volume 1

NigeriaN CommuNiCatioNs CommissioN head quarters iN abuja

Yar adua CoNfereNCe CeNtre iN abuja



elcome to Nigeria. The Land of Opportunities. Apart from being sub-Saharan Africa’s largest oil producer, the country has limitless opportunities in agriculture, tourism, mining and financial services, to mention but a few. Beyond our natural resources, we have one of the most dynamic and welltrained workforces in the world. Our educational institutions guarantee a pool of skilled personnel for any industry. Nigerians are generally renowned for their spirit of enterprise and industry. Long before colonialism reached our shores, our merchants were trading with fellow Africans around the littoral belts and with European states. SiNce 1999, when a democratically elected government came into power, the focus has been on creating an enabling environment for harnessing our potential. We are investing heavily in infrastructure: building roads to open up new areas, opening new universities staffed with lecturers trained in Europe, America and Asia. We are also providing social infrastructure such as hospitals, schools and recreational facilities. more thaN thiS we are offering a package of unique incentives for investment, which would be rare to find in other parts of the world. Some states of the federation are offering free land, infrastructural support for industries, advisory services and political support. The sum of our resources, infrastructure and incentives offer the prospect of very high returns on any investment.

Professor Dora Akunyili, Minister of Information and Communications, Welcomes you to the land of opportunities, Nigeria.

BeSideS iNveStmeNt Nigeria is also the place to be as it offers a high quality of life. Our coastline has beautiful beaches, while the interior has serene flowing rivers and our people are friendly and go out of their way to make others feel welcome. Nigeria is then a paradise and treasure trove. I invite you to discover it as an investor, our tourist. We are prepared to do all within our power to assist you realise your business and personal dreams. Welcome. opportuNitieS BeckoN iN Nigeria today.



map of nigeria

Base 802144 (R00931) 5-93

Nigeria, officially the Federal Republic of Nigeria, covers a total of 923,768km² and has an estimated population of 148,000,000 (Nigeria 2006 census). The country comprises thirty-six states, one Federal capital Territory, and borders with the Republic of Benin to the west, chad and cameroon to the east, and Niger in the north; to the south is the Gulf of Guinea, part of the Atlantic Ocean. The capital city is Abuja which as of the 2006 census had a population of 778,567, whilst Lagos is the largest city. English is the official language, with another 4 recognised languages spoken: Hausa, Igbo, Yoruba, Edo.



03 Welcome minister of Information and communications 04 map 06 Nigeria at a Glance 08 National Anthem 10 Icons and legends 20 Historical Dates

24 Building on Success 30 Fostering a conducive Business environment 36 A Banking Revolution 44 Solid minerals 50 Agriculture

52 oil and Gas 58 Power Generation

60 Developments in transport Infrastructure 63 telecoms 66 companies operating in Nigeria 68 tourism 76 Sport and Youth 80 media and Film 86 Reforms and challenges 88 Seven plus two Point Agenda 90 National economic empowerment and Development Strategy (NeeDS) 91 Directory of contacts
52 68


94 Nigeria, the Heart of Africa
The publisher acknowledges the assistance of all the individuals and organisations that have contributed to this publication. All rights reserved. No part of this publication may be reproduced or transmitted in any form without the written permission of the publisher.


© Ministry of Information and communications 2008.



Nigeria at a Glance
Nigeria is one of the leading economies of the 21st century as welll as the most populous nation in Africa.

nigeria at a glance


igeria is one of Africa’s largest countries, stretching across 923,768.64 Square km. It lies within the tropics on the western coast of Africa, bordering Benin, Niger and Cameroon. The country’s 800 km coastline is lettered with natural harbours and sandy beaches. Over 140 million people live in Nigeria making it the most populous nation in Africa. According to estimates one in every five Africans is a Nigerian. The population is split into 250 ethnic groups: the largest being the Hausa, Fulani, Yoruba and Igbo. Although English is the official language, each distinct group has its own language. Following independence from Britain in 1960, there were a succession of military coups that meant critical long term projects were never started and the country’s infrastructure suffered as a result. However, since the return to civilian democracy in 1999 with the election of President Olusegun Obasanjo, Nigeria has established a robust democratic structure and begun a series of economic and social reforms that are bearing fruit. Under the administration of President Umaru Musa Yar’Adua, Nigeria is undergoing tremendous change and reform and stands on the brink of achieving more substantial and more sustainable economic growth in the years ahead.

Yar’Adua addressing the United Nations General Assembly

Under President Umaru Musa Yar’Adua, Nigeria is undergoing tremendous change and reform
is underpinned by the foreign currency it brings in. Current production of over two million barrels per day accounts for 80% of government revenues. Previously, agriculture and the growing of crops such as cotton, corn, millet, palm products, sorghum and rubber were the country’s biggest earners. But in recent years crop production has not been able to keep pace with the rapidly expanding population and the government is now forced to import food from abroad. In the wake of a financial and economic downturn, investors are increasingly looking to the mineral-rich economies of Africa as investment destinations. Nigeria is currently developing a non-oil minerals sector, as the country has significant deposits of tin, coal, iron ore, copper, lead and zinc. Aside from minerals, the government is also promoting the tourism, telecommunications, manufacturing and technology industries as areas of considerable growth potential. With the governments continued commitment to encourage local companies, maintain democratic stability and attract foreign investment through its policies of liberalization, privatization and deregulation, Nigeria is in a position to become one of the leading economies of the 21st century.

Exports and agriculturE

Nigeria’s biggest export is oil and the country’s economy



nigeria at a glance
nigEria Fact FilE Location Federal States Federal Capital Area Population Ethnic groups Religious groups National Day Official Language Other Major Languages Head of State and Government West Africa Nigeria is divided into 36 administrative divisions (states) and one federal capital territory. Abuja 923,768.64 Square km Over 140 million (National Census 2006) Over 250 Islam, Christianity and Traditional Religion October 1 English Hausa, Fulani, Igbo and Yoruba President Umaru Musa Yar’ Adua, Grand Commander of the Order of the Federal Republic (GCFR), President and Commander in Chief of the Armed Forces, elected April 2007 Including, amongst others, ACP (Africa, Caribbean and Pacific States), AU (African Union), Commonwealth, ECOWAS (The Economic Community of West African States), IBRD (International Bank for Reconstruction and Development), IFAD (International Fund for Agricultural Development) and WTO (World Trade Organisation) Lagos, Kano, Port Harcourt, Warri, Kaduna, Onitsha, Ibadan, Aba, Maiduguri Abuja, Lagos, Kano, Port Harcourt Over 194,200km 8,575 km 4,332 km Niger and Benue Naira 1 Naira (N) = 100 kobo Mainly forest and savannah Humid sub-tropical: with wet season from April to October and dry season from November to March Based on English Common Law and Customary Law Metric System Petroleum, Tin, Columbite, Iron Ore, Coal, Limestone, Lead Zinc, Natural Gas Cocoa, Cassava, Groundnut, Kolanut, Palm Produce, Cashew Nut Crude Oil, coal, tin, columbite, food processing, palm oil, peanut, textiles cotton, rubber, wood, hide and skin, building materials, footwear, chemicals, printing, ceramic, steel UK, US, China, Brazil and the European Union 220V

Membership of International Organisations

Commercial Cities Main Airport Road Network Inland Waterways Rail network Principal Rivers Currency Vegetation Climate Legal System Weight and Measures Natural Resources Cash Crops Major Industries

Main trading partners Electricity



The NaTioNal aNThem
The NaTioNal aNThem adopted at independence in 1960 was entitled “Nigeria, we hail thee”. it was replaced on october 1, 1978 by a new anthem composed by mr. Ben odiase, Director of music of the Nigerian Police Band. The aNThem Truly reflecTs the rich vibrant culture and heritage of Nigeria. it takes into account the history as well as the aspirations of the future generation and aims to unite all Nigerians across the country.

Nigeria Arise, O Compatriots, Nigeria’s call obey To serve our Fatherland With love and strength and faith. The labour of our heroes past Shall never be in vain, To serve with heart and might One nation bound in freedom, peace and unity. O God of creation, Direct our noble cause; Guide our Leaders right: Help our Youth the truth to know, In love and honesty to grow, And living just and true, Great lofty heights attain, To build a nation where peace and justice reign.


The NigeriaN NaTioNal Pledge
The National Pledge is recited by all school children at the beginning and end of each school day.

I pledge to Nigeria, my country To be faithful, loyal and honest, To serve Nigeria with all my strength, To defend her unity and uphold Her honor and glory. So help me God.

The NaTioNal Flag
The NaTioNal flag of the federal republic Nigeria was designed in 1959 by mr. michael Taiwo akinkunmi, then a student in london and was officially hoisted on 1st october 1960, Nigeria’s date of independence… The flag is divided vertically into three equal parts. The two green parts represent agriculture. While the white represents unity and peace.


icons & legends
Fela Kuti
Fela Anikulapo Kuti (1938-97), legendary international musician, known as “Abami eda” (the strange one), was the most creative and celebrated Afro-beat superstar. His music transcended cultural and political barriers and he has been ranked by HMV records as one of the top 100 most influential musicians in the 20th century.

Chinua Achebe
Professor Chinua Achebe is a world-acclaimed novelist, university don and author of many books who was nominated for the 1987 Booker Prize for literature. He is best known for his first novel the classic “Things Fall Apart” published in 1958 which has been translated into 80 languages and is one of the most widely read books worldwide. In January 1999, he was appointed the Goodwill Ambassador for The United Nations Population Fund (UNFPA).

Ngozi Okonjo Iweala

Economic team responsible for implementing a comprehensive home grown economic reform program that stabilized the macro-economy and Dr. Ngozi Okonjo-Iweala is presently a tripled the growth rate to an average Managing Director of the World Bank. 6% per annum over 3 years. As Finance Educated at Harvard, Dr. Okonjo-Iweala Minister she garnered international is a member or chair of numerous recognition for improving Nigeria’s boards and advisory groups, including financial stability and fostering greater DATA, the World Resources Institute, fiscal transparency to combat corruption. the Clinton Global Initiative, the Nelson In October 2005, she led the Nigerian Mandela Institution, Friends of the Global team that negotiated the cancellation Fund Africa, and the African Institute of US $18 billion or 60% of Nigeria’s of Science and Technology. She has external debt with the Paris Club. The served as adviser to several international debt deal also included an innovative investment groups working in emerging buy-back mechanism that wiped out markets and lectured on Africa and Nigeria’s Paris club debt and reduced development all over the world. the country’s external indebtedness from Previously, she was Minister of Foreign US$35 to US$5 billion. Dr. Okonjo-Iweala Affairs of Nigeria, overseeing Nigeria’s oversaw Nigeria’s first ever Sovereign External Relations from June to August credit rating of BB- from Fitch and 2006. From July 2003 to June 2006 Standard and Poor’s – a rating that she served as Minister of Finance grouped Nigeria with other emerging and Economy of Nigeria and Head of market countries such as Brazil, Nigeria’s much acclaimed Presidential Vietnam, Venezuela, and Philippines.



icons & legends

Chief Emeka Anyaoku
One of the crop of young men recruited into the Nigeria diplomatic service at independence, went on to become the Commonwealth SecretaryGeneral (1990-2000). He became the third secretary general at a time when the organisation was undergoing fundamental changes. In early 1997, he organised the first African Commonwealth Heads of Government Roundtable to promote democracy and good governance on the continent. In 1998 he received the freedom of the city of London, and was later decorated by Queen Elizabeth as an Honorary Knight Grand Cross of the Royal Victorian Order (GCBVO).

Jay Jay Okocha
Augustine Azuka “ Jay-Jay” Okocha a footballer who was known for being one of the best dribblers and most skillful players in the world. He was a member of both the victorious 1994 Africa Cup of Nations squad and the 1996 “Dream Team” who won gold at the Olympic Games in Atlanta, USA. At the 2004 Africa Cup of Nations held in Tunisia, Okocha’s goals and brilliant performances lifted a largely unheralded Nigerian team to the semi-final. He was subsequently named the tournament’s Most Valuable Player, MVP Further . confirmation of his ability was yielded by his inclusion in the FIFA list of 100 greatest living footballers, compiled as part of activities marking the centenary celebrations of the football governing body. The British Broadcasting Corporation (BBC) also voted Okocha its footballer of the year three times in 2003, 2004 and 2006.

Wole Soyinka
Akinwande Oluwole “Wole” Soyinka, a celebrated Nigerian playwright, poet, social critic, teacher, actor and political activist is regarded by many as Africa’s greatest writer and one of the world’s most salient dramatists. He was awarded the 1986 Nobel Prize for literature, the first African to be so honoured. The Swedish Academy described him as “one of the finest poetical playwrights that have written in English”.



icons & legends

Agbani Darego
Darego was crowned the Most Beautiful Girl in Nigeria in 2001. Later that year she traveled to South Africa and became the first black African winner of the title. Her victory was widely welcomed in Nigeria and her one year tenure included goodwill trips and scheduled appearances on behalf of the pageant.

Ken Saro-Wiwa
Ken Saro-Wiwa (d. 1995), a well known Nigerian author and television producer, was president of the Movement for the Survival of Ogoni People (MOSOP), an organisation set up to defend the environmental and human rights of the Ogoni people who live in the Niger Delta. His life provided a legacy of great inspiration for human rights and environmental activists around the world. He was awarded the Goldman Prize in 1995 for international environmental heroes.

Aliko Dangote
Aliko Dangote is the first recognised Nigerian billionaire according to the yearly survey conducted by Forbes, the influential American magazine. With an estimated net worth of US$3.3 billion, Nigeria’s industrial magnate is ranked 334th richest person in the world. He heads the Dangote Group, currently the largest industrial conglomerate in West Africa. The group is one of the foremost diversified business conglomerates in sub-Saharan Africa. With a hard-earned reputation for excellent business practices and product quality, it has about 11,000 people in its employment.



icons & legends
Dr Nnamdi Azikwe
Publisher, politician and academic, Dr Nnamdi Azikwe, known worldwide as Zik of Africa, became Nigeria’s first indigenous Governor General in 1960. He later became President of Nigeria 1963 – 1966 and leader of Nigerian People’s Party 1978 – 1983. Dr Azikwe played a significant role in the growing nationalist movement, establishing a newspaper, the West African Pilot. As a patriot with a strong love for his country, he fought for the freedom and independence of Nigeria from colonialism.

King Sunny Ade
King Sunny Adé (Sunday Adeniyi, was the first popular performer of Yoruba Nigerian Juju music on the international stage. With his band, King Sunny Adé and His African Beats, he became an international star across Africa during the mid-1980s, touring and gaining a significant audience in throughout the USA and Europe. Well known as the Minister of Enjoyment, King Sunny has recorded over 100 albums in Nigeria. His album Odu was nominated for Best World Music album in 1999.

In Nigeria today, his efforts, transparency and love for Nigeria have been remembered. His portrait is reflected on Nigerian N500 currency note and many streets are named after him. The international airport in the Federal Capital Territory in Abuja is also named after him and his statue was built in his hometown, Onitsha. An internationally renowned and widely respected figure, Zik’s contribution to the Pan-African struggle is ranked with the likes of Marcus Garvey and W.E.B. DuBois.



icons & legends
Sa’adu Zungur
Sa’adu Zungur (1915-1958) was a leading Hausa poet and political activist who fought for Nigeria’s independence. During the preindependence period, he was a member of the National Council of Nigeria and the Cameroons, NEPU and the Northern People’s Congress. Zungur was an outspoken activist and nationalist at a time when few non aristocratic Hausa men were conspicuous in political matters. He is sometimes called the leading Hausa poet of the mid-twentieth century.

Ben Okri
Described as one of Africa’s greatest writers, Ben Okri who was awarded the 1991 Booker Prize for Fiction for his acclaimed novel, The Famished Road. Ben Okri is a Vice-President of the English Centre of International PEN, a member of the board of the Royal National Theatre, and was awarded an OBE in 2001.

Professor Chris Doghudje
After graduating with BA Mass Communication from the University of Lagos in 1967, Doghudje went straight into advertising. He operated as an advertising professional on the client side from 1967 to 1992, and headed Lintas, West Africa’s first advertising agency between 1985 and 1992. Lintas was a member of the UAC Group and was incorporated in 1928 in the UK. Since he retired in 1993, Doghudje has been managing his advertising agency, Zus Bureau, which also publishes Adnews. He is currently the chairman of the Advertising Practitioners Council of Nigeria (APCON) and has unarguably remained the leading light and an authority in the Nigerian advertising profession.

Alhaji (Dr) Mamman Shata Katsina

Alhaji (Dr) Mamman Shata Katsina born in 1923 in Musawa village, Katsina State, Nigeria, died on 9th June, 1999. A well-known Hausa musician in West, East and Central Africa, his vocals are often accompanied by talking drums known as kalangu. He performed for the Hausa people of Northwest Nigeria for more than half a century. He performed in many African countries and the US and was one of Polygram’s best selling artists from the North in the 1980’s.

Margaret Ekpo
Margaret Ekpo (1914-2006) was Nigerian women’s rights activist and social mobilizer who was a pioneering female politician in the First Republic. She played major roles as a grassroots and nationalist politician in the Eastern Nigerian city of Aba. She is nationally and internationally acclaimed as an icon of Nigerian politics and a pioneer activist of women’s rights.



icons & legends

Nwankwo Kanu
Nwankwo Kanu, usually known simply as Kanu, is a professional footballer who plays as a striker for Nigeria and for the English club Portsmouth. He is the most highly-decorated African footballer in footballing history, having won a UEFA Champions League medal, a UEFA Cup medal, three F.A. Cup Winners Medals and two African Player of the Year awards. He is the only current Premiership player to have won the UEFA Champions League, UEFA Cup, Premiership, FA Cup and an Olympic Gold Medal.

