Updated: Jul 9, 2021
Nigeria , Federal Republic of Nigeria, is a country in West Africa. It borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its southern coast is on the Gulf of Guinea in the Atlantic Ocean. Nigeria is a federal republic comprising 36 states and the Federal Capital Territory, where the capital, Abuja, is located. Lagos, one of the largest metropolitan areas in the world, is the largest city in Nigeria and the continent of Africa. Nigeria is the largest country in both West Africa and Africa by population with a population of 211 million while covering an area of 923,769 square kilometers. Nigeria is the world's 32nd largest country by size and the 7th largest country by population. Nigeria is the largest anglophone country in Africa and is one of the world's most multicultural and ethnically diverse nations. Nigeria is Africa's richest country by nominal GDP surpassing Egypt and South Africa and is the 27th richest country in the world.
Pic : Lagos, Nigeria
Nigeria has been home to several indigenous pre-colonial states and kingdoms since the second millennium BC, with the Nok civilization in the 15th century BC marking the first internal unification in the country. The modern state originated with British colonialization in the 19th century, taking its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914 by Lord Lugard. The British set up administrative and legal structures while practicing indirect rule through traditional chiefdoms.
I. Nigeria at Glance
Nigeria became a formally independent federation on October 1, 1960. It experienced a civil war from 1967 to 1970, followed by a succession of democratically-elected civilian governments and military dictatorships, until achieving a stable democracy in the 1999 presidential election; the 2015 election was the first time an incumbent president had lost re-election.
Nigeria is a multinational state inhabited by more than 250 ethnic groups speaking 500 distinct languages, all identifying with a wide variety of cultures. The three largest ethnic groups are the Hausa–Fulani in the north, Yoruba in the west, and Igbo in the east, together comprising over 60% of the total population. The official language is English, chosen to facilitate linguistic unity at the national level. Nigeria's constitution ensures freedom of religion and is home to some of the world's largest Muslim and Christian populations, simultaneously.
Nigeria is divided roughly in half between Muslims, who live mostly in the north, and Christians, who live mostly in the south; indigenous religions, such as those native to the Igbo and Yoruba ethnicities, are in the minority.
Nigeria is the most populous country in Africa and the seventh-most populous country in the world, with an estimated population of 211 million. Its economy is the largest in Africa, the 27th-largest in the world by nominal GDP, and 25th-largest by PPP. Nigeria is often referred to as the "Giant of Africa", owing to its large population and economy and is considered to be an emerging market by the World Bank. It is a regional power in Africa, a middle power in international affairs, and is an emerging global power. However, the country ranks very low in the Human Development Index and remains one of the most corrupt nations in the world. Nigeria is a founding member of the African Union and a member of many international organizations, including the United Nations, the Commonwealth of Nations, the Economic Community of West African States, and OPEC. It is also a member of the informal MINT group of countries, and is one of the Next Eleven economies.
II. Nigerian Tourism - Welcome to Nigeria
Nigeria is a pulsating powerhouse: as the most populous nation on the continent – nearly every fifth African is Nigerian – it dominates the region. Lagos, the main city, is overflowing with tech industries, posh restaurants and clubs, and an exploding arts scene, this megacity is the face of modern Africa.
Outside Gidi (as Lagosians call their city), you may feel as if you’re a lone explorer immersing yourself in deep and layered cultures. From Yoruba shrines to the slave ports, from the ancient Muslim cities of the north (currently out of bounds for security reasons) to the river deltas, and among stunning natural environments – there are plenty of wonderful antidotes to a sometimes exhausting journey.
Highlights in Nigerian Tourism - Major Cities 1. Lagos
The economic and cultural powerhouse of the country thanks to an influx of oil money, Lagos has an exploding arts and music scene that will keep your yansh engaged far past dawn. If you're headed to Nigeria, you'll have no choice but to jump right in.
As well as brilliantly buoyant culture, Lagos has bumper-to-bumper cars, noise and pollution beyond belief, a high crime rate, and maxed-out public utilities. Elevated motorways ringing the island city are jammed with speed freaks and absurd traffic jams ('go-slows') on top, and tin-and-cardboard shacks underneath. It's a divided city, but an undeniably exciting one.
Named after the Portuguese word for lagoon, Lagos has been a Yoruba port, a British political centre and, until 1991, Nigeria's capital.
