Country Profile
From The Report: Nigeria 2012
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Nigeria is the 14th-largest African country and possesses a rich and varied landscape, biodiversity and climate. While it is known for its oil and natural gas, Nigeria also has substantial reserves of coal, iron ore, zinc, tin, limestone, lead and niobium. The capital, Abuja, is located in the geographic centre and has a registered population of an estimated 1.6m. Nigeria has a varied assortment of ethnic groups, with the largest three – the Yoruba, Igbo and Hausa-Fulani – accounting for a collective 68% of the total population. The country holds significant political power in the region and on the international stage.

This chapter contains interviews with President Goodluck Ebele Jonathan; Stephen Green, UK Minister of State for Trade and Investment; and Jim O’Neill, Chairman, Goldman Sachs Asset Management. It also includes a viewpoint with Ron Kirk, US Trade Representative.

Articles from this Chapter

Overview

A rich mix: A geographically and culturally diverse country
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In her essay, first published anonymously in The Times of London on January 8 1897, Flora Shaw coined “Nigeria” as a shorter alternative to the widely named “Royal Niger Company Territories” – deeming it “inconvenient” and to an extent a “misleading” name for the then-British protectorate. Today, in contrast, “Nigeria” is too small a word to encompass its 164.75m (estimate by the IMF) population, more than 250 distinct ethnic groups and some 510 living languages on a…

Interview

Inclusive growth: OBG talks to President Goodluck Ebele Jonathan
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Interview: President Goodluck Ebele Jonathan How would you evaluate the progress of the implementation of the Transformation Agenda? GOODLUCK EBELE JONATHAN: The Transformation Agenda should be regarded in our country’s wider democratic context. Since the restoration of democratic rule 13 years ago, our governments have carried out far-reaching reforms in various sectors of the economy to serve as building blocks for sustainable development. In recent times, the economic reforms implemented by…

Overview

High potential: A nation with international political clout but also domestic concerns
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With its large and growing population – estimated by IMF to reach around 165m in 2012 – and extensive hydrocarbons resources, Nigeria holds significant political power in the region and on the international stage. However, maintaining stability within this diverse country of around 250 ethnic groups remains an enormous challenge for the country’s leaders. POLITICS & HISTORY: On May 29, 1999, the country adopted the Fourth Constitution of the Federal Republic of Nigeria, marking…

Analysis

Unique form of federalism: Calls for modifications lead to debate about local autonomy
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Unique to Africa, Nigeria’s federal system of government remains subject to frequent calls for modification. The colonial powers’ policy of “divide and rule” left an independent Nigeria as a country with disparate levels of economic, political, social and cultural development. As JP Mackintosh wrote in his book Nigerian Government and Politics, published in 1960, “The Nigerian federation was not created by the coming together of separate states but was the result of the subdivision…

Interview

OBG talks to Stephen Green, UK Minister of State for Trade & Investment
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Interview: Stephen Green What can be done to increase the UK’s private sector involvement in the Nigerian economy? STEPHEN GREEN: A lot needs to be done and I think there is plenty of potential for it. In fact, we have set ourselves the objective of doubling both trade and investment by 2020. There is good reason to believe that this can be achieved. The numbers show there is an enormous opportunity. Nigeria is a big country underlined by a comparatively high growth rate; it has the potential…

Analysis

Mutual benefits: The relationship with Ghana remains crucial, despite a recent dispute
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As the two largest economies in West Africa, the relationship between Nigeria and Ghana is a crucial one for the region. Trade ties are particularly important, and Nigeria’s high levels of liquidity serve as an important source of capital for Ghana. However, a recent dispute between the two countries concerning the status of Nigerian traders in Ghana is a reminder of past bilateral tensions that have occasionally worsened political and economic relations, although the two countries have…

Viewpoint

Ambassador Ron Kirk, US Trade Representative, on supporting development via trade
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True development involves not only delivering aid, but also promoting economic growth – broad-based, inclusive growth that helps nations develop and lifts people out of poverty. The whole purpose of development is to create the conditions where assistance is no longer needed, and where people have the dignity and the pride of being self-sufficient. At a time when Africa’s future was less bright, the African Growth and Opportunity Act (AGOA) predicted that Africa would have enormous economic…