Abubakar Imam
Abubakar Imam was a Nigerian writer and journalist who first came to prominence when he wrote Ruwan Bagaja for a literary competition in 1933. He was an outstanding journalist who became the first editor of Gaskiya Ta Fi Kwabo, a Hausa newspaper established in 1939. He became active in politics in Northern Nigeria whilst also contributing to the development of Gaskiya. In 1961, he became the chairman of the Public Service Commission.

Hajiya Gambo Sawaba
Hajiya Gambo Sawaba was an independent political activist who dedicated her life fighting for causes against injustice, inequity and inequality. She sowed the seed for the on-going emancipation of African women from the African tradition and the structures of the African nation-states.

Professor Claude Ake
Professor Claude Ake (1939 - 1996) was a Nigerian political scientist. He held various academic positions at institutions around the world, including Yale University, Nairobi and the University of Port Harcourt. He was active in Nigerian politics and is well-known for his work in studies of development and democracy, his overriding concern being Africa.

Pius Okigbo
Pius Okigbo (1924-2000), was one of the most outstanding Nigerians of his generation. A world-renowned economist, academic and administrator; he served different Nigerian governments and the United Nations in various roles and was the first Nigerian Ambassador to the European Community.



icons & legends
Alhaji Sir Ahmadu Bello
Al-Haji Sir Ahmadu Bello (19101966) was a Nigerian politician and was the first premier of the Northern Nigeria region from 19541966. As leader of the Northern People’s Congress, the party was able to win the 1959 parliamentary elections. His greatest legacy was the modernization and unification of the diverse people of Northern Nigeria. The Ahmadu Bello University is named after him and his portrait adorns Nigeria’s 200 naira note.

Hubert Ogunde
Hubert Adedeji Ogunde (1916-1990) was a Nigerian actor, playwright, theatre manager and musician who founded the Ogunde Concert Party in 1945 in Nigeria. He founded Ogunde Theatre, the first contemporary professional company in Nigeria. By this act Ogunde began the rise of modern professional theatre in Nigeria, a movement in which he remains the supreme artist and father figure.

Tai Solarin
Augustus Taiwo “Tai” Solarin (1922-1994) was a Nigerian educator and author. He wrote regularly for the Daily Times, the Nigerian Tribune and The Guardian as well as publishing several books including Towards Nigeria’s Moral Self-Government and A message for Young Nigerians. In November 1995, the Nigerian National Universities Commission formally recognized the Tai Solarin University of Education (TASUED) Ogun State, as the first specialized university of education.

Chief Tony Okoroji
Singer, songwriter, producer and architect of Nigerian Copyright law, Chief Okoroji has been instrumental in setting up the Nigerian Copyright Commission and has made the struggle for the rights of Nigerian creative artists the labour of his life. He is currently Chairman of the PMRS, the copyright collective management organisation and event organiser for the prestigious Nigerian Music Awards.


Helen Folasade Aduu, OBE, better known as Sade is a Nigerian British singer-songwriter, composer and record producer. She has achieved success in the 1980’s, 1990s and 2000s as the lead vocalist of the hugely popular Grammy Award winning English group Sade.

Pioneer and founder of the Nigerian Institute of Public Relations (NIPR) and first President between 1963-1968.

Dr Sam Epelle Sonny Okosun

Isaac Boro
Isaac Jasper Boro was a radical young nationalist who led a revolt against the oppressors to change the environment of the Niger Delta. His revolt against the Federal Government led to the creation of the 12 State in 1967. The tree of political and economic freedom of the oil producing people was planted by Boro who dedicated his life to the struggle for the liberation of mankind.

Sonny Okonsun (1947-2008) was one of the leading Nigerian musicians from the late 70’s to mid 80’s. His 1977 song, “Fire in Soweto”, became a major international hit. His musical styles ranged included reggae, highlife, Afro-funk and gospel and he made music in Edo language, Yoruba and English.



icons & legends

Tijani Babangida
Tijani Babangida is a former footballer known for his pace and skill. He spent the majority of his playing career at Ajax Amsterdam and took part in two Africa Cup of Nations tournaments and won Olympic gold in 1996.

Professor Ishaya Audu
Professor Ishaya Audu was born on March 1 1927 at Zaria, Kaduna State. He was the pioneer indigenous Vice Chancellor of Ahmadu Bello University Zaria and ran the institution from 1966 to 1975. He was Minister of External Affairs between 1979 and 1983. A proprietor of the Samaru Medical Centre, a private clinic he established in 1985 after disengaging from politics, Professor Audu was a onetime personal physician to late Premier of the Northern Region, Sir Ahmadu Bello between 1960 and 1962.

Chief Dr Joseph Sanusi
Between 1979 and 1984, Chief Dr Sanusi was the Executive Director, Monetary and Banking Policy, Central Bank of Nigeria and later Deputy Governor in 1988. In 1990, he became the Managing Director and Chief Executive of United Bank for Africa, one of the three biggest banks in Nigeria, a post he held until 1992, when he was moved to First Bank of Nigeria, the oldest bank in Nigeria in the same capacity. Chief Sanusi retired from First Bank of Nigeria in 1998, and in May, 1999, he was brought out of retirement and appointed the Governor of the Central Bank of Nigeria.

Femi Oke
Femi Oke is a British Nigerian television presenter and journalist. She is a former anchor for CNN’s International World Weather service and regularly presented weather segments for the programs Your World Today and World News. She also regularly hosted Inside Africa, a programme that looks into the economic, social and cultural affairs and trends in Africa.



icons & legends
Adamu Ciroma
Adamu Ciroma is a politician and former Governor of the Central Bank of Nigeria. He served as Minister of Finance from 1999 to 2003. He is currently a member of the People’s Democratic Party.

Justice Mohammed Bello
Educated during the colonial era, Justice Bello set an academic record at the Katsina Elementary and Middle schools before he went to Kaduna College. He graduated with LLB in 1956 in London. In 1975, Justice Bello rejected his first appointment as chief justice of Nigeria on the ground that there was a more senior judge in the Supreme Court. Instead, he accepted to serve as the chief judge of Kaduna State, and became the first Nigerian to hold that position. Later in 1987, he was appointed chief justice of Nigeria, a position he held until 1995. In all, he served Nigeria for 39 years, 20 of which he spent in the Supreme Court. When he retired, he had no befitting home or car. He died peacefully in his home on November 4, 2004.

Alhaji Umar Muttalab
Dr. Mutallab is a Fellow of both the Association of Chartered and Certified Accountants (FCCA) and the Institute of Chartered Accountants of Nigeria (FCA). He is a former Federal Commissioner of Economic Development (1975) and also of Cooperation and Supply (1976). He played a major role in introducing Islamic banking into Nigeria. He was the Executive Chairman & Managing Director of United Bank for Africa (UBA) and presently the Chairman of First Bank of Nigeria Plc.

Osita Osadebe
Chief Stephen Osita Osadebe (1936 - 2007) was one of the most well known Igbo Highlife musician, from Southeastern Nigeria. Known as the “Doctor of Hypertension”, a reference to the healing power of his music, his career spanned over 40 years. His 1984 “Osondi Owendi” was the biggest-selling record in the history of Nigerian music.



icons & legends
Funmilayo Ransome Kuti
Funmilayo Ransome Kuti (1900 - 1978), was a teacher, political campaigner, and women’s rights activist. Ransome-Kuti’s political activism led to her being described as the doyen of female rights in Nigeria and was regarded as “The Mother of Africa.”

Michael Imoudu
Pa Michael Imoudu is Nigeria’s first labour leader and for the half of this century, he was in the thick of trade unionism. A leader of populist and mass oriented political parties, he is popularly known as Nigerian labour leader No 1.

Justice Akinaola Aguda
Akinola Aguda (1923 - 2001) was a jurist and a former Chief Justice of Botswana. Prior to becoming Chief Justice, he was a lawyer and a high court judge in the western region of Nigeria. He was the first indigenous African to head the position of Chief Justice in Botswana.

Professor Babs Fafunwa
Professor Aliu Babatunde Fafunwa is a Nigerian educationist, scholar and former minister for Education. He is known for his early writings on the need to re-appraise the inherited colonial system in to introduce relevant cultural goals, subjects and local languages into the system, in order to accommodate the developmental and cultural pattern of the country. He is also a notable authority on the history of educational planning in Nigeria.

Abdul-Ganiyu “Gani” Oyesola Fawehinmi
Abdul Ganiyu “Gani” Oyesola Fawehinmi is an author, publisher, philanthropist, social critic, human and civil rights lawyer and Politician. He fought for the rule of law, the hopes and aspirations of the poor and against military dictatorship. In 2001, he was awarded the Senior Advocate of Nigeria, the highest legal title in the country.

Justice Taslim Elias
Taslim Olawale Elias (1914 - 1991) was a Nigerian jurist. He modernized and extensively revised the laws of Nigeria. In 1976, Elias was appointed a judge of the International Court of Justice at The Hague. In 1982, Elias was elected President of the International Court of Justice, and became the first African jurist to hold that honor. Five years later Elias was also appointed to the Permanent Court of Arbitration at The Hague.

Vincent Maduka
Former broadcast Engineer, Vincent Maduka was the first Nigerian Director-General of the Nigerian Television Authority (NTA – was inaugurated in 1977).

Ismail Babtunde Jose
Ismail Babatunde Jose (1925 - 2008) Alhaji Ismail Babatunde Jose is the most respected journalist in Nigeria. Through hard work and unwavering dedication to journalism, he rose through the ranks to become reporter and later news editor in 1957 of The Daily Times Group. By 1962, he had reached the peak, when he was appointed Managing Director, Chairman/Chief Executive, a position he held till 1976. Today, the history of Nigerian journalism would be incomplete without a worthy recognition to the foot prints of the man who has been deservedly named The Doyen of Nigerian Journalism; father of modern day journalism or simply Mr. Nigerian Journalism.


Late 1400’s
the PORtUgUese become the first europeans to reach Nigeria. lagOs islaND annexed as a colony of Britain.





Oil RiveRs PROtectORate renamed Niger coast Protectorate and calabar becomes the capital.


BRitish RePORteR Flora shaw suggests that the country be named “Nigeria” after the Niger River.


the BRitish overthrow Oba Ovonramwen of Benin, one of the last independent West african kings.

1900 the NigeR coast Protectorate, merges with the colony and protectorate of lagos and is renamed the Protectorate of southern Nigeria. 1900’s 1925


the NORtheRN and southern Protectorates were amalgamated to form Nigeria. colonial officer Frederick lugard is appointed governor general.

the NatiONal cONgRess of British West africa is founded to fight for participation in the governance of their own countries by people of african descent in the West african countries.




the NigeRiaN National Democratic Party founded by herbert Macaulay wins three seats reserved for native Nigerians in the legislative council.

the West african student’s Union is founded in london by ladipo solanke to provide a forum for West african students and to promote african culture.

WOMeN iN the eastern commercial city of aba hold a victorious protest against high taxes and low prices of Nigerian exports.


1936 NigeRiaN YOUth MOveMeNt is FORMeD.


DR NNaMDi azikwe establishes the newspaper, the West African Pilot.


The PiloT and The Comet, two papers owned by Dr azikwe are banned by the colonial government.




the NigeRiaN trade Union congress is granted official recognition by the colonial government.


DR azikWe founds the National council of Nigeria and the camerouns (NcNc).

the egBe OMO Oduduwa, a cultural organisation of Yorubas, is formed in london.


the (siR aRthUR) Richards constitution comes into effect. the constitution establishes a legislative council and divides the country into three regions, North, east and West.

1949 the NORtheRN PeOPle cONgRess (NPc) is FORMeD.
the POsitiON OF governor was created in the three regions (North, West and east) with adoption of federalism under the lyttleton constitution.

the BRitish decide to grant Nigeria internal self-rule, following a protest led by Dr Nnamdi azikiwe’s political party the 1950’s NcNc.


NigeRia’s FiRst electiONs are held and the NcNc wins majority seats in the east; the action group (ag) wins majority seats in the West and the Northern People congress (NPc) wins majority seats in the North.

1951 Nov-Jan 1952


the lONDON constitutional conference agrees on a federal constitution and the granting of self government to any region that wishes for it.

1958 NigeRiaN armed Forces transfers to Federal control. the Nigerian Navy is born.

1959 the NeW NigeRiaN cURReNcY, the POUND, is iNtRODUceD.

1959 (Dec)

FeDeRal electiONs 1960’s are held. No party wins absolute majority so the NPc and Niger Delta congress (NDc) 1960 (Jan) form a coalition aBUBakaR taFaWa government. Balewa is elected Prime Minister.

iNDePeNDeNce DaY. Nigeria becomes an independent sovereign state.

1960 (Oct 1)

1961 (June 1)

1960 (Nov 16)

DR. NNaMDi azikiWe becomes Nigeria’s first indigenous governor general.

NigeRia jOiNs with liberia and togo in the “Monrovia group”, seeking some form of a confederation of african states.

NORtheRN caMeROON became sardauna Province of Nigeria, the thirteenth province of Northern Nigeria as the country’s map assumed a new shape.

1961 (October 1) sOUtheRN caMeROON ceases to be a part of Nigeria.

1962 the FeDeRal government declares a state of emergency in the Western region. the first census in Nigeria since independence is held amidst widespread controversy.
NigeRia sheDs the bulk of its political affinity with the British colonial power to become a Republic within the commonwealth. Dr Nnamdi azikiwe becomes the first President.


1965 (Nov)

1964 FeDeRal electiONs are held. they are widely boycotted in the east and West. 1966 (May 29)

FeDeRal electiONs are held in the Western region. But violence erupts and there is criticism of the political ruling class creating unease in the new republic.

1966 (January 15) jUNiOR OFFiceRs of the Nigerian army,

mostly majors overthrow the government in a coup d’etat. the coup leaders pledge to establish a strong and efficient government committed to a progressive program and eventually to new elections. they vow to stop the post-electoral violence and stamp out corruption in the civilian administration. general johnson t. aguiyi-ironsi, the most senior military officer, an easterner (igbo), who stepped in to restore order, becomes the head of state.

Massive RiOtiNg starts in the major towns of Northern Nigeria and attacks on the igbos and other easterners to avenge the death of many senior northerners in the coup.

a gROUP OF NORtheRN officers and men storm the Western Region’s governor’s residence in ibadan where general aguiyi ironsi was staying with his host, lt. col adekunle Fajuyi. Both the head of state and governor are killed.

1966 (July 29)

1966 (Aug 1)
lt. cOl YakUBU gowon a junior officer from the north becomes the new head of state.

1967 (Jan 4)

NigeRia’s MilitaRY leaders travelled to aburi in ghana to find a solution to problems facing the country and to avert an imminent military clash between the North and the east.

(May 30) lt cOl OjUkWU,

governor of the east, declares his region the Republic of Biafra.

1967 (July 6)

FiRst shOts were fired heralding a 30-month war between the Federal government and the rebel Republic of Biafra.

1970 (Jan 15)

the civil WaR ends and reconstruction and rehabilitation begin.

1971 (April 2)


NigeRia sWitches from driving on the left hand side (like Britain) to the right, like all its neighbouring countries.

1973 (May)

gOWON establishes the National Youth service corps scheme and introduces compulsory one-year service for all university graduates, to promote integration and peace after the war.

1974 geNeRal gOWON said he could not keep his earlier promise to return power to a democratically elected government in 1976. he announced an indefinite postponement of a programme of transition to civil rule. 1974 (April 1) the jeROMe Udoji salary
reviews are paid to all workers in the public service.

1975 (October)

gOWON is OveRthROWN in a coup, on the anniversary of his ninth year in office. Brigadier (later general) Murtala Mohammed, the new head of state promised a restoration of democracy.

1976 the FeDeRal gOveRNMeNt adhering to the recommendations of a panel earlier set up to advise it, approves the creation of a new Federal capital territory, abuja, away from lagos. 1976 (February 13) geNeRal MURtala
Mohammed was killed in the traffic on his way to work.

1976 (Feb 14)

geNeRal MOhaMMeD is succeeded by general Olusegun Obasanjo who pledges to pursue his predecessor’s transition programme.

1976 (Septr 2)
the UNiveRsal Primary education scheme (UPe) was introduced, making education free and compulsory in the country.


NigeRia hosts Festac the festival of arts and culture drawing black talent and civilisation from around the world.

1979 NigeRia gets a NeW cONstitUtiON.

geNeRal OBasaNjO hands over to alhaji shehu shagari as first elected executive President and the first politician to govern Nigeria since 1966.

1979 (Oct 1)

1983 the cONDUct of the general elections was criticised by opposing parties and the media. violence erupts in some parts of the West. 1980’s

1983 (Sept)

shagaRi Was re-elected president of Nigeria in augustseptember 1983.

FOllOWiNg a coup d’etat, the military returned to power. Major-general Muhammadu Buhari was named head of state.

1983 (Dec 31)

FOllOWiNg accUsatiONs of callousness and overzealousness, Buhari was overthrown in a palace coup. the army chief, general ibrahim Babangida took over power.

1985 (August 27)

1989 (Oct) 1986 the seat of government was officially moved from lagos to abuja. 1993 (March)

chieF eMeka anyaoku becomes secretary-general of the commonwealth.

1990 (April)

chaiRMaN OF Uac of Nigeria, chief chieF aDeYeMi lawson, one of Nigeria’s ernest shonekan becomes chairman of the foremost industrialists, dies. transnational council and head of government after his election by other members. 1993 (June 12) aFteR seveRal postponements by the military administration, 1991 (Dec) the presidential elections were held. Businessman seat of the Federal and newspaper publisher Moshood abiola of government formally 1990’s the sDP took unexpected lead in early returns. moves to abuja.

chieF hUBeRt Ogunde, doyen of Nigerian theatre, dies.

