Market Research In Nigeria

Nigeria Profile:

  • The Federal Republic of Nigeria commonly referred to as Nigeria, is a federal republic in West Africa.
  • As of 2015, Nigeria is the world’s 20th largest economy, Nigeria is listed among the “Next Eleven” economies set to become among the biggest in the world.
  • Nigeria is a member of the MINT group of countries and a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations and OPEC.
  • The government is working to develop stronger public-private partnerships for roads, agriculture, and power.
  • Despite its strong fundamentals, oil-rich Nigeria has been hobbled by the inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption.

Nigeria Economy:

  • Nigeria is considered to be an emerging market economy by the World Bank. Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues.
  • Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services.
  • Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria’s 170 million people still live in extreme poverty.
  • Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria’s oil production has contracted every year since 2012.
  • Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.

Nigeria Facts:

  • Population: 190.6 million
  • Capital: Abuja
  • Largest city: Lagos
  • Area: 923,768 sq km
  • Major language: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
  • Major religion: Muslim 50%, Christian 40%, indigenous beliefs 10%
  • Life expectancy: 52.8 years (Male), 55 years (Female)
  • Monetary unit: 1 Naira(NGN) = 100 Kobo
  • Main exports: Petroleum and petroleum products 95%, cocoa, rubber
  • GNI per Capita: $5,750

Our Market Research Services in Nigeria:

We Employ A Wide Range of Research Techniques in Nigeria:

How Can We Help You?

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