged as a sovereign political entity. The largest cities in Nigeria are Abuja, Lagos, Ibadan, Kano, Ilorin, Port Harcourt, Ogbomosho.
Nigeria is located in the UTC +01:00 time zone, which is also called West Africa Time or WAT. The internet country code top-level domain (ccTLD) for Nigeria is .ng. The International dialing code for Nigeria is 234. People in Nigeria drive on the right side of the road. Total land area of Nigeria is 923,768 km² (approx. 356,667 mi²). Nigeria is not a landlocked country. It means that is is bordered by at least one major body of water.
Nigeria is located in Africa. Nigeria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Nigeria faces various issues, including soil degradation, rapid deforestation, urban air and water pollution, desertification, oil pollution - water, air, and soil, has suffered serious damage from oil spills, loss of arable land, rapid urbanization.
Doing business in Nigeria
We offer various corporate services in Nigeria jurisdiction. These services can serve both, people coming from Nigeria and foreigners. If you plan on doing business in Nigeria you might be interested in contacting us.
To find out about starting your business in Nigeria click on company formation in Nigeria.
To find out how to open a bank account in Nigeria and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Nigeria.
Choose preferred service below or continue reading to find out more about Nigeria.
Demographics of Nigeria
The total population of Nigeria is 195,875,237 people. In Nigeria, the population density is 193 people per square kilometer (502 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is very diverse according to a fractionalization scale which for Nigeria is 0.8505. Nigeria has approximately 1199115 foreign immigrants. The median age is approximately 18.2 years. In Nigeria, 32.88 in every 100 people use internet. Nigeria has a Human Development Index (HDI) of 0.504.
The majority religion of Nigeria is Christianity, Nigeria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Nigeria.
Culture of Nigeria
People in Nigeria speak the English language. According to data on inbound tourists in Nigeria, 600,000 tourists arrive in the country each year. One of the most popular national dishes of Nigeria is jollof rice. To read more click on culture of Nigeria.
Geography of Nigeria
Nigeria is considered to be a large nation because of its total area. Its total land area is 923,768 km² (approx. 356,667 mi²). Nigeria is located in Africa. Its capital city is Abuja. Nigeria has 4 neighbouring countries. Its neighbours include Benin, Cameroon, Chad, and Niger. Total length of land borders of Nigeria is 4477 kilometers (~1,729 miles).
The highest point of Nigeria is Chappal Waddi, with its official height being 2419 m (7,937 ft). Including land mass and EEZ, the total area of Nigeria is approximately 1,141,081 km² (~440,572 mi²). The most notable natural resources found in Nigeria are natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land.To read more click on geography of Nigeria.
Economy of Nigeria
The currency of the country is Nigerian naira. The symbol used for this currency is ₦, and it is abbreviated as NGN. 7% of population in the country are unemployed. The total number of unemployed people in Nigeria is 13,711,267. Each year, Nigeria exports around $93.55 billion and imports roughly $55.98 billion. The Gini Index of the country is 43.7. Nigeria has a Human Development Index (HDI) of 0.504.The Global Peace Index (GPI) for Nigeria is 2.91. Nigeria has a government debt of 43.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. Nigeria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are crude oil, coal, tin, columbite, rubber products, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Nigeria is $1,052,937 billion. Each year, consumers spend around $371,494 million. The ratio of consumer spending to GDP in Nigeria is 0%, and the ratio of consumer spending to the world consumer market is 0.86. The corporate tax in Nigeria is set at 30%. Personal income tax ranges from 7% to 24%, depending on your specific situation and income level. VAT in Nigeria is 5%. In 2013, Nigeria received 1915.8 million USD in foreign aid.In 2014, the foreign aid amounted to 1768.5 USD.To read more click on economy of Nigeria.
Infrastructure of Nigeria
Infrastructure quality in Nigeria is rated to be at 2.56. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Nigeria, 55.6% of the population has access to electricity. There are 1,234 internet hosts in Nigeria. Nigeria has 54 airports nationwide.
The logistics performance index of Nigeria is 2.81. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 3.16. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Nigeria is 107. To read more click on infrastructure of Nigeria.
Politics of Nigeria
Nigeria, is a federal presidential republic. With regard to political and civil freedoms, Nigeria is 2. Citizens in Nigeria experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Nigeria, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Muhammadu Buhari.
According to the World Bank Group, the government effectiveness index of Nigeria is -1.19. This indicates that the government of Nigeria is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Nigeria, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Nigeria is 2.91. The strength of legal rights index for Nigeria is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Nigeria received 1915.8 million USD in foreign aid. In 2014, the foreign aid amounted to 1768.5 USD. Nigeria is a member of the United Nations (UN). On 7 October 1960, it joined the UN as a full member state. Nigeria is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Nigeria is a member of the World Bank. To read more click on politics of Nigeria.
Environment of Nigeria
Nigeria emits 0.5 metric tons per capita of CO2. 110890 km² of Nigeria's territory is covered in forests. and forest land comprises 12% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Nigeria is 107. To read more click on environment of Nigeria.
Company formation in Nigeria
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Nigeria.
When establishing a company in Nigeria, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Nigeria that will affect the establishment and growth of one's business. Contact us or click on company formation in Nigeria to read additional information when setting up a business.
Bank account opening in Nigeria
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Nigeria. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Nigeria, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Nigeria or contact us.