1992 (Dec)

1993 (June 23) BaBaNgiDa on national

television offered his reasons for annulling the results of the Presidential election. Riots take place in the southwest, abiola’s home area.

1993 (October)

(Aug 26) UNDeR seveRe opposition and pressure, Babangida resigned as military president and appointed an interim government headed by chief ernest a. shonekan. 1996 (May) 1993 (November 17)
NNaMDi azikiWe, Nigeria’s first president dies.

the MOveMeNt for the advancement of Democracy (MaD) hijacked a Nigerian airliner to neighbouring Niger in order to protest against official corruption. Nigerian troops stormed liberated the plane at the N’djamena airport, Republic of Niger.


geNeRal saNi abacha, defence minister in the interim government and most senior officer, seizes power from shonekan, and abolishes the constitution and suppresses the opposition.

aBiOla, who had escaped abroad after the annulment, returned and proclaimed himself president. he was arrested and charged with treason.

1995 (July)

FORMeR heaD OF state, Obasanjo was sentenced to 25 years in prison by a secret military tribunal for alleged participation in an attempt (widely believed to have been fictional) to overthrow the government.

WRiteR aND minority rights activist ken saroWiwa and eight others are executed.

1995 (Nov)

1997 (Aug)

Fela aNikUlaPOkUti, the afro-beat king, dies of a heart attack and other complications arising from aiDs.

MajOR general shehu Musa Yar’adua dies in prison custody. he was convicted by a Military tribunal for plotting a coup in june 1995 and sentenced to jail.


geNeRal aBacha dies suddenly and mysteriously. the official cause of death: heart attack. Nigerians swarmed the streets rejoicing.

1998 (June 8)

geN. aBDUlsalaaM abubakar was named Nigeria’s new head of state, the country’s eighth military ruler. he promises to restore civilian rule promptly.

1998 (June 9)


a MONth after general abacha’s death the United Nations general-secretary kofi annan arrives in Nigeria to conclude deals for the release of chief abiola.

aBiOla Dies in detention of a heart disease, a week after annan’s visit, before he could be released in a general amnesty for political prisoners. Rioting in lagos led to over 60 deaths.

1998 (July 7)

1998 (July 20):
aBUBakaR addresses the nation and disbands three transition agencies.

1999 (Feb 15)

FORMeR MilitaRY ruler Obasanjo won the presidential nomination of the Peoples Democratic Party (PDP).

1999 (MaY) a NeW cONstitUtiON is aDOPteD.
1999 (May 29)
FORMeR MilitaRY head of state, Olusegun Obasanjo, is sworn in as Nigeria’s democratically elected civilian President.

1999 (Sept)

FeMi aNikUlaPO kUti wins two prestigious prizes (‘Best Male singer from West africa’ and ‘Best african Musician’ at the kORa Music awards ceremony in sun city, south africa.

1999 (Oct)

the FiRst consignment of Nigerian lNg, 120,000 Metric tonnes is exported to the italian company eNel.


aDOPtiON OF islamic, or sharia, law by several northern states in the face of opposition from christians. tension over the issue results in clashes between christians and Muslims.



tRiBal war in Benue state, in easterncentral Nigeria, displaces thousands of people.

2001 (October) Nigerian President Olusegun Obasanjo, south african President Mbeki and algerian President Bouteflika launch the New Partnership for african Development (NePaD), which aims to foster development and open government and end wars in return for aid, foreign investment and the lifting of trade barriers to african exports. 2003 (April) FiRst legislative
electiONs take place since the end of military rule in 1999. Polling marked by delays and allegations of ballot-rigging. President Obasanjo’s People’s Democratic Party wins parliamentary majority with more than 60% of vote. Opposition parties reject the result.

clashes OccUR in lagos between hausas from mainly-islamic north and ethnic Yorubas from predominantly-christian southwest. Four days of rioting occurs stoked by Muslim fury over the planned Miss World beauty pageant in kaduna in December. the event is relocated to Britain.


2003 (July)

NatiONWiDe general strike called off after nine days after government agrees to lower recently-increased fuel prices.

2004 (Jan) UN 2003 (Sept)

NigeRia’s FiRst satellite, Nigeriasat1, launched by Russian rocket.

brokers talks between Nigeria and cameroon about disputed border. Both sides agree to joint security 2004 (May) state of emergency is declared patrols. in the central Plateau state after clashes between christians and Muslims. Further clashes occur in oil city of Port harcourt.

PaRis clUB of rich lenders agrees to write off two-thirds of Nigeria’s $30bn foreign debt.

2005 (July)

2006 (Jan)

MilitaNts iN the Niger Delta attack pipelines and other oil facilities and kidnap foreign oil workers. the rebels demand more control over the region’s oil wealth.

2006 (April)

helPeD by record oil prices, Nigeria becomes the first african nation to pay off its debt to the Paris club of rich lenders.

2006 (May)

the seNate rejects proposed changes to the constitution which would have allowed President Obasanjo to stand for a third term in 2007.

2006 (Aug)

NigeRia ceDes sovereignty over the disputed Bakassi peninsula to neighbouring cameroon under the terms of a 2002 international court of justice ruling. a special transitional arrangement for the Nigerian civilian administration will be in place for five years.

2006 (Oct)

sPiRitUal leader of Nigeria’s millions of Muslims, the sultan of sokoto, is killed in a plane crash.

UMaRU YaR’aDUa of the ruling People’s Democratic Party is proclaimed winner of the presidential election.

2007 (April)

2007 (Sept) 2007 (Sept)

gOlDeN eaglets win the FiFa U17 World cup for the third time by beating spain in a penalty shoot out. they were previous winners of the tournament in 1985 and 2003.

the ReBel Movement for the emancipation of the Niger Delta (MeND) threatens to end a selfimposed ceasefire and to launch fresh attacks on oil facilities and abductions of foreign workers.

2008 Oil tRaDes at $100 a barrel for the first time.


the economy

[Nigeria has] the brains, the people, the energy and the entrepreneurial spirit… it is just spending money on getting the technology and the basic infrastructure right that will make Nigeria blossom


the economy

Nigeria’s ecoNomy is one of the fastest growing in the world with the international monetary Fund projecting a growth of 9% in 2008.

The Economy: Building on Success
Nigeria is Africa’s most populous country, and now approaching its 50th anniversary of independence from Britain.


frica’s most populous country approaches its 50th anniversary of independence from Britain in 2010, with growing optimism about economic prospects, maturing democracy and fiscal probity, as well as deepening financial markets thanks to a strenuous banking sector. Lost decades under military rule have denied Nigeria its position in the global community, however, the coming years should witness the emergence of a superpower within the emerging-market regions. Merrill Lynch, the Wall Street bank, noted: “They have the brains, the people, the energy and the entrepreneurial spirit. They have everything, but it is just spending money on getting the technology

and the basic infrastructure right that will make Nigeria blossom.” The International Monetary Fund (IMF) applauded Nigeria’s robust macro- economic performance in recent years. “Growth is high, inflation is in single digits and external and fiscal positions have strengthened significantly. These gains reflect the implementation of an ambitious reform programme guided by the homegrown National Economic Empowerment and Development Strategy (NEEDS) and supported by a Policy Support Instrument 2005-07, as well as a favourable external environment and debt relief.” The IMF believes the outlook is bullish, provided that ongoing structural reforms are maintained.

spending money on getting the technology and the basic infrastructure right that will make Nigeria blossom


the economy
macro eccoNomic iNDicators 2004 Nominal Gross Domestic Product (GDP) at market prices (US$bn)¹ Real GDP Growth* Real Per Capita GDP Growth* Hydrocarbons GDP* Crude Oil production (Mn bpd) Non-Oil GDP Growth* Non-Oil Sectors (%) of Total GDP Industrial Production* Consumer Price Index (CPI)* Total Investment (%) of GDP Domestic Savings (%) of GDP Monitoring Policy Rate (%)² Naira: US$1 (period average) Consolidated Government Operations³ Government Expenditure # Government Revenue # Overall Fiscal Balance # Excess Crude Account (US$bn) 87.85 10.6 7.6 3.3 2.50 13.3 61.3 3.7 15.0 23.5 36.5 15.0 132.8 2005 112.25 5.4 2.6 0.5 2.58 8.7 60.4 3.8 17.8 22.8 38.3 13.0 131.2 2006 145.43 6.2 3.4 -4.5 2.47 9.6 62.0 2.1 8.3 23.8 38.7 10.0 128.6 2007 165.68 5.9 3.1 -5.6 2.35 9.6 64.5 3.4 5.5 24.0 34.5 9.50 125.8
EstimatE EstimatE

2008 211.31 6.2 3.4 9.0 2.36 8.9 63.0 5.3 11.0 24.3 35.5 9.75 / 117.8

2009 228.69 8.1 5.2 7.5 2.54 7.6 66.5 5.9 11.1 25.8 31.5 < 121.0

15.6 21.9 6.3 5.1

16.6 24.7 8.1 9.9

14.1 21.7 7.6 13.3

15.8 17.2 1.4 17.3

14.8 18.4 3.7

15.7 15.9 0.3

¹Sub-Saharan Africa’s second-largest economy, after South Africa and equivalent to one-half of West Africa’s combined GDP. *Annual percent change. ²The Central Bank of Nigeria’s benchmark rate. / October 2007. < The central bank could relax monetary policy in coming months. ³Representing federal, state and local governments. # As percent of GDP. Sources: Nigerian authorities; IMF African Department database; International Financial Statistics and Economist Intelligence Unit.

gross Domestic ProDuct

Between 2003 and 2007, Nigeria’s nominal Gross Domestic Product (GDP) in (US dollar terms) grew by three-fold to US$165.68bn, with real GDP growth averaging 7.6% per annum – the best performance for decades – well above the sluggish 2.5% seen during 1997-2001. Significantly, the non-oil economy (where four-fifths of workforce are employed), also recorded sustained growth of 9.4% a year, led by financial services, retailand-wholesale trade, information

Real GDP in 2008 and 2009 is poised to expand at 6.2% and 8.1%

communications technologies (ICT), light-manufacturing and agricultural. Brisk domestic demand is underpinned by fiscal stimulus and massive oil-fuelled liquidity. Concurrently, real GDP in 2008 and 2009 is poised to expand at 6.2% and 8.1%, respectively, on IMF figures. In the hydrocarbons sector, growth should benefit from West African gas pipeline coming online. The country enjoys ‘twin surpluses’ on consolidated government fiscal and external accounts (see Tables 1 & 2) supported by oil and liquefied natural gas (LNG) exports. Nigeria, the world’s eighth-largest crude exporter, expects to earn US$76bn (up from US$56bn in 2007), according to Standard Bank. In 2007, merchandise exports nettled


US$65.13bn whilst imports were US$37.57bn, leaving a trade surplus of US$27.56bn, equivalent to 17% of GDP External reserves have . continued to mount; in mid-2008, the Central Bank of Nigeria (CBN) reported official forex reserves of


the economy
eXterNaL traDe, assets & DeBt, iN miLLioNs oF us DoLLars
(%)ChG EstimatE EstimatE

2004 Exports (FOB) Price of Nigerian oil (US$/barrel) Imports (FOB) Trade Balance Terms-of-Trade (%) 1 Current Account Balance Current Account (%) of GDP Gross International Reserves Import-coverage 2 Central Bank’s Foreign Assets Deposits in OECD-based Bank FDI inflows 3 Total External Debt Debt Stock (%) of GDP 34,766 38.3 15,009 19,757 20.4 16,840 19.1 16,956 7.5 18,653 12,479 2,127 35,900 40.8

2005 48,069 55.3 17,288 30,781 38.0 24,202 21.5 28,280 9.8 27,713 18,327 4,978 20,500 18.2

2006 57,444 65.3 26,760 30,684 18.0 13,800 9.5 42,229 12.5 43,663 34,773 13,956 3,500 2.4

2004-07 87.3 90.6 150.3 39.5

2008 80,500 88.5 45,600 34,900 42.2 10,700 5.0 73,200 14.4 61,470/ 35,972//

2009 80,600 83.0 49,600 31,000 -7.1 6,500 2.8 91,000 13.9

202.7 180.0 195.3 485.5 -91.0

3,400 1.6

4,200 1.8

¹Annual percent change in ‘Terms-of-Trade’ (the ratio of export to import prices). / April. // March. ²Gross forex reserves in months of imports of goods and services. ³Net flows of foreign direct investment, after repatriation of interest and profits. Major Trading Partners (Percent share of total trade to world, 2007). EXPORTS: The US (47.1%); Brazil (7.3%); Spain (7%); Cote d’Ivoire (2.7%); France (2.4%); South Africa (2.4%). IMPORTS: China (11%); Netherlands (8.2%); the US (8.1%); the UK (5.5%); Brazil (5.2%); France (4.5%). Sources: The International Financial Statistics, Bank for International Settlements, IMF projections, UNCTAD World Investment Report.

US$63bn (the highest in subSaharan Africa) compared to only US$5.5bn in 1999. Thus, confidence in Naira-denominated assets has surged as portfolio investors poured US$3.2bn during 2007, in anticipation of a stronger currency. Also, remittances from some 17mn Nigerian diasporans are increasing as deregulation and privatisations offer new opportunities for both local and foreign investors.
creDitor NatioN

Nigeria is now… a net ‘creditor nation’ (gross sovereign assets exceed external liabilities)
In October 2005, the Paris Club lenders (notably the UK, France, Germany, Italy, Japan and the US) rewarded Abuja by providing debt relief on the ‘Naples terms’. The latter facilitated a 67% reduction on the face value of debt and a buyback of remaining debt at hefty discounts. The Nigerian government paid US$12.4bn, in return for official creditors writing off US$18.6bn. It also settled private debt owed to the London Club that comprised 2020 Brady par bonds (US$1.45bn) and US$512mn of promissory notes. Nigeria is integrating into global financial markets reflected in a sovereign credit-rating of [BB-] from Standard & Poor’s (S&P) and FitchRatings, coupled with recent success of Nigerian banks in capitalraising abroad. “Compared with most peers in the BB category like Turkey, Jordan or Egypt, Nigeria’s fiscal and current account balances are very favourable. Its net asset position is currently over 40% of GDP explained S&P FitchRatings ,” . noted: “Nigeria’s ratings was underpinned by strong commitment to economic reform, including measures to improve governance,

Nigeria is now in a unique position of being a net ‘creditor nation’ (i.e., gross sovereign assets exceed external liabilities). In total, debt stock fell steeply to under US$4bn from unsustainable US$36bn in early 2005 – reflecting impacts of debt relief and buybacks.



the economy
The Headquarters of the Economic Community Of West African States (ECOWAS), a regional group of sixteen countries founded in 1975

tackle corruption, accelerate privatisation and rationalise the banking system. The government aspires to achieve a [BBB] investment-grade rating by building a vibrant diversified economy. The country’s Medium-Term Fiscal Strategy 2008–10 assumes distribution of oil revenues based on a budget oil price of $55 per barrel. This oil-price based fiscal rule is enshrined in the ‘Fiscal Responsibility Act’ as a framework to guide budget allocations. The consolidated government non-oil primary fiscal deficit is projected at 25% of non-oil GDP in line , with recent years; however, the overall fiscal position should stay in surplus. The constitution provides that all tiers of government (federal, state, and local) a share in oil receipts. According to the revenue-

Nigeria could rank as the world’s 20th and 11th largest economy by 2025 and 2050, if current growth momentum is sustained
sharing formula, approved by the National Assembly, oil-producing states receive 13% upfront as derivation grants. Of the rest 87%, the federal government takes 52.7%, the 36 states 26.7% and local governments 20.6%. Fiscal prudence has proved effective in avoiding pitfalls of past boom-bust cycles. Oil revenues in excess of the budget oil price and production level are transferred into the ‘excess crude account’ at the CBN – where savings amounted to about US$17.3bn at end-2007, compared with US$5.1bn in 2004.
growth aND saviNgs

Population growth and urbanisation are exerting pressure on resources, social services and basic infrastructure. The annual savings of US$1bn-plus in debt service payments are allocated to a Virtual Poverty Fund for promoting activities in the Millennium Development Goals (MDGs) priority areas. Interim U.N. reports praised Nigeria for improving universal primary education, but stressed the need to tackle rural poverty, child mortality and disease.



the economy
The National Assembly Building, Abuja

Images: Public Sector Consultants Ltd.

The dynamics of Nigeria’s economy, West Africa’s powerhouse, is now almost unrecognisable, compared with early 1990s. Goldman Sachs reckons Nigeria could rank as the world’s 20th and 11th largest economy by 2025 and 2050, if current growth momentum is sustained, thus overtaking Italy and South Korea. “Improving long-term foundations is key to converting potentiality into reality,” the US investment bank said. The official target is for 13% growth by 2020.

President Umaru Yar’ Adua’s ‘Seven-Point Agenda’ seeks to build on the 2004-07 NEEDS, which targeted wealth creation, job generation, value reorientation and poverty eradication. The key goals of ‘NEEDS 2’ are addressing energy shortages [Nigeria needs 25,000 MW of generation capacity]; building transport and communication infrastructure; and making inroads on reaching the MDGs. It also aims to deepen structural reforms in the areas of public financial management (at the state levels), deregulation, taxation and customs administration. The strategy aims to create 7mn new jobs by boosting agricultural and industrial production and attracting non-oil investments. (See pages 88-89 for more.)



the economy

Fostering a Conducive Business Environment
Through the pursuit of interlinked micro-reforms, Nigeria will facilitate foreign and local investments.


he past and present civilian administrations have sought to promote private sector activity by devising investorfriendly policies. As a result, Nigeria has started receiving sizeable foreign direct investment (FDI) into its real economy,

which augurs well for job creation and a more balanced growth. According to the UNCTAD World Investment Report 2008, FDI inflows to Nigeria were US$39.76bn over 2000-07, equivalent to one-fifth of Africa’s total US$206bn.

