Nigeria
Federal Republic of Nigeria
English
Currency NGN
Common law
ECOWAS • AfCFTA
Africa s largest population and one of the continent s biggest markets. Policy since 2023 has focused on FX reform, subsidy phase out, tighter monetary stances and revenue measures. Growth potential is substantial across energy, consumer markets, digital services, and logistics if reforms continue and infrastructure improves.
Overview
Reform cycle aims to stabilise FX markets, bring inflation down, and unlock private investment. The central bank has raised the policy rate and refined the FX window, while authorities prioritise revenue mobilisation and investment in power, transport, and social sectors.
Snapshot
Population
~232.7 M 2024
World Bank
GDP current USD
$187.8 B 2024
World Bank
GDP per Capita
$807 2024
World Bank
Inflation y over y
~22% Jul 2025
Reuters and CBN releases
Policy Rate
27.50% Jul 2025
CBN MPC Communiqué
Internet Use
39% 2023
World Bank
Electrification
61.2% 2023
World Bank
Market Note
NGX cap ≈ ₦85–90 T Sep 2025
NGX daily recaps and media
Focus Sectors
Oil and Gas
Gas and Petrochemicals
Agribusiness and Food
Digital and Fintech
Financial Services
Cement and Construction
Power and Renewables
FMCG and Retail
Logistics and Ports
Creative Industries
Trade
Top Export Partners Q4 2023
- Netherlands15.1%
- India8.7%
- Spain8.1%
- Canada7.1%
- France6.3%
NBS Q4 2023
Top Export Goods
Crude petroleum
Natural gas
Urea
Cocoa
Gold
NBS and OEC 2023
Top Import Partners Q4 2023
- Singapore36.1%
- China14.6%
- Belgium8.1%
- India6.4%
- United States3.6%
NBS Q4 2023
Top Import Goods 2023
- Refined petroleumvalue high
- Wheatsignificant
- Carsnotable
- Medicamentsnotable
- Palm oil and fatsnotable
OEC 2023
Finance and Capital Markets
Currency and Policy
- CurrencyNigerian Naira NGN
- Monetary policy rate27.50% as of Jul 22 2025
- FX regimeNAFEM window with managed float
CBN and Reuters
Markets
- ExchangeNigerian Exchange NGX
- Market cap reference~₦126.7 T end H1 2025
- Recent daily reading~₦88.9 T mid Sep 2025
Guardian Nigeria and NGX daily recaps
Regulations and Taxes
Start a Business
- Name search and reservation — CAC iCRP
- Complete online incorporation and upload documents — CAC portal
- Obtain TIN automatically and register for VAT — FIRS TaxPro Max
- Open bank account and meet sector licensing as required
- For product imports, ensure SON and NAFDAC compliance
CAC guides and FIRS VAT portal
Key Taxes
- Corporate Income Tax30% standard
- VAT standard7.5%
- WHT Dividends Interest Royalties10% base rate
PwC Nigeria Tax Summaries and FIRS
Talent
Median Age
~18.1 yrs
UN WPP 2024 via Worldometer and WorldEconomics
Adult Literacy
~63% 2021
World Bank FRED and TE
Working age share
~56% 2024
World Bank series
Main Language
English official
Gov sources
Policy
- AfCFTARatified; Guided Trade pilots and customs digitalisation ongoing
- Revenue measuresTax reform program with VAT retained at 7.5% in 2025
- FX reformNAFEM tweaks and steps toward unification
Reuters and policy notes
Risks
- Inflation and FX volatilityPressures on input costs and real incomes
- Power and logisticsReliability constraints and capex needs
- SecurityLocalised disruptions can raise operating risk
Public data and media monitoring
Resources
CAC company portal
FIRS VAT info
TaxPro Max filing
CBN
NGX market data
WITS trade snapshot
OEC country profile
NBS reports
Links open in a new tab.
Data Notes
Population, GDP, GDP per capita, internet users and electrification from World Bank indicators for 2023 to 2024. Latest inflation and policy rate from Reuters coverage and CBN MPC communiqué July 2025. Trade partners from NBS Foreign Trade in Goods Q4 2023. Import goods mix from OEC 2023. Market capitalisation reference points from NGX releases and credible media recaps.