Economy

Imports
$61.6 billion (2021). Refined Petroleum ($11.3B), Wheat ($3.32B), Cars ($2.42B), Packaged Medicaments ($972M), and Broadcasting Equipment ($934M), importing mostly from China ($21.9B), India ($4.75B), Netherlands ($4.58B), United States ($4.42B), and Belgium ($2.34B).

In 2021, Nigeria was the world’s biggest importer of Synthetic Filament Tow ($110M) and Equine and Bovine Hides ($56.8M).

Financial inclusion factors (over 15 years of  age)
• 45.1% have an account with a financial institution
• 1.6% has a credit card
• 8.7% have a mobile money account

Ease of doing business
‘Mostly not free’ (56.9 out of 100) 17th out of 48 African countries 131st worldwide out of 190 countries (2022, Heritage Foundation and Wall Street Journal)

Exports
$57.7 billion (2021).  Crude Petroleum ($41.8B), Petroleum Gas ($8.52B), Special Purpose Ships ($1.25B), Cocoa Beans ($779M), and Refined Petroleum ($667M), exporting mostly to India ($9.07B), Spain ($6.7B), United States ($3.69B), France ($3.32B), and China ($3.05B).

Main local online stores
Buyam.com.ng, Adibba.com, Ojashop.com, Mystore.com, Regalbuyer, Fouani.com, Gloo.ng, Gidimall.com.

Economic freedom
Medium, ease of conducting business is rated 53.9 out of 100, ranked 22nd out of 47 African countries, 124th worldwide out of 190 countries (2022, World Bank)

Global Innovation Index
Ranked 13th out of 27 Sub-Saharan countries, 114th out of 132 worldwide.

The Global Innovation Index captures the innovation
ecosystem performance of 132 economies and tracks the most recent global innovation trends.

Source: OEC

Sources: i2i

Media

Media language English

Information channels
Nigeria’s media scene is one of the liveliest in Africa. State radio and TV operate at federal and regional levels. All 36 states run at least one radio network and a TV station. There are hundreds of radio stations and terrestrial TV networks, as well as cable and direct-to-home satellite offerings. Radio is a key source of information. International broadcasters, including the BBC, are popular. However, rebroadcasting of foreign radio content is banned. State TV says it reaches tens of millions of viewers, while the main privately-owned networks are market leaders in some cities. There are more than 100 national and local press titles, some of them state-owned. They include well-respected dailies, tabloids and publications which champion ethnic interests. According to Reporters Without Borders (RSF), Nigeria is one of West Africa’s most dangerous and difficult countries for journalists, who are often threatened, subjected to physical violence, or denied access to information by officials and police. Boko Haram, a militant Islamist group, has threatened the media. The print media have been in sharp decline in recent years but there are still around 100 publications. They include well-respected dailies, tabloids and publications which champion ethnic interests.

The press

The Guardian – influential, Lagos-based privately-owned national daily
The Punch – privately-owned daily
Premium Times – Abuja-based daily
Daily Independent – Lagos State-based daily
Daily Trust – Abuja-based daily
Leadership – Abuja-based daily
Vanguard – Lagos-based, widely-read daily
This Day – widely-read Lagos-based daily
The Daily Sun – Lagos-based
Tell – news weekly

Television

Nigerian Television Authority (NTA) – state-run, operates scores of national, and regional stations; national services broadcast in English
AIT – private, owned by DAAR Communications, broadcasting in Lagos, Abuja and internationally via satellite
Silverbird TV – private, Lagos, Port Harcourt
Galaxy TV – private, western Nigeria
Channels TV – private

Radio

Federal Radio Corporation of Nigeria (FRCN) – state-run, operates in multiple languages
Ray Power – private, owned by DAAR Communications, runs music-based and speech-based FM stations
Freedom Radio – private, Kano

News agency

News Agency of Nigeria (NAN) – government-owned

Internet Data

Internet users
55.4% penetration, 122.5 million

Share of web traffic by device
83.59% mobile phones, 15.67% computers (laptops and desktops), 0.74% tablet devices.

Median speed of mobile Internet connection
19.84 Mbps

Median speed of fixed Internet connection
11.84 Mbps

Mobile connection as a percentage of total population: 87.7%

Percentage of mobile connections that are broadband (3G-5G): 83.5%

Most popular web search engines
Google (98.98%), Bing (0.82%),Yahoo (0.09%), Duckduckgo (0.05%), Yandex (0.02%), other (0.04%).

Most used social media
Facebook (48.36%), Twitter (22.5%), Instagram (15.32%), Pinterest (6.75%), YouTube (5.99%), Linkedin (0.61%), Reddit (0.24%), other (0.24%).

Social statistics

Life expectancy
53 yrs (2021)

Current health expenditure
3.38% of GDP

CO2 emissions
0.5 metric tons per capita

Corruption perceptions Index
Nigeria scored 24 out of 100, ranked 150 out of 180 countries worldwide.

World Happiness Index
Nigeria ranked 118 out of 146 countries, with a score of 4.552.

Cultural Curiosities
With more than 1000 ethnicities, Nigeria’s culture is a truly intriguing mixture of different traditions and customs. As a whole, Nigerians are perceived as very emotional and warm people. When doing business, greetings are considered fundamental; they might be longer than the typical western handshake, and it is considered very rude to suddenly start discussing business, thus asking the “courtesy” questions beforehand is appreciated.