Substantial progress has been made in implementing the structural agenda


the economy

Marina street skyline, Lagos

Businesses flourish in a climate of stellar growth, low inflation and interest rates, as well as deregulation and privatization. As the International Monetary Fund acknowledged: “Substantial progress has been made in implementing the structural agenda, including an ambitious bank consolidation, liberalization of import tariff regime, the introduction of a wholesale auction for foreign exchange,

continued efforts to reduce corruption and progress in restructuring and privatizing state-owned enterprises. The authorities will continue their strong agenda by further efforts to remove impediments to growth.” Nigeria is vigorously pursuing interlinked micro-reforms to facilitate foreign and local investments. The main objectives of which are:

The government has pledged to boost generation capacity to 10,000 megawatt (MW) within two years


the economy

Improving power stations is essential to fostering a conductive business environment in Nigeria

the infrastructure gap

Addressing the infrastructure gap, such as weak communications networks, limited power supplies and the lack of fresh water for residential and agricultural use. These ‘supply-side’ constraints raise the cost of business. A survey revealed that 54% of manufacturers cited electricity deficiencies as being a major barrier to higher production. By some estimates, the power cost to private firms is six times the price paid by global competitors. The government has pledged to boost generation capacity to 10,000 megawatt (MW) within two years by building power stations and improving operations at the Power Holding Co. of Nigeria (PHCN) – formerly the National Electric Power Authority (NEPA).

There is no way that the economy will grow unless we can empower the grass roots to do business for themselves and get off the poverty line

Strengthening the banking system’s contribution to investment and growth through lending to private businesses. Private sector credit has doubled after series of mergers and re-capitalisations that resulted in 24 vibrant mega-banks, led by Zenith International Bank, Oceanic Bank, Intercontinental Bank, Access Bank and Guaranty Trust Bank, among others. They provide increasingly sophisticated offerings to corporate clients (see Banking Sector). The newly active bond markets are

also helping companies to raise new capital. Unlike previous years, foreign exchange is readily available, with demand being met through the interbank market and the Wholesale Dutch Auction System. The Bureau de Change rate was effectively converged with the official rate in mid-2006, and a parallel exchange market has not re-emerged.

Improving the capacity of state institutions and ensuring transparent public procurement



the economy
Improved power stations will benefit housing as well as businesses and banks

processes. A World Bank survey on Nigeria found increased transparency and fairness in procurement.
rule of law

In 2003, the government created the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), acting as one-stop shop for business start-ups. It supports innovation and facilitates access to finance, raw material, equipment and labour. Smedan has established business support centres in eight states and multiple local-level business information centres. The latter offer training in elementary bookkeeping, IT, drafting business plans, legal and taxation advise.

Strong commitments to good governance and upholding the “rule of law” are essential for improving the business environment. The Economic and Financial Crimes Commission formed in 2002 to enforce laws on money laundering, banking and advance-fee fraud (known as 419 fraud) has prosecuted senior

Nigeria was removed from the FATF list… in mid-2006

public officials for misuse of public funds. Nigeria was removed from the Financial Action Task Force list of noncompliant countries in the global fight against money laundering in mid-2006. The authorities are now working to implement recommendations of the recent mutual evaluation conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa.

encouraging enterprises

Encouraging micro, small and medium-sized enterprises (MSMEs), which are seen as agents of job creation. Erastus Akingbola, CEO of Intercontinental Bank, said: “There is no way that the economy will grow unless we can empower the grass roots to do business for themselves and get off the poverty line.”



the economy

business cliMate inDicators nigeria Starting a business Procedures (number) Duration (days) Cost (% GNI per capita) Dealing with construction permits Procedures (number) Duration (days) Registering property Procedures (number) Duration (days) Cost (% of property value) Paying taxes Payments (number) Time (hours) Profit tax (%) Labour tax and contribution (%) Total tax rate (% profit) Cross-border trade Documents for exports (number) Time for exports (days) Cost to export (US$ per container) Documents for imports (number) Time for imports (days) Cost to import (US$ per container) Enforcing contracts Procedures (number) Duration (days) Cost to enforce; in (%) of debt Closing a business Time (years) Cost (%) of estate Recovery rate, cents on dollar
Source: World Bank Doing Business 2009 report.



africa 10.2 47.8 112.1

average 5.8 13.4 4.9

8 31 90.1

18 350

17.2 271.1

15.4 161.5

14 82 21.9

6.8 95.6 10.5

4.7 30.3 4.5

35 938 21.8 9.7 32.2

37.8 311.7 21.5 13.2 66.7

13.4 210.5 17.5 24.4 45.3

10 25 1,179 9 42 1,306

7.8 34.7 1,879 8.8 41 2,278.7

4.5 10.7 1,069 5.1 11.4 1,133

39 457 32

39.4 659.7 48.9

30.8 462.7 18.9

2.0 22 28.0

3.4 20.2 16.9

1.7 8.4 68.6



the economy
The Central Bank of Nigeria’s SME equity investment scheme (formed in 2001) requires banks to put aside 10% of gross profit to finance SMEs.
Nigeria is endowed with an abundance of mineral resources

Accelerating structural reforms to reduce the heavy burden on public finances and raise productivity growth through increased efficiency. The port concessioning has greatly improved overall operations, but identified bottlenecks in infrastructure and customs, which slow the movement of goods. To fund industrial projects and attract foreign managerial/technical expertise, the authorities favour public private partnerships (PPPs), and further wave of privatizations. In 2006/07, major assets like Nigerian Telecommunications (NITEL), the fixed-line provider, Nigerian Mining Corp Quarries, Delta Steel Co. Ltd, NICON Insurance, Leyland Nigeria Ltd, hotels, most oil service and petrochemical firms were privatized. Inward FDI remained substantial at about US$8.5bn as of August 2008. While the bulk of foreign inflows are directed at the hydrocarbons industry, the non-oil based FDI is now growing (unlike large disinvestments a decade ago). The revamped mega-banks have raised as much as US$15bn in the past two years. Liberalising the telecoms sector has paid off, where a regulatory and an enabling framework has attracted over US$11.5bn in private investment. Tom Iseghohi, CEO of TransCorp, explained: “This market could take 15mn to 20mn fixed lines [from currently 1.7mn]. There are also 1mn new mobile subscribers in Nigeria each month.” TransCorp, a local conglomerate, owns a stake in NITEL. European and US companies led by the energy majors (notably Royal Dutch Shell, BP Total, , ExxonMobil and Chevron) have

In sum, ‘Nigeria is too big to ignore’ from a commercial perspective
traditionally been the principal investors, although Chinese firms are making big inroads. The Nigerian Business Information Council estimates Chinese investment in Nigeria at more than US$10bn. China National Petroleum Corp. (CNOOC) paid US$2.27bn for a 45% stake in an offshore oilfield. Nigeria endowed with huge energy and [untapped] mineral resource coupled with larger marketplace and a gateway to West Africa region boosts significant potentials for industrialisation and FDI inflows. The coming decade will see more improvements in business climate as economic diversification gathers momentum. In sum, “Nigeria is too big to ignore” from a commercial perspective. A report by Australian-based Macquarie Bank “Nigeria Awake! The beckoning Golden Age” painted bullish picture with brisk domestic demand, leading to a boom in consumer products and mobile phones.



the economy
Today, 14 Nigerian mega-groups are included in the UK Banker magazine’s Top 1,000 World Banks ranking for 2008, compared to none in 2004



the economy

A Banking Revolution
Integration into global capital markets, developments in the bond market and improved macroeconomic conditions have transformed Nigeria’s banking sector, which could be unrecognizable by 2013 in terms of its sophistication, liquidity and volumes of foreign investments.


he deregulation of the financial services industry has led to a rapid increase in the number of non-banking organizations across the country. There are about 750 community banks (which are being transformed into micro-finance institutions), seven micro-finance banks, 49 insurance companies, 91 primary mortgage providers, 24 commercial banks (down from 89), 322-bureau de change and 24 pension fund managers. Beside a stock market, the system has active money, foreign exchange,

a commodity exchange and capital markets. Commercial banks, however, account for 92% of the financial system’s total assets.
bank consolidation

Banks are wellcapitalised, liquid and profitable

The successful bank consolidation following a wave of mergers and acquisitions (M&As) and increased capitalization forced by the Central Bank of Nigeria’s (CBN) directive to boost ‘Tier 1’ capital (i.e. shareholders’ equity) to N25bn ($195mn) by the end of 2005 from the then-minimum of N2bn have created 24 stronger/ reliable banks. The International Monetary Fund (IMF) noted: “The banking sector is now broadly stable – banks are well-capitalised, liquid and



the economy

The Intercontinental Bank PLC

Today, 14 Nigerian mega-groups are included in the UK Banker magazine’s Top 1,000 World Banks ranking for 2008, compared to none in 2004, while seven boast shareholders’ funds in excess of US$1bn. The major lenders are Zenith International Bank, Oceanic Bank, Intercontinental Bank, Access Bank, Guaranty Trust Bank, United Bank for Africa, First City Monument Bank, Union Bank of Nigeria, First Bank of Nigeria and Diamond Bank. Using a variety of vehicles – Eurobonds, global depository receipts (GDRs), hybrid offers of rights and shares, preference shares and initial public offerings (IPOs) on the Lagos stock exchange – Nigerian banks raised US$12bn in capital over 2006-07.

profitable compared with the pre-consolidation period, when a large number of institutions were unsound or marginal performers.” The capital adequacy ratio, at 18.6%, is well above the minimum regulatory requirement of 10%; holding of liquid assets is a robust 62.2%; and loan portfolio quality has improved. Overall provisioning levels are high, although they have

dipped as non-performing loans (NPLs) have fallen to 6.8% in 2007 from 18.1% in 2005, according to the CBN. The total assets of Nigerian banks grew by about 277% during 2003-07 and gross deposits rising from N2.8 trillion to N10 trillion over the same period, thus indicating public confidence in new banks. Meanwhile, credit to the private sector more than doubled from $19.4bn in 2006 to $41.9bn in

2007, representing around onethird of non-oil GDP . The product range is diversifying and competition is fierce. Banks are actively developing tailored products, such as home mortgages, leasing, payment cards, upgrading IT systems (internet banking) and expanding ATMs, with a view to increase service delivery to customers. Core businesses still remain corporate banking and trade financing. However, larger capital



the economy
…larger capital bases have enabled top-tier banks to ‘co-finance’ big-ticket projects in oil/gas, power generation, real estate, telecom networks, heavy industry and wealth management services



the economy
Financial soundness indicators For nigeria’s banking industry

dici-04 CAPITAL ADEQUACY Regulatory capital to risk-weighted assets Regulatory Tier 1 capital to risk-weighted assets Capital (net worth) to assets ASSET QUALITY & COMPOSITION NPLs to gross loans NPLs net of provisions to capital Sectoral distribution of loans: Manufacturing Trade & services Energy & minerals Agriculture Construction & property Households Government Other EARNINGS & PROFITABILITY Return on assets (ROA) Return on equity (ROE) Interest margin to gross income Non-interest expenses to gross income Personal expenses to non-interest expenses Trading & fee income to total income LIQUIDITY Liquid assets to total assets Liquid assets to short-term liabilities Customer deposits to total (non-Interbank) loans Foreign exchange liabilities to total liabilities
NPL= Non performing loans. Source: Central Bank of Nigeria.

dici-05 17,8 16,5 12,4

dici-06 22,6 21,8 14,7

juni-07 18,6 17,5 13,3

14,7 13,4 9,9

21,6 90,0 22,5 23,6 9,4 4,9 7,6 0 4,2 29,4

18,1 64,4 18,6 21,1 8,9 3,9 7,5 0 4,6 35,8

8,8 21,3 16,9 22,0 10,1 2,3 6,2 0 7,6 38,0

7,7 23,4 13,6 19,4 11,9 1,9 5,6 0 1,9 41,3

3,1 27,4 37,6 53,9 0 45,1

0,9 7,1 38,1 59,2 37,3 31,7

1,6 10,4 39,6 52,7 42,7 33,3

1,8 13,8 43,9 47,0 39,0 32,4

… … … …

… … 77,4 5,9

61,1 … 73,6 12,5

62,2 … 67,3 6,7

With the size of capital that the banks have, we find ourselves being able to handle a number of transactions that before now would not have been handled locally. This increases the volume of business that we can do


the economy
Enlarged groups are seeking to enhance returns on capital by: ■ Expanding credit to the private sector. Retail credit has begun to expand, with banks identifying customers through corporate relationships. But only 10% of the population holds bank accounts. Olukatode Pitan, executive director Unity Bank, believes the “next frontier” is retail banking. The number of branches increased by about one-third in 2007 and productlines are growing. ■ Increasing treasury activity. In the forex market, new instruments like swaps and forward contracts have emerged, enabling banks to offer forward positions in the naira. Mega-banks are the main channels for foreign investor’s activity in the domestic securities market – both physical securities as well as derivatives. The interbank forex market is now operating smoothly. ■ Pursuing cross-border and cross-sector activities. Universal banking groups have emerged, with half the banks having insurance and investment subsidiaries. As part of a regional expansion, banks have set up operations in Benin, Gambia, Ghana, Sierra Leone, South Africa, while several have moved to London, Paris, New York and Beijing. Cecilia Ibru, CEO of Oceanic Bank, said:

The Central Bank of Nigeria, established 1958

bases have enabled top-tier banks to ‘co-finance’ big-ticket projects in oil/gas, power generation, real estate, telecom networks, heavy industry and wealth management services for institutional and highnet-worth clients. Okey Nwosu, CEO of First Inland Bank, said: “With the size of capital that the banks have, we find ourselves being able to handle a number of transactions that before now would not have been handled locally. This increases the volume of business that we can do.”

central bank oF nigeria

The 2007 Central Bank of Nigeria Act made the central bank more independent. The CBN has developed a legal regulatory and operational framework for risk-based and consolidated supervision. It has also increased information sharing and coordination among domestic supervisors of the various sectors and coordination with foreign supervisors. The IMF is providing technical assistance. The payment system was made

“The presence of Nigerian banks in other countries will lead to easy trade facilitation.”



the economy
The Nigerian stock exchange, established in 1960 has offices outside Lagos in Abuja, Kaduna, Port Harcourt, Kano, Onitsha, Ibadan, Yola and Benin

more sophisticated with the introduction of Central Interbank Funds Transfer System and a Real Time Gross Settlement System, where interbank clearings are settled in central bank funds and data on each banks’ net credit

worth or daily positions are available online.
NoN-baNkiNg sector thriving capital markets

Universal banking groups have emerged, with half the banks having insurance and investment subsidiaries. As part of a regional expansion, banks have set up operations in Benin, Gambia, Ghana, Sierra Leone, South Africa, while several have moved to London, Paris, New York and Beijing.

Capital markets have also grown in recent years; in the pension fund industry, assets under management were an estimated N600 billion (US$4.78bn) by end-2007. Bankers see tremendous scope in the ‘pensions boom’ that is creating an estimated US$2.5bn of new savings each year. Employers and

employees in small to large-sized firms must contribute 7.5% of salary to a pension fund. Access Bank commented: “Capital is being created in the hands of people and this is going to transform the country. There are 3mn retirement savings accounts (RSAs) today. In 10 years’ time, there will be 20 or 30mn RSAs, each with N1mn. That is N20,000bn. If the exchange rate grows to N75 to one dollar, the amount of money under management in pension

Capital is being created in the hands of people and this is going to transform the country. There are 3mn RSAs today. In 10 years’ time, there will be 20 or 30mn



the economy

The National Insurance Commission (NAICOM) HQ

funds will be US$1,000bn.” The young industry is supervised and regulated by the Nigerian Pensions Commission.

The insurance sector is also undergoing a consolidation process based on banking model. In September 2005, the National Insurance Commission (NAICOM) raised capital threshold to N2bn for life insurance firms; N3bn for general insurance concerns; and N5bn for composite insurance business. Whilst companies engaged in reinsurance must hold minimum N10bn. The deadline for re-capitalization was February 2008. Subsequently, 43 non-life, 26 life-insurance and two reinsurers met higher benchmarks,

The government launched the Financial System Strategy 2020, which inspires to make Nigeria Africa’s financial hub
out of 114 companies that were registered prior to deadline. In November 2007, 49 insurance firms were certified to carry out business, 26 of which are listed on Stock Exchange. Market penetration for insurance products is low for a country with a population of 140 million. Estimates for penetration figures vary from 2% (both life and non-life) to 10%. According to 2006 Sigma Report, the industry underwrote insurance business worth US$716mn, compared to US$40.7bn underwritten by South Africa. The UK Trade and Investment Report puts Nigeria’s share of global insurance market at negligible 0.01% below South Africa’s 0.86%.

The government launched the Financial System Strategy 2020, which inspires to make Nigeria Africa’s financial hub by improving financial sector and strengthening its catalytic role to promote intraregional trade and investments.




