Nigeria is the 1st economy in Africa, with a nominal GDP of $442 billion in 2020. The country benefits from its massive oil and gas deposits, as well as its demographic power. Nigeria is a regional leader, a member of the Economic Community of West African States.
Form of Government
Head of State and Government
President Muhammadu Buhari
GDP per capita
In 2010-2020, Nigeria’s GDP average growth rate was 3.4%. Nigerian economy is heavily dependent on its exports of oil and gas. The Foreign Direct Investments have decreased almost by half in 2020 with its oil crisis to $3.3 billion. In 2019 the FDI amounted to $6.4 billion. Another issue in Nigeria’s economy is corruption. The country is ranked 149th in the Transparency International’s Corruption Index out of 180 countries listed.
Nigeria is the most populous country in Africa and the 7th most populous country in the world. Literacy rate was 75% among 15-24 years old population, and the unemployment rate was estimated at 8% in 2020.
Nigeria is the 2nd country in Africa by the size of its oil reserves. The country is the first oil producer in Africa, with 1.8 million barrels per day in 2020. Nigeria has the largest proved natural gas reserves in Africa, in 2020 its production was 85 million cubic metres. Though terrestrial transporting infrastructure is considered to be in need of repair, Nigerian ports are well-equipped. For example, the port of Apapa in Lagos is the 4th biggest port in Africa by the capacity of stocking containers.
On October 23, 2019, within the framework of the Russia-Africa Economic Forum, VEB.RF and Afreximbank signed an agreement on general rules and conditions for VEB’s participation in Afreximbank’s Trade Confirmation Guarantee Program as a confirming bank. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Executive Vice President of Afreximbank […]