Attracting foreign investment and expertise is the key to transforming Nigeria’s mineral sector.


igeria is a country endowed with an abundance of not just oil and gas reserves, but with numerous mineral resources. Recent policy reforms have brought the solid minerals sector to the fore with the emphasis on encouraging massive foreign participation in this sector. The variety of solid minerals ranges from precious metals to various stones and also industrial minerals such as barytes, gypsum, kaolin and marble. Much of these are yet to be exploited. Statistically, the level of exploitation of these minerals is very low in relation to the extent of deposits found in the country. One of the objectives of the new National Policy on Solid Minerals is to ensure the orderly development of the mineral resources of the country. There are tremendous opportunities for investments in the solid mineral sector in Nigeria. Prospecting licenses for investors (both local and foreign) to participate in the exploitation of the vast mineral resources in Nigeria is granted by the Federal Ministry of Solid Minerals.
Procedure for obtaining a Mining Licence

Oil refinery worker 1958, Afam Uku, Nigeria

Rock salt mine

A grant of a Mining Licence to a prospective company is subject to proof of economic reserve of the mineral commodity for which a concession is sought. The process involves the company first applying to the Honourable Minister for Certificate of Entry

into Mining Industry. The requirements for this include submission of the company’s Certificate of Registration, evidence of technical competence and of financial capability. The next step is for the company to apply and obtain a prospecting right (PR) to enable it carry out general and scientific prospecting for the categories of minerals within the prospecting right. If properly conducted, work on this right will guide the company towards zeroing into a particular mineral within a specific land area. The company will then put up application for an exclusive prospecting licence (EPL) in the State Mines Office where

the mineral is located. This is an exploration licence for a particular mineral(s) over a particular land area which, by law, should not exceed 22 square kilometers. Once granted, the area is held exclusively to the company which will now confidently invest in mineral exploration work on the area without hindrance. This licence is renewable every one or two years depending on the nature of the terrain. It is only after the company has satisfied itself of the availability of the mineral in commercial quantity on the EPL that it will apply for grant of a Mining Licence over the whole or part of the area covered by the EPL.



These are the main constituents of the mud used in the drilling of all types of oil wells. The Nigeria baryte had specific gravity of about 4.3. Over 7.5 million tonnes of baryte have been identified in Taraba and Bauchi States. Large bentonite reserves of 700 million tonnes are available in many states of the Federation ready for massive development and exploitation.

Nigeria Coal is one of the most bituminous in the world owing to its low sulphur and ash content and therefore the most environmentally friendly. There are nearly 3 billion tonnes of indicated reserves in 17 identified coalfields and over 600 million tonnes of proven reserves.

Gemstone mining has boomed in various parts of Plateau, Kaduna and Bauchi States for years. Some of these gemstones include sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst, zircon and fluorspar, which are among the world’s best. Good prospects exist in these areas for viable investments.

Pelletisation of Coal for Domestic Use: Given the large deposits of brown coal in the tertiary sediments east and west of River Niger; Nigeria can cash in on foreign investors’ technology to produce coal pellets for industrial use, coal briquettes for domestic use; that is, to replace firewood. investment incentives offered by the government for the mining sector include a 3-5 year tax holiday, deferred royalty payments, possible capitalisation of expenditure on exploration and surveys and extension of infrastructure such as roads and electricity to mining sites, and provision of 100 per cent foreign ownership of mining concerns.

Large deposits of Tantalite are known to occur in Nasarawa, Gombe and Kogi States as well as the Federal Capital Territory. The deposits are both alluvial and primary in the numerous pegmatite bodies that infest these areas. Grades of well over 50 per cent Ta205 are found. Private investors are invited to stake concessions for the development and exploitation of tantalite in these areas.



Attracting foreign investment and expertise is the key to transforming Nigeria’s mineral sector. Nigeria is a country endowed with an abundance not just of oil and gas reserves, but with numerous mineral resources. Recent policy reforms have brought the solid minerals sector to the fore with the emphasis on encouraging massive foreign participation in this sector.

There are proven reserves of both alluvial and primary deposits of gold with proven reserves in the shiest belt covering the western half of Nigeria. At present exploitation of alluvial deposits is being carried out mostly by artisan miners in a few places in the country. A number of primary deposits, which are sufficiently sizeable for large scale mechanised mining, have been identified in the northwest and southwestern parts of the country. Private investors are invited to stake concessions on these primary deposits.

There are over 3 billion tonnes of iron ore found in Kogi, Enugu, Niger, Zamfara and Kaduna States. Iron is currently being mined at Itakpe (Kogi State), which is more or less at the centre of the region of crystalline iron deposits. The large deposits of oolitic iron ores of Kogi and Enugu States are yet to be fully explored. Itakpe iron ore is being beneficiated to 67 per cent iron to feed Aladja and Ajaokuta Steel companies. Besides there are three in-land rolling mills at Oshogbo, Jos and Katsina in addition to some privately rolling mills in Lagos and Kano.

An estimated reserve of over 100 million tonnes of talc has been discovered in Niger, Osun, Kogi, Kwara, Ogun, Taraba and Kaduna States. There are only two medium size talc processing plants currently operating in Nigeria. The colour of the Nigeria talc varies from white through milky-white to grey. The talc industry represents one of the most versatile sectors of the industrial minerals of the world. The exploitation of the vast talc deposits in Nigeria would therefore satisfy not only local demands but also that of the international markets as well.




The national demand for table salt, caustic soda, chlorine, sodium bicarbonate, sodium hydrochloric acid and hydrogen peroxide exceeds one million tonnes. A colossal amount of money is spent annually to import these chemicals by various companies including tanneries, food, beverages, paper and pulp, bottling and other industries including the oil companies. There are salt springs at Awe (Plateau State), Abakaliki (Enugu State) and Uburu (Imo State), while rock salt is available in Benue State. A total reserve of 1.5 billion tonnes has been indicated and further investigations are in progress by government to ascertain the quantum of reserves.

The occurrence of bitumen deposits in Nigeria is estimated at about 42 billion tonnes, almost as twice the amount of existing reserves of crude petroleum. When fully developed, the industry will no doubt meet local requirements for road construction and also become a foreign exchange earner for the country.

Gypsum is an important input for the production of cement. It is used for the production of Plaster of Paris (P .O.P) and classroom chalk etc. A strategy for largescale mining of gypsum used in the cement industries is urgently required to sustain existing plants and meet future expansion. Current cement production is put at 8 million tones per annum while the national requirement is 9.6 million tones. About one billion tones of gypsum deposits are spread over many states in Nigeria.

An estimated 10 million tonnes of lead/zinc veins are spread over eight States in Nigeria. Joint venture partners are encouraged to develop and exploit the various lead/zinc deposits all over the country.


Images: Public Sector Consultants Ltd.



Agriculture in Nigeria
Seventy percent of Nigeria’s populace are involved in agricultural production.


espite its huge oil reserves and position as Africa’s leading oil exporter, Nigeria is predominantly still an agricultural society. The country is blessed with agricultural resources. About seventy per cent of the population is engaged in subsistence agriculture. Most parts of the country have rich soil and experience good rainfall. Nearly 80 per cent of the land is cultivable, and about 13 per cent of the land is forested. Nigeria’s agricultural products can be classified into two main groups: food crops, produced for domestic consumption, and export crops. The major food crops include beans, cashew nuts, cassava, groundnuts maize, melons, millet, oil palm, plantains, sorghum, rice and yams. Cash crops include beniseed, cashew nuts cocoa, cotton, groundnut gum Arabic, palm kernels, rubber, soyabean and yams. Although cocoa continues to be Nigeria’s leading agricultural export, growth in this sub-sector has been relatively slow since the abolition of the Nigerian Cocoa Board due to the dominance of small holders.

Nigeria produces 160 thousand tonnes of Cocoa, 4.6% of world production

Agricultural growth focused on small farmers… reduces the levels of poverty

About 90 per cent of the total agricultural production comes from smallholders. However, agricultural services are not geared to the needs of smallholders in the country. Agricultural growth focused on small farmers promotes overall income and employment and reduces the levels of poverty. There is a need to improve implementation of different strategies that will bring significant improvement in agricultural productivity, increase farm-related employment and incomes, promote better nutritional practices at all levels, and above all to promote different programmes which provide an easy access availability of food to the most vulnerable sections of society.
rising cereal prices

an early cessation of rains and lack of access to fertiliser. This resulted in a 20 per cent decline in sorghum production, 10 per cent in maize, 10 per cent for cowpea and 10 per cent for groundnut. However, crops like cassava, cocoyams, yams and soyabeans – being less dependent on fertiliser – were less affected. As a result of reduced cereal output,

In Nigeria, demand for cereal by poultry, food processing industries and breweries is high. The cereal sub-sector is becoming commercialised, resulting in establishment of big grain markets in different areas, providing easy links between remotely located farms and the potential buyers throughout the world.

Agricultural production was adversely affected in 2007 due to




Cassava is the third largest source of carbohydrates in the world, and Africa the largest centre of production

traders’ stocks are low with a sharp hike in prices. Although cereal imports – mainly wheat and rice – are forecast to remain above 4.5 million tonnes in 2008, this represents only 15 per cent of the country’s total domestic cereal consumption.
gOVernMenT acTiOn

With high prices due to reduced supply, access to food by vulnerable groups is likely to become difficult
the vulnerable sections of the population through targeted food distribution. Adequate and timely provision of fertiliser is critical to attaining self sufficiency in crop production. The government decided to increase the quantities of fertiliser for procurement from 500,000 tonnes in 2007 to 650,000 in 2008. Other measures such as sales at subsidised prices, food for work or cash for work activities, are highly recommended by experts. The government is already taking action in this regard and state governments are expected to complement the federal government’s efforts from their buffer stocks. There is also the need to make targeted investments in developing irrigation in Nigeria. Commercial farming is the future of agriculture in Nigeria. The government has a vision to take agriculture to a higher level by reducing the country’s growing dependence on imported food, especially milk, dairy products, poultry and rice. To meet this challenge, there is an urgent need to prioritise irrigation development in the country in order to boost large scale farming. The active participation of both the government and the private sector can yield the desired results.

In order to limit the impact of rising cereal prices on domestic food consumption, governments from both importing and exporting countries have adopted different strategies like raising food subsidies, lowering import tariffs, and banning or imposing duties on basic food exports. With high prices due to reduced supply, access to food by vulnerable groups is likely to become difficult in the coming year. Therefore the government has to increase access to food by



Since the 1970s, crude oil worth more than US$500bn has been exported from Nigeria




AN oil boom in the 1970s saw Nigeria join oPEC and billions of dollars were generated by production in the oil-rich Niger Delta.

The Oil and Gas industry
An attractive investment opportunity: Nigeria stands to become a formidable energy producer on the global stage.

Crude oil was first discovered by Shell-BP , at the time the sole concessionaire, at Oloibiri in the Niger Delta after half a century of exploration. Nigeria joined the ranks of oil producers in 1958 when its first oilfield started producing 5,100 barrels per day (bpd). Huge reservoirs of hydrocarbons are found in seven sedimentary basins – the Niger River Delta, Anambra, Benin, Benue Trough, Chad and the deep and ultra-deep offshore areas of Nigeria. Of these, only the Niger River Delta, one of the world’s largest wetlands, extending across 75,000 sqkm of territory, has been explored intensively. Since the 1970s, crude oil worth more than US$500bn has been exported from the Delta. Major oilfields are Bonga, Cawthron Channel, EA, Edop, Ekkulama, Escravos Beach, Forcados, Yorki, Jones Creek, Meren, Nembe, Okan, Oso and Ubit.


ignificant capacity additions in both oil and natural gas over the mediumterm, will transform Nigeria into a formidable energy producer on the global stage. Hydrocarbons related projects could contribute as much as 60% towards doubling of gross domestic product (GDP) within a decade.


The World Bank estimates Nigeria’s proved and probable reserves of natural gas and crude oil at 57bn barrels of oil equivalent and 55bn barrels respectively. The state-owned Nigerian National Petroleum Corporation (NNPC) aims to boost recoverable oil reserves to 40bn and 50bn barrels, respectively, by 2010 and 2020. Nigeria and Sao Tome & Principle are sitting on sizeable ‘undisclosed’ reserves off the Gulf of Guinea. The joint development zone (JDZ) shared by the two countries contains some 23-exploration blocks, which may potentially yield 8-14bn barrels. Block-One controlled by Chevron (51%), with partners Exxon- Mobil (40%) and Equity Energy Resources (9%), is undergoing exploration and drilling in the zone. If oil is discovered, Chevron plans to bring it online by 2010. According to an agreement, future oil revenues will be spilt in favour of Nigeria on a 60:40 basis.



NigERiA’s HyDRoCARboNs REsoURCEs 1987 Proved Oil & Gas Reserves Crude Oil [Billions barrels] / As percent of: Africa’s Total OPEC Total Natural Gas [Trillion cubic metres] // As percent of Africa’s Total Oil production [000’ bpd] # As percent of: Africa’s Total OPEC Total Natural gas output [Billion cubic metres] As percent of Africa’s Total 1997 2007
(%) chAnGe R/P*


ratio ‘07

16,0 27,2 2,3 2,41 32,6 1.353 25,0 7,0 N/A

20,8 27,6 2,5 3,48 32,7 2.316 30,0 7,5 5,1 5,0

36,2 31,0 4,0 5,30 36,3 2.356 23,0 6,7 35,0 18,4


42,1 31,2 72,7

52,3 100+ 76,6 1,7


* Reserves-to-production ratio, measured by years of exploration and productiion activity. / Oil reserves are second-highest in Africa after Libya. // Gas reserves are the highest in Africa. # Includes condensates and natural gas liquids (NGLs). Source:BP Statistical Review of World Energy June 2008.

West Africa and Nigeria in particular, is strategically vital to global energy needs because of its light-sweet crude, which is easier to refine into petrol. About two-thirds of Nigerian oil reserves are either sulphur-free or have low sulphur content. Its main export blends (Bonny Light and Forcados) are highly sought after by European/US refiners, reflecting their high gasoline content and lack of impurities. They are easier to distil into high-spec road fuels than heavier crudes.

stRAtEgiCAlly vitAl

ExPoRt tERmiNAls

The country has six export terminals: Brass (operated by ENI-Agip); Escravos and Pennington (Chevron); Forcados and Bonny (Shell); and Qua Iboe (ExxonMobil). The major markets are the US and Western Europe, with Asia (notably China) and South America becoming important destinations. It ships more than 40% of its crude to eastern coast of US. Nigeria is the world’s eighth-largest oil exporter, but output at 2mn bpd in September

2008 remained below potential. The US Energy Information Administration (EIA) estimates that productive capacity could reach 3mn bpd, if shut-in production is restored. Since end-2005, Nigeria has effectively lost about US$16bn in export revenues due to militant activity in the Niger Delta. The oil industry’s future lies in successful exploration & development of the “frontier areas” around the deep offshore and inland basins of Anambra, Benin (Dahomey) and Benue.

Nigeria boasts the world’s seventh-largest gas reserves and biggest on the African continent, which are worth significantly more in energy terms than the country’s oil wealth and sufficient for well over 100 years as a domestic fuel and a major export. The UK-based energy consultants, Wood Mackenzie, remarked: “There is a saying that Nigeria is actually a gas province which has some oil.” In fact, ‘probable’ reserves could be a staggering 18.7 trillion cubic metres (cm) and, if certified by independent agencies like SSI-Baker Hughes, will make Nigeria the world’s fourth-largest natural gas holder, surpassed only by Russia, Iran and Qatar. However, even its provable reserves exceed the total (167 trillion cf) in the North Sea and slightly below the US’s (211 trillion cf).




The Benue River, the major tributary of the Niger River

US-based Global Energy Practice of PA Consulting Group commented: “There is a sentiment in the exploration and production industry that if you go deeper, you will find even bigger prizes. After all, the Niger river has been dumping sediment in the ocean for millions of years.” About 200 mostly offshore fields are known to exist and boast considerable potential of between 8bn and 20bn barrels. NNPC wants to expand sustainable capacity to 4mn bpd aided by new output from deepwater fields (namely Shell’s Bonga, ExxonMobil’s Erha, Chevron’s Agbami and Total’s Akpo). This would require annual upstream spending of US$15bn. The petroleum sector’s investment outlay over 2005-08 totalled US$67bn compared with US$80bn between 1990 and 2004.

The oil industry’s future lies in successful exploration & development of the “frontier areas” around the deep offshore and inland basins of Anambra, Benin and Benue
AssoCiAtED gAs

Associated gas (gaseous byproducts of oil extraction) comprises the bulk of Nigeria’s gas deposits. An estimated 70.8mn cubic metres (cm) of gas is flared off daily (one-third of total output), thus reflecting a lack of utilisation infrastructure to process associated gas. The government wants to stop wasteful gas flaring, but oil majors regard end-2008 deadline as unrealistic. They want deadline extended to 2010 in order to build gas-gathering networks and to make maximum use of existing facilities. Nigeria has endorsed the standards developed by the

Global Gas Flaring Reduction International Agreement. In production league table, Nigeria ranked only 23rd worldwide in 2007. The new industry strategy is to increase non-oil revenues while simultaneously reducing carbon dioxide emissions by collecting associated gas and processing it into liquefied natural gas (LNG) and as feedstock for power stations and down- stream industries, such as aluminium, cement, iron-steel and petrochemicals. The government wants foreign energy companies to invest some US$20bn on building new pipelines and




NLNG’s facility on Bonny Island; insert, Map of the Niger Delta showing minimum petroleum system as defined by oil and gas field center points.

The Nigerian Liquefied Natural Gas (NLNG), Africa’s largest capital project, represents the first real use of gas for exports. The facility (on Bonny Island), owned by NNPC, Shell, Total and ENI-Agip, operates six liquefaction trains with a total nameplate capacity of 25.32bn cm (10% of global supply) plus 4mn tonnes per year (t/y) of liquefied petroleum gas (LPG). Major long-term buyers are Shell (5.7bn cm/y); Spain’s Gas Natural (4.3bn cm/y); Italy’s Enel (3.5bn cm/y); Portugal’s Transgas (3.4bn cm/y); and British Gas (3bn cm/y). NLNG has 24-chartered vessels with an average size of 138,000 tonnes – delivering the LNG to European and US utilities. Nigeria aims to capture onethird of total Atlantic LNG trade by 2010.

processors. Russia’s Gazprom has expressed strong interest in Nigeria’s underdeveloped gas sector. Domestic consumption could reach 1,700mn cubic feet per day (cf/d) by 2010, led chiefly by the power sector. Gas-fired electric power generation will be expanded to 15 gigawatts by 2012 from zero in 2007. Gas use for power will exceed 6bn cf/d by 2011. Meanwhile, total gas utilised in the country (excluding for exports) could surge from 2bn cf/d in 2007 to over 12bn cf/d by 2013, according to NNPC. That, in turn, reflects expectations of robust industrial production fuelling higher gas usage in factories.

tHE NigERiAN liqUEfiED NAtURAl gAs

NLNG has moved rapidly up the global league table by becoming third-largest producer (on par with Malaysia), surpassed only by Qatar and Indonesia. Its growth potential shows no signs of abating with advanced plans for an 8.4mn t/y ‘seventh’ train – including the option for another train of the same size. The new train (expected online in 2011) will lift total production to 30.4mn t/y. NLNG has signed Sales-Purchase Agreements with BG Group, ENI, Occidental, Shell and Total. The target market is North America. The cost of SevenPlus project (the world’s largest singletrain) would exceed US$12bn. The planned trains [7&8] will expand

Nigeria…boasts the potential to rank among the top-five global hydrocarbons producers over the medium term.




Images: Public Sector Consultants Ltd.

NLNG total operating capacity to a massive 38mn t/y. By contrast, total annual capacity in 2003 was 8.85mn tonnes from three trains.

The government wants foreign energy companies to invest some US$20bn on building new pipelines and processors.
trains by 2013. It is expected that Nigeria will earn US$10 billion a year in LNG exports by 2011. The 630-km West Africa Gas Pipeline (WAGP), due online in late 2008, will deliver supply to Benin, Togo and Ghana with initial capacity of 1.8bn cm/y. The pipeline (costing US$635mn) will ultimately carry 4.7bn cm/y of natural gas within 15 years. Nigeria will also supply gas to Equatorial Guinea from 2009. By 2012, Nigeria’s gas exports from existing and planned LNG facilities and the WAGP project will exceed 2mn barrels of oil equivalent per day, according to NNPC. In fact, gas exports might even surpass oil revenues in 20 years. Nigeria, Africa’s No.1 oilexporter, boasts potential to rank among the top-five global hydrocarbons producers over the medium-term.

A consortium of Shell, BG Group and Chevron started construction at the OK-LNG plant in the Olokola Free Trade Zone. The US$12bn venture will have four trains (5.5mn t/y each) with the first two trains commissioned by 2012. Another grassroots project is the US$8bn Brass facility grouping NNPC, ENI, Total and ConocoPhillips. It envisages building the world’s first offshore LNG plant in Bayelsa state, with an initial 10mn t/y capacity from two




Power in Nigeria
Government reforms prioritise the power sector.


lectric power is of fundamental importance to the economic social and industrial development of any country. Nigeria is a country blessed with huge thermal oil and gas reserves for power generation and the government is making huge efforts to prioritise energy sector reform.

The current administration of President Yar’Adua recognises the need for an effective holistic master plan for the development of the electricity industry, including appropriate funding
through various sources by 2012. The stakeholders and the federal government have also sealed plans on the review and implementation of new multi-year tariffs in the power sector. The exercise would enable the government to share the responsibility of paying for the cost of power generation and distribution in the country. 22 power stations will be built under an independent power project policy. These are expected to generate 12,000 MW by 2011 with consumption of 2.5 billion standard cubic feet of gas daily.
AlternAtive sources

Government reforms

The huge amount of $10 billion spent in the past eight years has not produced the desired results. The current administration of President Yar’Adua recognises the need for an effective holistic master plan for the development of the electricity industry, including appropriate funding. More than $150 billion will be spent on generating 100,000 MW The need to meet Nigeria’s . power demand formed part of the agenda for the unbundling of the Power Holding Company of Nigeria (PHCN) into 18 companies, and the creation of the National Electricity Regulation Commission (NERC). The latter has awarded 22 licenses to generate about 12,000 MW of electricity

Experts say funds could also be spent on subsidising the costs of solar panels and wind generators to provide alternative stable power generation in the country just as it is done in some developed countries. Nuclear power must also be considered as a viable option in the fight against Nigeria’s perennial electricity

With a population of more than 140 million people, Nigeria has a total installed power generation capacity of 3000 MW from both hydro and thermal sources. The government of former president Olusegun Obasanjo initiated reforms of the power sector, but hasty privatisation, improper co-ordination and inadequate tariff structure scuppered the reforms.



Nevada desert, America, where solar power is already creating large amounts of energy

dilemma. Already American solar energy investors are taking Nigeria by storm, seeking partnerships with individuals and corporations. This development will benefit individual domestic consumption as well as institutional consumers. Such a system will not only be vital in an electric power starved country like Nigeria but will also, in the long term, save money for telecom companies. Another option for alternate power generation touted by experts involves extracting

American solar energy investors are taking Nigeria by storm, seeking partnerships with individuals and corporations
energy from bio waste products such as sawdust, rice husks and millet waste. These bio fuels are environmentally-friendly when converted to energy because they fit well into the natural carbon cycle. Local scientists are already creating alternative energy sources using biological plants. The significance of this research outcome, if harnessed, may provide a solution to the problems of power outages currently experienced in the country.







Developments in Transport Infrastucture
Developing a permanent transport infrastructure is one of the highest priorities on President Yar’Adua’s Seven Point Agenda.


n a recent public statement, President Yar’Adua, reaffirmed his commitment to make Nigeria one of the 20 biggest economies in the world by 2020. “Fellow Nigerians, our economy is on a strong footing with an average growth rate of about 6.9%, a single-digit inflation rate, external reserves of about $63 billion, and the Naira appreciating steadily against the major currencies. This is a consequence of our policies aimed at maintaining relative stability and predictability in Nigeria’s macroeconomic environment.” The President then confirmed the resolve of his government to develop robust infrastructure, particularly in the energy, transport and agricultural sectors. The Federal Government has set machinery in motion to build economically viable roads and rehabilitate and expand the moribund railway system. Reforms in the power sector have also started yielding positive results. Transportation is one of the highest priorities on the seven point agenda. Weak transport infrastructure raises costs to market, reduces investor confidence as has a hugely detrimental effect on all aspects of the economy.

The Federal Government has set machinery in motion to build economically viable roads and rehabilitate and expand the moribund railway system
Federal government allocated a budget of US$788 million for improvements and maintenance in the transport sector in 2008, an increase from US$108 million in 2007. However estimates are that at least US$100 billion will need to be spent for development of four areas such as power, rail, road, oil and gas for Nigeria to achieve its Vision 2020. Government representatives acknowledge that the building of infrastructure is capital-intensive for the public sector alone to bear and are therefore increasing efforts to attract and partner with the private sector in infrastructure development through publicprivate partnership (PPP). The Infrastructure Concession Regulatory Commission (ICRC) is spearheading the initiative. The government’s Road Bill will create a Nigerian Roads Board responsible for gathering levies on road users and administering a new Road Fund. The Bureau for Public Enterprise has planned construction projects and there are a number of partnerships between state governments and

In Apapa port, NPA charges and collects quay rent and other ancillary costs from consignees as they own the import terminals. All the outside bonded/satellite terminals linked to Apapa port also work in partnership with NPA. In Tincan port, Cross Marine owns their terminal, which has been rented from the NPA for a lumpsum payable at the beginning of every year.



Recent estimates from World Bank Country Director, Mr Onno Ruhl are that it will require about $17.5bn to modernise the Nigerian railway system. Based on estimates of the capital cost of conversion, Ruhl says that “For a railway system of about 3,500 routekm, this would translate into an investment of between $5.25 and $17.5bn.” The impact of improvements to the rail network cannot be underestimated. According to the World Bank, it can be conservatively estimated that a rehabilitated and an efficiently operating railway system in Nigeria had the potential of growing freight traffic volume to 4.2 million tonnes over a period of four to five years (by 2010). In subsequent years, traffic by rail would grow further in line with seven to eight per cent rate of economic growth of the country.

Lagos Port

Nigeria had the potential of growing freight traffic volume to 4.2 million tonnes over a period of four to five years (by 2010)
interference and chronic underfunding have left the NPA unable to achieve the level of efficiency needed to make it internationally competitive. Derelict infrastructure, insufficient capacity, and problems associated with insecurity and high transaction costs have hindered efforts to promote the use of Nigeria’s ports. Attempts to encourage private investment through the commercialisation of the NPA in 1988 failed because of continued government involvement and control. Now, however, there is a sea change in government thinking. Recent developments point to significant policy shifts, culminating in a comprehensive reform programme aimed at a complete overhaul of the Nigerian port system. The government has now recognised that the smooth running of seaport operations requires huge capital outlays, which it cannot effectively provide. Consequently, it is actively encouraging and seeking private sector involvement in the operations of Nigerian ports. Under the concessioning programme, the NPA will in future only act in a landlord, regulatory, capacity, while the concessionaires will have the full management and operational responsibilities for the ports, and will be expected to invest in their modernisation and infrastructure development. The concessioning programme is attracting a huge interest worldwide, notably from some of the world’s best-known port operators. This, perhaps, is indicative of international confidence in the government’s port reform agenda.

private sector organisations and international development organisations for the development of the road system. The Nigerian Ports Authority (NPA) is the gateway to the nation’s economy. Some 99% by volume and 95% by value of Nigeria’s total imports and exports are channelled through the country’s eight major ports. With the biggest ports in West and Central Africa, NPA also has the potential to be the hub of seaport operations in the sub-region by serving as the major transhipment port for West and Central African bound vessels. The gap between NPA’s actual and potential performance is, however, still large. Decades of excessive government




Reaching for the Skies
Following its deregulation in 1992, the Nigerian telecoms sector has since experienced a phenomenal growth in the most recent years.


ntil its deregulation in 1992 with the establishment of the regulatory body – the Nigerian Communication Commission (NCC) – the Nigerian telecommunications sector was grossly underdeveloped. The NCC’s remit was to create a knowledge-based information society through participatory and innovative regulation of the telecommunications industry. Since its inception, the Commission has issued various licenses to private telecommunications operators. These include seven fixed lined providers who have activated

[Nigeria is] one of the fastest-growing telecom industries in the world with a mobile penetration of 20%
90,000 lines and 35 Internet Service Providers (ISPs) with a customer base of about 17,000. The emergence of mobile telephony is obviously one of the major revolutions of communications in Nigeria. Its simplicity has facilitated its use by both literate and illiterate people. It has become one of the technologies to be readily embraced by all. Mobile phone use has soared, and has mostly replaced the services of the Nigerian Telecommunications Limited (Nitel). The telephone industry in Nigeria has undergone a dramatic transformation since 2001. Some key problems which were considered as hindrances to the building of mass and wide extension of telephone services have largely been overcome.




MTN Nigeria, one of the major players in Nigeria’s deregulated mobile market

While the telephone service providers have focused their services and marketing in the urban areas, there exists a huge potential in the rural areas. Low costs, together with other contributing factors including regulation, competition, aggressive marketing, latent demand and a boisterous informal economy have contributed to increase access to telephone users in Nigeria.

Deregulation of the mobile market in 2001 has led to the introduction of GSM mobile network providers operating on the 900/1800 MHZ spectrum. The major players are MTN Nigeria, Globalcom, Celtel and Starcomms. The country currently boasts one of the fastestgrowing telecom industries in the world with a mobile penetration of 20 per cent and still growing with the total subscriber base increasing from 59.5 million in January 2008 to nearly 61 million in March. Recent data from the NCC indicates that GSM operators have the lion’s share with


more than 57 million, while code Multiple Division Access (CDMA) has 780,000 and fixed wireless more than 2.5 million lines. Total installed capacity has also increased to about 88.5 million. The additions to the nation’s subscriber base mean that the telecoms density ratio has increased from 30.65 in January 2008 to 32.79 by the end of March 2008. The NCC has been instrumental in transforming the telephone industry in Nigeria. With the emergence of new competitive providers, the telecom industry has experienced rapid growth. The entry of the second




Globacom Building, Victoria Island

national operator, Globalcom, has revolutionalised the market. It was the first to introduce per second billing in the market, which, before then, was dominated by per minute billing. It also introduced the Glo Mobile starter packs in 2004 at one naira as compared to the previous starter packs which were sold at 20 naira, and forced competitors to discount their starter packs.
strategic partnership

[Nigeria has overtaken] South Africa as the largest telecoms market in Africa
into the fast growing telecom industry in Nigeria. It is the Dubai-based company’s 15th market globally and 11th in Africa. Etisalat is the third fixed-line service and fifth mobile operator in Nigeria. The consistent increases recorded in the sector despite challenges have been attributable to the sound regulatory environment that has encouraged competition in the sector through the licensing of new players. The country has made a remarkable progress in seven years, bringing in more than $11.5 billion into the economy and overtaking South Africa as the largest telecoms market in Africa. It is the government intention to make the deployment of ICT a focal point its policies by establishing telecentres in rural areas and IT parks in different states to bring the country in line with the developed world.

United Arab Emirates (UAE) telecom operator Etisalat, through a strategic partnership with local firm Mubadala Development Company, is the latest entrant



Companies in nigeria
nigeria is home to many international and global brands. equity investments are also on the increase. one company making increasing investments into nigeria is actis, a London-based private equity group whose investments are typically between two and five years.

Companies operating in nigeria
Nigeria is the UK’s second largest market in sub-Saharan Africa after South Africa. The value of UK exports has increased steadily from £535 million in 2000 to £836 million in 2006. Imports from Nigeria were worth £95 million in 2000, rising to £218 million in 2006. The UK is one of the largest investors in Nigeria, with cumulative investment of several billion pounds by Shell, British Gas and Centrica in the oil and gas sector. Other large British companies active in Nigeria include Guinness, Unilever, Cadbury, British-American Tobacco, GlaxoSmithKline, British Airways and Virgin Atlantic.

With the rising incomes of nigeria’s 140 million population, in an interview with the Financial Times, actis says it has invested “hundreds of millions of dollars” in seven nigerian businesses, making the country portfolio one of its biggest after indiia.




FranCe is nigeria’s 4th largest trading partner France and 2nd most important investor after the United states. Volume of trade between nigeria and France in 2006 was 1.36 billion euros, a 41% increase over 2005. There are over 132 French companies in nigeria including: ■ Total ■ schlumberger ■ alcatel ■ elf ■ michelin ■ Le meridien ■ air France ■ psa peugeot (pan)

■ CFao ■ mobil oil Francaise ■ esso ■ sagem ■ aLCaTeL ■ Dumez




TOURISM IN NIgeRIa revolves around a rich blend of cultural events and beautiful nature in the form of rain forests, savannah, and waterfalls

historical monuments, exciting trips to the tropical forests, exploring the wildlife, art and culture and the lifestyle

Kwa Falls, along the Kwa River in Cross River State, Nigeria, Shiraz Chakera


Olumo rock, one of the most popular tourist destinations in Nigeria sits in the ancient city center of Abeokuta – a name which means “Under the rock”

igeria is a country rich in natural beauty with long blue beaches, rivers and lakes, forests, breathtaking views of waterfalls and soothing environment. The country offers a wide range of activities to the tourist. Other attractions are the historical monuments, exciting trips to the tropical forests, exploring the wildlife, art and culture and the

With it’s rich natural beauty and breathtaking landscape, Nigeria is becoming one of Africa’s leading tourist destinations.
lifestyle of the country. Its traditions and culture showcase the simplicity of the lifestyle of the people.

The Ministry of Tourism, Culture and National Orientation has big plans for the country’s tourism industry. It sees it as the means by which Nigeria can move away from dependence solely on oil

The tourism sector should be the key aspect of new approach to national development



Zuma Rock, a large monolith located in Niger State, just north of Abuja

The Nigerian Tourism Development Corporation (NTDC) has also introduced the Road Network Navigational Device. According to the NTDC, this product will facilitate the seven point agenda of the current administration by helping investors and buyers gain easy access to the Nigerian and international tourism markets. Together with maps of 36 States and the Federal Capital Territory, information can be downloaded onto mobile phones from the NTDC portal.

money for revenue generation. To achieve this, the government has drawn up the Nigeria Tourism Development Master Plan which is unique in several respects. The plan is a departure from previous plans that merely gave a run-down of government programmes to be implemented by the various arms of the public sector, without any further action being taken. In effect, most of them remained on the drawing board for years until they eventually became outdated. The minister sees the private sector as the lead actor in boosting Nigerian tourism while the government’s responsibility is to provide the required policy

environment and other incentives. He favours a public-private partnership that will drive the tourism development programme forward. The master plan is borne out of increased awareness in the ministry that the challenges facing tourism development should be tackled head-on as part of Nigeria’s overall economic diversification. One of the major challenges facing Nigeria is the urgent need to build a resilient and dynamic economy that is well placed to harness the country’s abundant resource endowment. The country’s experience, especially in the oil and solid minerals sectors in the past decades, clearly highlights




Palm trees close to coastal town of Badagry

the shortcomings of Nigeria’s development strategy that placed premium on foreign exchange earnings from non-renewable natural resources. This experience clearly demonstrates the fact that because oil and mineral resources are non renewable, they have a very limited potential for addressing the development challenges that face the country today and over the medium to long-term.
hIgh pOTeNTIal

Nigeria has abundant physical attractions ranging from beaches, hills, waterfalls, springs, caves, lakes and mountains across the country
development strategy with a view to evolving a more proactive approach towards the challenges. The minister believes that the tourism sector should be the key aspect of the new approach to national development. The sector has a high potential for gainful employment and its greater disposition towards programmes that are environment friendly. Tourism, according to the minister, brings about many benefits to the central government, state governments, local authorities as well as the private sector through receipt of foreign revenue, taxation of tourists and tourism products and links to the local industries. For the sector to meet the country’s

The target of placing Nigeria in the league of top 20 tourism countries in the world offers another good reason for the review of the country’s




A magnificent Nigerian masquerade



Durbur at the Abuja Carnival 2007

expectations, the government over the past eight years has provided the infrastructure for a more conducive environment for investors and good attractions for tourists. Many people do not identify Nigeria with tourism, but the authorities are determined to correct that impression. The recent forums organised in different states demonstrate the federal government’s seriousness about making Nigeria a preferred tourist destination, while ensuring that in the long-term tourism would drive the diversification of the country’s

National parks also enhance ecological processes and life support systems such as soil regeneration
economy. The government is also adopting public-private partnership to reduce its direct involvement in tourism development and management, the financial burden to the treasury in the funding of tourism projects, bureaucratic bottlenecks, and allow a smoother decision making process. This approach will enable the government to concentrate on its primary assignment of governance and providing an enabling environment for the operation of an efficient and effective private sector driven tourism industry.
MaSTeR plaN

Nigeria has an abundance of beaches including Bar, Lekki and Calabar beaches. There is also Coconut Beach, a beautiful beach in the coastal town of Badagry, west of Lagos. The beach is attractively set in an area surrounded by coconut trees. About 20 miles towards the border of Nigeria and the Republic of Benin, Coconut Beach is accessible through the Lagos-Badagry expressway.

The tourism master plan presents a road map for the development of the sector, including the policies and programmes to be put in place over the next eight to 10 years with a view to making Nigeria the leading tourist destination in Africa. The master plan meets international standards and best practices and is informed by the experiences of the countries that have succeeded in developing their tourism. The document also reveals Nigeria’s strengths and weaknesses in




A Nigerian cultural troupe



Yankari National Park

tourism development, including capacity building for the sector, security, private sector involvement and the most critical issue, the lack of an enabling environment especially with regards to funding, stimulation of the private sector, applicability and accessibility of incentives, multiple taxation and others. Apart from identifying potential tourism attractions in six geo-political regions, it also identifies five major clusters, each with a flagship tourism project and a number of supporting projects.

Nigeria has abundant physical attractions ranging from beaches, hills, waterfalls, springs, caves, lakes and mountains across the length and breadth of the country. The fascinating features and beautiful scenes provide interesting sites for leisure, adventure and other tourism related activities. Some of these include the Jos

Wildlife Park, Old Oyo National Park, Yankari National Park and Obudu Cattle Ranch. National Parks are special natural ecosystems with unique attributes. They play special tangible and intangible roles vital to national/ regional well-being as well as act as a catalyst for the development of eco-tourism. National parks also enhance ecological processes and life support systems such as soil regeneration, protection of nutrient cycles, cleansing and purifying hydrological cycles. Today there are eight National Parks in Nigeria.
cUlTURal feSTIvalS

Created since 1936 as a Game reserve, Yankari National Parks was upgraded to its present status as a National Park in 1991 covering an area of 2,250.10km. Located in Alkaleri Local Government area of Baauchi State, the park has 110 visitor Chalets at Wikki camp with a range of facilities to cater for the international traveler. 52 species of animals have been identified including elephants, hippos, hartebeests, baboons and variety of birds and fishes. Yankari is also rich in ethno-historical and archaeological attractions including the Marshal caves, the Dukkey well and the monumental iron smelting works of earlier settlements at Ampara and Shanshau with standing shaft furnaces.

Cultural festivals can now be found on the internet for visitors keen to know more. Festivals include, amongst others, The Argungu Fishing Festival, New Yam Festival, Osun Osogbo Festival, The Durbar, Leboku International Festival and the Udiroko Festival.



sport and youth
NIGERIa HaS madE a great impact on the world of sports. With support from the Government and private sector, we can expect even more.

Discover the Sporting Spirit of Nigeria
A bright future lies ahead for Nigeria with both its Government and private sector working to promote sports and the youth.


igeria is a sporting nation. For years our sportsmen and women have excelled at international sporting events. From the Summer Olympics to the World Cup, Wimbledon and track and field events, Nigeria has contributed immensely to the growth of sports in the world. Akeem Olajuwon of the Houston Rockets, Austin “Jay Jay” Okocha, world renowned footballer and master dribbler, the late Dick “Tiger” Ihetu, boxing champion and the Super Eagles, Nigeria’s national soccer team are just a few names that have excelled on the international sporting arena.

Football is the national game of the country and has been touted as the greatest unifier of all the peoples and ideologies in the country. Nigeria has a number of very skilful and talented players who have over the years thrilled soccer fans with their artistry.

The Super Eagles continued our history of success at the Beijing Olympic Games 2008 where they took silver at the Birds Nest stadium losing 1-0 against Argentina in the final. The Eagles have won the African Nations Cup in 1980 and 1994 and won the Olympic Gold Medal in the

Government and private sector initiatives continue to drive the promotion of sports in Nigeria



sport and youth
The Falcons, Nigeria’s Women Team

Obafemi Martins

Nigerian football players have played… Chelsea, AC Milan, Juventus, Arsenal
1996 Olympic Games in Atlanta, Georgia, USA, beating Brazil and Argentina in the process. The Super Eagles has also been at the finals of the FIFA managed World Cup three times since 1994. The Junior National Team, the Golden Eaglets won the maiden edition of the FIFA Under-16 Youth Championships hosted by China in 1985. They won the tournament again in 1993 in Japan and were runners up in 2001 when they lost to France. At U17 level, Nigeria is the current world champions after a 3-0 penalty win over Spain in the final of the 2007 in South Korea. The victory gave the Golden Eaglets their third U-17 world title, having won the tournament in 1985 and 1993. The Falcons, Nigeria’s Women Team has also participated in the finals of the Women’s World Cup in 2003 hosted by the US, while the Enyimba Football Club of Aba has won the Confederation of African Football (CAF) Championship Cup twice. Nigerian football players have played for notable European Clubs such as Chelsea, AC Milan, Juventus, Arsenal and Barcelona. Famous Nigerian players to grace the international stage include Austin Jay Jay Okocha, Nwankwo Kanu, Victor Ikpeba, Taribo West, Rashidi Yekini, Obafemi Martins and Yakubu Aiyegbeni.
SPoRt dEvEloPmENt

Nigerians have also excelled in track and field events. The women’s 4x100 metres team took bronze at the Bejing Olympics in 2008. In past games, athletes such as Innocent Egbunike, Sunday Oti, Mary Onyali and Falilat Ogunkoya have done well in track events and Chioma Ajunwa won gold in long jump at the 1996 summer Olympics in Atlanta, USA.

Sport continues to be developed in Nigeria and 2009 will see Nigeria host the FIFA U17 World Cup. Government and private sector initiatives continue

to drive the promotion of sports in Nigeria. New talents are being sought out continuously while new stadiums and other facilities are being built to facilitate the development of the sports in the country. And, further investment is being made into grass roots sport to involve the youth and encourage the masses to participate in sporting activities. Increased investment,



sport and youth

improving facilities and latest coaching will see further success for Nigerian athletes and teams abroad. The next few years will see even more Nigerians winning laurels at international sporting events bringing people together at home and building friendships with other sporting nations of the world.
YoutH dEvEloPmENt

The youth policy under the Youth Development Programme 2008 to 2015 sets out a comprehensive medium term plan to achieve our goals
In the 2008 Appropriation, government approved the establishment of Youth Development Centres in each geo-political zone of the federation with the objective of providing skill acquisition, entrepreneurial development and capacity building. In the budget, the Ministry of Youth and Development approved spending of about N345 million in each zone to kick-start the centres. Further appropriation will be made in the 2009 budget. But Federal Government and the Federal Ministry of Youth Development is taking proactive measures to do more for the youth. The youth policy under the Youth Development Programme 2008 to 2015 sets out a comprehensive medium term plan to achieve our goals.

The youth of today are the leaders of tomorrow. Empowering our youth with the skills, education and jobs and reducing the rate of poverty in Nigeria is of utmost importance to this government. Nigeria has a youthful population of about 80 million which is about 60 percent of her population. Of this, more than 70percent are unemployed even after obtaining qualifications and relevant work experience. Building on measures taken by past administrations, this government is taking steps to tackle these issues. The National Poverty Eradication Programme (NAPEP) provides jobs for the youth and has done a lot to ensure employment for the young in different sectors of the economy.

Several corporate organisations have also begun programmes to prepare the youth to be self-reliant and become employable in a competitive environment. Shell manages an Intensive Training programme, designed to develop the skill of young Nigerian graduates and technicians to prepare them for employment in



sport and youth
National Open University of Nigeria

the oil industry. They also run a Youth Development Scheme which is a vocational, skills-training programme in which participants acquire necessary skills for self employment or eligibility for employment. The Shell Cup, a successful nationwide football competition, ensures that talented youths are able to combine education with developing their football skills and career. Encouraging youth development across the region is a further step government is taking to address the issue. The Minister of Youth Development, Senator Akinlabi Olasunkanmi spoke recently on the various

With the continued commitment of government and working together with the private sector, Nigeria will provide a brighter future for all
activities of his ministry and what the federal government is doing to tackle these issues. “The ministers of Youth Development in the ECOWAS sub-region decided that we want to introduce youth volunteerism across the ECOWAS sub-region, so that youths from English speaking countries will volunteer to work in French speaking countries. We believe this will further cement both cultural and linguistic integration in the sub-region. We believe that the programme will be funded by governments of ECOWAS countries.” With the continued commitment of government and working together with the private sector, Nigeria will provide a brighter future for all.



media & film



media & film

With a history of independence and outspokenness, the Nigerian media is a thriving industry.


istorically, Nigeria has boasted the most free and outspoken press of any African country. The press has championed Nigeria’s independence and has been credited for having helped in the country’s transition to civilian government, but has also been the target of

harassment by the past military dictatorships. Today, under the governance of Nigeria’s current civilian president, Umaru Musa Yar’adua, Nigeria boasts a range of newspapers, television and radio stations and a thriving film industry catering to a wide audience both within Nigeria and abroad.

With over 100 national and local newspapers, the press scene is one of the most vibrant in Africa


media & film

This is Nollywood is a documentary film that captures the spirit of Nigeria’s booming movie industry

With over 100 national and local newspapers, the press scene is one of the most vibrant in Africa. The first newspaper, a Christian mission publication, was established in 1859 in Abeokuta. Today, there are 4 very large newspaper organizations, the Daily Times, This Day, Punch and the Guardian. In the North (Kaduna) there is the New Nigerian and from Abuja there is the Daily Trust. Virtually all Nigerian newspapers have an internet presence; in addition, there are several websites which enable

Newspapers & websites

Nigerians to air their opinions on a variety of topics. Radio and newspapers remain the primary means of consuming information in the country, but as internet penetration increases, so demand via the websites is set to soar.
televisioN aNd radio

Nigeria was the first subSaharan country to allow private broadcasting. In 1991, after 50 years of government monopoly, the first private broadcasters began operating. Two years later the first official private broadcast

Nollywood… has become the third largest in the world, after the Indian and United States markets with over 2,000 low budget films every year

licences were issued. Now Nigeria’s television industry is one of the most competitive in Africa. Nigeria is home to numerous broadcasters and an extensive state-owned network operated under the National Television Authority (NTA). Television broadcasting dates back to the launch of Western Nigeria Television in 1959, now part of the 27 stations operated by the publiclyrun National Television Authority. Under the NTA, 25 of Nigeria’s 30 constitutional states operate their own TV stations and 18 of these stations are TV Africa affiliates. Radio stations are also increasing in numbers and remain the key source for many Nigerians. The Federal Radio Corporation of Nigeria operates “Radio Nigeria” stations in Abuja, Lagos, Ibadan, Kaduna and Enugu. Private stations such as Freedom Radio (based


media & film
Music, and Sunny Neji has sold over 5 million copies of Mr. Fantastik in Nigeria alone



With over 100 national and local newspapers, the press scene is one of the most vibrant in Africa
in Kano) and Voice of Nigeria, an external service via shortwave are also widely listened to. The BBC World Service as well as the Voice of America and the German broadcasting organization Deutsch Welle also provide shortwave radio in the Hausa language.
NigeriaN films

■ Iwe Irohin (est. 1859) – defunct ■ Daily Times (1926) ■ Nigerian Tribune (1949) ■ New Nigerian (1966) ■ The Nigerian Observer (1968) ■ The Chronicle (1970) ■ The Tide (1971) ■ Nigerian Standard (1972) ■ The punch (1973) ■ Daily Star ■ The Voice (1977) ■ The Triumph (1982) ■ The Guardian (1983) ■ Vanguard (1984) ■ Newswatch (1985) ■ Daily Champion (1988) ■ The pioneer (1988) ■ Tell (1991) ■ TheNews (1993) ■ ThisDay (1995) ■ Daily Trust (1998) ■ Financial Standard (1999) ■ BusinessDay (2001) ■ The Insider (2001) ■ Daily Independent (2001) ■ The Sun (2003) ■ The Market (2004) ■ Leadership (2004) ■ Businessworld (2006) ■ Broad Street Journal (2006) ■ The Business Eye (2007) ■ National Daily (2006) ■ The Telegraph (2008) ■ Business & Economy (2008) ■ The Nigerian Compass (2008) ■ The people’s Daily (2008)

Nigeria began its film industry in the 1970s and owes much of its growth to the likes of renowned film-makers Herbert Ogunde and Ola Balogun. However, television broadcasting in Nigeria began in the 1960s and received much government support in its early years. By the mid-1980s

every state had its own broadcasting station. Law limited foreign television content so producers in Lagos began televising local popular theatre productions. Many of these were circulated on video as well, and a small scale informal video trade developed. The use of English rather than local languages served to expand the market. Aggressive marketing using posters, trailers, and television advertising also played a role in the development of the industry. Many point to the 1992 release of Living in Bondage, a film about a businessman whose dealings with a money cult result in the death of his wife, as the

■ DBN (est. 1994) – Lagos based channel ■ DITV Kaduna (1994) ■ MBI (1996) ■ AIT (1996), owned by Daar Communications. Lagos based private station broadcasting beyond Abuja and to the Northern States and has just launched a satellite broadcast facility ■ Channels Television (1995) ■ MITV (1998) Lagos based channel ■ Silver Bird (2005)



media & film
■ Ray power FM - Owned by AIT, Lagos based and broadcasting in Abuja ■ Rhythm FM ■ Cool FM ■ Capital FM ■ Aso FM ■ Vision FM ■ plus several other FM stations across the country
Studio Tinapa

■ Radio Diffusion System (1935) ■ Nigeria Broadcasting Service (NBS) (1951) ■ Radio Nigeria Ibadan (1955) ■ Nigerian Broadcasting Corporation (1956) ■ western Nigeria Broadcasting Corporation (wNBC TV) – 1959 – (now NTA Ibadan) ■ Eastern Nigeria Broadcasting Service (ENBC) – 1960 (now NTA Enugu) ■ NBC TV Lagos (1962) ■ Broadcasting Corporation of Northern Nigeria (BCNN) Kaduna – 1962 ■ Voice of Nigeria (began as the external service arm of NBC Radio in 1962 and became an autonomous station in 1990) ■ Nigerian Television Authority (NTA) – 1976 – an amalgam of wNBC TV Ibadan, NBC TV Lagos, Eastern Nigeria TV and Broadcasting Corporation of Northern Nigeria (BCNN Kaduna) ■ Federal Radio Corporation of Nigeria (FRCN) – 1978 – an amalgam of NBC Lagos, Ibadan, Enugu and Radio Nigeria Kaduna ■ State Television, AM and FM Radio stations in the 36 states

industry’s first blockbuster. Since then, thousands of movies have been released. One of the first Nigerian films to reach international fame was the 2003 release Osuofia In London, starring Nkem Owoh, the famous Nigerian comedic actor. Directors used English and local languages, especially Yoruba to distribute films. During the 1980s, Nigerian films started circulating throughout West Africa and further abroad. Now there is considerable demand especially among members of the African Diaspora throughout Europe and America. Nollywood, as it is commonly known, also became popular in Zambia when the national broadcaster, Zambia National Broadcasting Corporation (ZNBC), went into partnership with a multinational company, Unilever, and started airing Wale Adenuga’s soaps called Super Story. Nigerian stars have also become household names in Ghana and South Africa.

Studio Tinapa… a one stop shop Film/Television/ Music Industry Centre
Over 30 new titles are delivered to shops and stalls every week, where an average film sells over 50,000 copies and a big hit may sell several hundred thousand. The appeal is that producers and directors can tell Nigerian stories to Nigerian people in a Nigerian way. Sanya Dosunmu, Jab Adu, Ola Balogun and Eddie Ugbomah head the list of Nigerian filmmakers with others including Ade Foloyan, Moses Adejumo Olaiya, Herbert Ogunde and Bankole Bello. The industry has become the third largest in the world, after the Indian and United States markets, with a turnover of over 2,000 low budget films per year and has grown to a $250million industry employing thousands.



media & film

The first Nollywood films were produced with traditional analogue video, such as Betacam SP but today all Nollywood , movies are produced using digital video technology. Nigeria now boasts Studio Tinapa, built in 2007 in collaboration with Dream Entertainment, a Hollywood based production and Distribution Company as a one stop shop Film/ Television/ Music Industry Centre in Calabar. The Ultra modern Tinapa Film Studio located within the Tinapa Free Zone & Resort, Calabar, Cross River State, has been established to provide first class production and post production support services to both local and foreign film, television and music producers using the best equipment available in the industry. Apart from becoming a tourist destination, attracting visitors from all over the world who are be able to learn how movies are made, it is fast becoming the home of Nollywood and venue for annual Film festivals in Nigeria.

Nigerian press Council exists to create an enabling environment to maintain the highest ethical and professional standards. The Council responds to the needs of the Nigerian mass media and the public by facilitating through complaints resolution, research training and workshops the sustainable development of journalism profession, curricula and accreditation of journalism training institutions in Nigeria. In addition, Media Rights Agenda (MRA) was established in 1993 as an independent, non-governmental, not-for-profit organization for the purpose of, among other things, promoting and protecting media freedom and freedom of expression in Nigeria. MRA is registered in Nigeria and has Observer Status with the African Commission on human and peoples’ Rights. The specific mandate of the organisation is: ■ To promote respect and recognition for media freedom and freedom of expression in Nigeria; ■ To provide protection and support for journalists and writers engaged in the lawful pursuit of their professional duties; ■ To promote the highest standards of professional ethics, integrity, training and conduct in the journalism profession; and ■ To bring about a conducive social and legal atmosphere for the practice of journalism, and in particular, ensuring the protection of the journalist’s right not to compelled to work against his or her conviction or disclose sources of information.



reforms and challenges

Nigeria Reforms and Challenges
President Yar’Ardua’s zero tolerance for corruption is the gateway to Nigeria’s future progress.


ollowing years of economic stagnation, Nigeria embarked on a comprehensive reform programme during the second term of the Obasanjo administration. The programme was based on the National Economic Empowerment and Development Strategy (NEEDS) and focused on four main areas: improving the macroeconomic environment, pursuing structural reforms, strengthening public expenditure management, and implementing

President Yar’Ardua has declared a zero tolerance for corruption
institutional and governance reforms. Although there have been notable achievements under the programme, significant challenges exist, particularly in translating the benefits of reforms into welfare improvements for citizens, in improving the domestic business environment, and in extending reform policies to states and local governments. With a population of 140 million people, Nigeria is the most populous country in Africa, with a GDP second only to South Africa’s. Yet, following several years of military rule and poor economic management, Nigeria experienced a prolonged period of economic stagnation, rising poverty levels, and the decline of its public institutions. By most measures, human development indicators in Nigeria were comparable to that of other least developed countries while widespread corruption undermined the effectiveness of various

the Needs
the National economic empowerment and development strategy (Needs) focused on four main areas: improving the macroeconomic environment, pursuing structural reforms, strengthening public expenditure management, and implementing institutional and governance reforms.



reforms and challenges
Abuja, the capital city of Nigeria officially became the capital on 12 december 1991

Although Nigeria has made significant progress with its current reform programme, many other challenges remain, particularly in translating the benefits of reforms to citizens, in improving the domestic investment climate, and in extending the reform programme to the state and local government levels. the current reform programme must therefore be viewed as the initial steps of a much longer journey of economic recovery and sustained growth.

public expenditure programmes. Moreover, the lack of public investments in previous decades meant that there were severe infrastructural bottlenecks that hindered private sector activities. In particular, the poor condition of the power sector prior to economic reforms illustrated the severity of Nigeria’s infrastructure deficit. Per capita power consumption in Nigeria was estimated at 82 kilowatts (kW) compared with an average of 456kW in other subSaharan African countries and 3,793kW in South Africa.

democratic practices, and tackling corruption. The second Obasanjo administration (2003 – 2007) embarked on a comprehensive economic reform programme based on a homegrown strategy, the National Economic Empowerment and Development Strategy (NEEDS). The development of NEEDS at the federal level was complemented by individual State Economic Empowerment and Development Strategies (SEEDS), which were prepared by all 36 Nigerian states and the Federal Capital Territory (FCT). The NEEDS programme emphasized the importance of private sector development to support wealth creation and poverty reduction in the country. The objectives of NEEDS were addressed in four main areas: macroeconomic reform, structural reform, public sector reform, and institutional and governance reform.

A key tenet of the reform program is to prioritize anti-corruption measures
which this may occur, including procurement fraud, patronage for access to services, absenteeism and misuse of facilities. In particular, poor households are disproportionately hurt in communities where corruption is most prevalent. A key tenet of the reform program, therefore, is to prioritize anti-corruption measures as a central component of the reforms. President Yar’Ardua has declared a zero tolerance for corruption. But the danger is that the Economic and Financial Crimes Commission, once famed for its aggressive approach to fighting corruption, must ensure that it does not become another Nigerian law enforcement agency – picking up on the poor and suffering the powerful.
nigeR Delta

Following elections in 1999, the first administration of President Olusegun Obasanjo (19992003) focused on ensuring political stability, strengthening

A bane of Nigeria’s existence since the oil boom of the 1970s has been the reputation for corruption, largely justified, but also partly the result of perception. Corruption and poor governance affected growth and public service delivery in Nigeria in various ways. Corruption distorts the climate for doing business and serves as a tax on private investments. In a corrupt environment, resources for human capital and other needed investments, such as in infrastructure, health and education are often diverted. There are various ways in

Then there is the matter of the Niger Delta crisis. The Delta has suffered years of neglect, marginalization and environmental degradation. Despite its contributions to the economy, it is one the poorest regions in the country. The area lacks the most basic of infrastructure. A country that can build Abuja from scratch with wealth from the Delta oil, can afford to develop the region.




Seven (plus Two) Point Agenda
President Yar’Adua’s Seven plus Two Point Agenda to transform Nigeria details Education, Power and Food through to Land Reformation, and Transportation. THE MAJOR ISSUES
1 2 3 4 Power and Energy Food Security and Agriculture Wealth Creation and Employment Mass Transportation 5 Land Reform 6 Security 7 Qualitative and Functional Education PLUS TWO SPECIAL INTEREST ISSUES… 1 Niger Delta + 2 Disadvantaged Groups

With the arrival of infrastructural reforms in this critical sector, namely through the development of a sufficient and adequate power supply, will be to ensure Nigeria’s ability to develop as a modern economy and an industrial nation by the year 2015.

By virtue of its reliance on revenue from non-renewal oil, Nigeria has yet to develop industrially. This reform is focused on wealth creation through diversified production especially in the agricultural and solid mineral sector. This requires Nigerians to choose to work, as hard work by all is required to achieve this reform.

hard work by all is required to achieve this [wealth creation] reform

This reform is primarily agrarian based. The emphasis is on the development of modern technology, research, financial injection into research, production and development of agricultural inputs will revolutionalize the agricultural sector leading to a 5 - 10 fold increase in yield and production. This will result in massive domestic and commercial outputs and technological knowledge transfer to farmers.

technology… will revolutionalize the agricultural sector leading to a 5 - 10 fold increase in yield and production



The transportation sector in Nigeria with its poor roads networks is an inefficient means of mass transit of people and goods. With a goal of a modernized industrialized Nigeria, it is mandatory that Nigeria develops its transport sector. The PDP government has already started this process by the ongoing rehabilitation and modernization of the railway. While the reforms might take some time to take effect, it is a need that must be addressed.

While hundreds of billions of dollars have been lost through unused government-owned landed asset, changes in the land laws and the emergence of land reforms will optimize Nigeria’s growth through the release of lands for commercialized farming and other large scale business by the private sector. The final result will ensure improvements and boosts to the production and wealth creation initiatives.

An unfriendly security climate precludes both external and internal investment into the nation. Thus, security will be seen as not only a constitutional requirement but also as a necessary infrastructure for the development of a modern Nigerian economy. With its particular needs, the Niger Delta security issue will be the primary focus, marshalled not with physical policing or military security, but through honest and accurate dialogue between the people and the Federal Government.

The two-fold reforms in the educational sector will ensure firstly the minimum acceptable international standards of education for all. With that achieved, a strategic educational development plan will ensure excellence in both the tutoring and learning of skills in science and technology by students who will be seen as the future innovators and industrialists of Nigeria. This reform will be achieved through massive injection into the Education sector.



the national economic empoweRment and development stRategy
In May 2004, the national Economic Empowerment and Development Strategy (NEEDS) was launched as nigeria’s home grown plan for poverty reduction and prosperity. It is the people’s way of letting the government know what kind of nigeria they wish to live in now and in the future. It is the government’s way of letting the people know how it plans to overcome the deep and pervasive obstacles to progress that the government and the people have identified. It is also a way of letting the international community know where nigeria stands in the region and in the world and how it wishes to be supported. NEEDS focuses on four key strategies: reorienting values, reducing poverty, creating wealth, and generating employment. It is based on the notion that these goals can be achieved only by creating an environment in which business can thrive, government is redirected to providing basic services, and people are empowered to take advantage of the new livelihood opportunities the plan will stimulate.

Reducing poveRty and inequality

The plan proposes acting on several fronts: Offering farmers improved irrigation, machinery, and crop varieties will help boost agricultural productivity and tackle poverty head on, since half of nigeria’s poor people work in agriculture. Supporting small and medium-size enterprises will help create jobs. Together with the State Economic Empowerment and Development Strategies (SEEDS), NEEDS seeks to implement an integrated rural development programme to stem the flow of migration from rural to urban areas. NEEDS recognises the importance of children by making the improvement of the education system a top priority. Health care delivery will be improved with emphasis placed on HIV/aIDS and other preventive diseases, such as malaria, tuberculosis and reproductive health-related illnesses. NEEDS proposes special programmes targeting people who have weakest political voice and who are vulnerable to the ravages of poverty. Laws and programmes will be implemented to empower women, children, and the elderly.

a system of incentives that rewards hard work and punishes corruption by investing in education, and by providing special programmes for the most vulnerable members of society.

pRomoting pRivate enteRpRises

The private sector will be the engine of economic growth under NEEDS. The government will play the role of enabler, facilitator, and regulator, helping the private sector grow, create jobs, and generate wealth. Deregulation and liberalization will diminish governmental control and attract private sector investment. More reliable electricity supply and a new and better maintained network of roads will encourage businesses to expand.

changing the way goveRnment woRks

NEEDS aims to restructure the government, to make it smaller, stronger, better skilled and more efficient at delivering essential services. It seeks to transform the government to an institution that spurs development and serves the people.

ReoRienting values

NEEDS sets out far-reaching public reforms that will make clear that corruption and graft will be punished. NEEDS is about the nigerian people. Their welfare, health, employment, education, political power, physical security and empowerment are of paramount importance in realizing this vision of the future.

ouR futuRe, ouR plan
NEEDS is nigeria’s development plan, inspired by current challenges for change and vigorous growth. Government is working closely with the people of nigeria, civil society, the private sector and the international community to face the challenges of steering the country towards the 2020 vision of becoming one of the world’s top 20 economies.

empoweRing people

By allowing the private sector to thrive, NEEDS creates opportunities for employment and wealth creation. lt empowers people to take advantage of these opportunities by creating



list of the fedeRal ministRies
Ministry of Agriculture And WAter resources Address: FCDa Secretariat, Plot B 135, area 11, Garki, abuja. Phone: +234 9 3141931, 3142405 fax: +234 9 3142532 Website: Ministry of coMMerce And industry Address: Block H, Old Federal Secretariat, Garki area 1, P .M.B 88, Garki, abuja. Phone: +234 9 2341662, 2341490 fax: +234 9 2341541 Website: Ministry of culture, tourisM And nAtionAl orientAtion Address: Phase II, Federal Secretariat, Block a, 1st Floor, Shehu Shagari Way, abuja. Phone: +234 9 2348297, 2348311, 2348310 fax: +234 9 23408283 Website: Ministry of defence Address: Ship House, area 10, abuja. Phone: +234 9 2340534, 2348975, 2348970 fax: +234 9 2340714, 2343037 Ministry of HeAltH Address: new Fed. Secretariat Complex, Phase III, ahmadu Bello Way, Cen. Biz. Distr, Garki, abuja Phone: +234 9 5238362 fax: +234 9 5234590 federAl Ministry of environMent, Housing And urbAn develoPMent Address: Mabushi, abuja. Phone: +234 9 6712537, 6721603 federAl cAPitAl territory AdMinistrAtion (Presidency) Address: Kapital Street, Off Obafemi awolowo Street, Garki area 11, P .M.B. 25, Garki, abuja. Phone: +234 9 3148135, 3141295, 3141019 fax: +234 9 3143859 Website: Ministry of educAtion Address: Federal Secretariat Complex, Shehu Shagari Way, Central area, P .M.B. 146, Garki, abuja. Phone: +234 9 5232800, 6710906 Website: Ministry of finAnce Address: Plots 745 & 746, ahmadu Bello Way, Central area, P .M.B 14 Garki, abuja. Phone: +234 9 2346290-5 fax: +234 9 2340512 Website: Ministry of energy Address: Block ‘D’ nnPC Towers, Herbert Macaulary Way, Central Business District, PMB 449, abuja. Phone: +234 9 5239462, 5239465, 5237064 fax: +234 9 5236652 Website: Ministry of foreign AffAirs Address: Maputo Street, off abidjan Street, Wuse Zone 3, P .M.B. 130, Garki, abuja. Phone: +234 9 5230204-6, 5230570, 5230825, 6002588, 5230490, 5230492, 5230828, 5230185-9 Website:

Ministry of inforMAtion And coMMunicAtions Address: Radio House, Herbert Macaulay Way (South), area 10, P .M.B. 247, Garki – abuja Phone: +234 9 2346351, 5237183, 5238232, 2344107



Ministry of interior Address: Block F, Old Federal Secretariat, Garki area 1, P .M.B. 7007, Garki – abuja. federAl Ministry of Justice Address: Federal Secretariat Towers, Shehu Shagari Way, Central area, P .M.B. 192, Garki, abuja. Phone: +234 9 5235208, 5237676 fax: +234 9 5235194 Ministry of lAbour Address: Block 4a, Federal Secretariat Complex, Shehu Shagari Way, Central area, abuja Phone: +234 9 5235973, 5235994, 5235980 Website: Ministry of Mines And steel develoPMent Address: Block 5, Federal Secretariat Complex, Shehu Shagari Way, Central area, abuja. Phone: +234 9 5239465, 5237064 fax: +234 9 5236652, 2343563 nAtionAl PlAnning coMMission (Presidency) Address: Old CBn Building, P .M.B. 230 Garki, abuja. Phone: +234 9 2344465 Website: nAtionAl sPorts coMMission (Presidency) Address: annex 2, Federal Secretariat, Shehu Shagari Way, Maitama, abuja. Phone: +234 9 5235905 fax: +234 9 5235901
National Assembly, Abuja

Ministry of science And tecHnology Address: 5/9th Floor, new Federal Secretariat, Shehu Shagari Way, Central area, Garki, abuja. Phone: +234 9 5233397 fax: +234 9 5235204, 5233903 Website:

Ministry of trAnsPortAtion Address: Dipcharima House, Central Business District, Off 3RD avenue, P .M.B. 0336, Garki, abuja. Phone: +234 9 2909241, 7802807, 2347451, 2347452 fax: +234 92317453, 2347453 Ministry of WoMen AffAirs Address: annex 3, new Federal Secretariat, Shehu Shagari Way, Central area, Garki, abuja. Phone: +234 9 5237112, 5238341, 5238864 fax: +234 9 5233644 Website: Ministry of youtH develoPMent Address: abuja.



useful infoRmation foR touRists and tRavelleRs
how to get to nigeRia Getting to nigeria is very easy, with several airlines serving the country from all over the world. you can come by air, sea or road. Gateway cities are abuja, Lagos, Port Harcourt, Calabar and Kano if you come by air. By sea, you arrive at Lagos, Port Harcourt or Calabar. Or you may come by road from any of the neighbouring countries - Benin, niger, Chad, Cameroon. and once inside nigeria, you can travel to any part of the country by air or road. cuRRency The currency is the naira (n) which is divided into 100 kobo. Currency notes are issued in denominations of n5, n10, n20, n50 and n100. Coins are issued in 10K, 25K, and n 1. Except for hotel bills, visitors can do their shopping and other businesses in the local currency. There are a number of Bureaux de Change and banks at each International airport where visitors can convert from local to foreign currency, and vice versa. Major Banks with international branches operate electronic money transfer services.

entRy foRmalities Visitors from the Commonwealth countries as well as other nations require an entry permit, obtained in advance, and the application should be supported by a letter of invitation and a return ticket for the journey. Processing will take at least two days. health Regulations an international vaccination certificate against yellow fever (10 years) is required. Cholera (6 months) is also required if coming from an infected area. anti-malaria prophylaxi and TB inoculation are recommended.

cuRRency Regulations There are no restrictions on importation of foreign currency. a currency declaration is, however required both on arrival and departure, for large sums of money in excess of US$5,000.00. Import or export of nigerian currency is strictly limited to n5.000 (five thousand naira only). Baggage examination International airports in nigeria are staffed by customs officers who conduct normal checks of baggage on all international arrivals. Standard security checks are in operation at all nigerian entry ports.

when to visit

You can visit Nigeria all the year round. But the traveller planning a visit should take the following into consideration: Rain falls, particularly in the south, between May and September. It can be heavy in June and can cause inconveniences. Temperature ranges from 23-31 °C in the south, with high humidity. a cooler, but dusty harmattan season stretches from December to January.



nigeria the heart of africa
I am one of every five Africans I am a Nobel Prize winner An Olympic Gold Medalist A soccer champion A Prince of the Vatican A giant of literature A musical icon My roots lie in the dusty Sahel of the North In the rich rainforests of the East In the Savannah plains of the West And in the oil filled swamps of the Delta In the warmth of our villages and vibrance of our cities My strength flows from the waters of the Niger and Benue My joy springs from the rush of the Gurara Falls And the natural wonders of Yankari I am the voice of 250 tribes speaking more than 300 languages I am the dance of the circle of life I am the laughter of the world’s happiest people I am your neighbour I am your friend I am a warrior, priest and King I am a mother, teacher, Queen I am my brother’s keeper I am a sage from an ancient civilization Nigeria is my rock

Nigeria is my hope

Nigeria is my home I am a child in one of the largest nations on earth I am the beauty

I am the soul of a continent I am a Nigerian

I am the vision I am the spirit

I am the Heart of Africa


Ministry of Information & Communications Government of Nigeria Radio House, Herbert Macaulay Way (South), Area 10, Garki – Abuja, Abuja NIGERIA Emails: | Websites: |

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