Abeokuta is a remarkable place, backed by the huge Olumo Rock. Grand but dishevelled Brazilian and Cuban mansions built by returned slaves sit alongside basic shacks with hand-painted signs, historic mosques and churches and the rounded mass of the rocks, creating an unforgettable streetscape.
Located about 100km north of Lagos, Abeokuta has its own very strong cultural identity. It is well known as the birthplace of many famous Nigerians, notably former president Obasanjo, Afrobeat legend Fela Kuti and writer Wole Soyinka. Soyinka's autobiography, Aké, is a vivid depiction of a childhood spent here.
It’s a poor town, unused to visitors except those visiting the rock, and while wandering around is fascinating, you’ll feel conspicuous.
This very special city has been a traditional centre for Yoruba spirituality and, since the 1950s, the birthplace for much contemporary Nigerian art. The best sight is the Osun Sacred Grove, believed to be the dwelling of Osun, the Yoruba fertility goddess.
4. Benin City
Benin City, which served as the capital of the Benin kingdom, starting in the 15th century, gave rise to one of the first African art forms to be accepted internationally – the Benin brasses (often given the misnomer bronzes). Today the city is the centre of Nigeria's rubber trade, and a sprawling metropolis.
Virtually nothing of the historic city survives: it was destroyed by the British in an epic act of vandalism in 1897. But the culture and the royal family is still deeply venerated here, with the oba (king) held in higher esteem than any mere politician.
Metrofile: A Coronation Last Witnessed 37 Years Ago As Benin Kingdom Crowns New Oba
https://www.youtube.com/watch?v=JHTRF0ivU6M 5. Calabar
Tucked into Nigeria's southeastern corner, the capital of Cross River state has a rich history and is well worth a trip. Originally a cluster of Efik settlements, Calabar was once one of Africa's biggest slave ports, and later a major exporter of palm oil. A popular stopover for travellers heading to Cameroon, this tourist-friendly city has a fantastic museum and an excellent primate-conservation centre.
Nigeria Travel Advisory By USA Govt :
There is civil unrest and low-level armed militancy in parts of Southern Nigeria, especially in the Niger Delta region. Armed criminality, including kidnapping and maritime crime, is also pervasive in this region.
Violence can flare up between communities of farmers and herders in rural areas.
There is frequent maritime crime in the Gulf of Guinea.
Do Not Travel to :
Borno, Yobe, and northern Adamawa states due to terrorism and kidnapping
Bauchi, Gombe, Kaduna, Kano, Katsina, and Zamfara states due to kidnapping
Coastal areas of Akwa Ibom, Bayelsa, Cross River, Delta, and Rivers states (with the exception of Port Harcourt) due to crime, kidnapping, and maritime crime
III. Nigeria’s film industry - Nollywood : a potential gold mine?
As an entrepreneur, 32-year-old chemistry graduate Jason Njoku achieved success in a most unlikely way: he is Africa’s largest distributor of Nigerian movies, and has raked in over $8 million since 2010, when he founded the company Iroko Partners. In December 2012 he captivated an audience at a conference in Texas, United States, as he narrated the story of his success after failures in some other business ventures. Mr. Njoku currently has 71 employees in Lagos, London and New York, and often boasts that “these people are working for us in a country with 50% unemployment.” He was recently listed by Forbes, an American business magazine, as one of the top 10 young African millionaires to watch.
The Nigerian film industry is undoubtedly helping create jobs in a country with an economy that relies mainly on oil and agriculture. Over a million people are currently employed in the industry, making it the country’s largest employer after agriculture. Although Nigeria’s economy will grow by 7% this year, according to the African Development Bank, insufficient jobs for a growing youth population continue to be a huge concern.
1. One million new jobs
The Nigerian film industry, also known as Nollywood, produces about 50 movies per week, second only to India’s Bollywood—more than Hollywood in the United States. Although its revenues are not on par with Bollywood’s and Hollywood’s, Nollywood still generates an impressive $590 million annually. Believing that if the industry is properly managed, a million more jobs could be created in the sector, the World Bank is currently assisting the Nigerian government to create a Growth and Employment in States project to support the entertainment industry, along with other industries.
2. Low production costs
Koïchiro Matsuura, former director-general of the United Nations Educational Scientific and Cultural Organization (UNESCO), says that “film and video production are shining examples of how cultural industries, as vehicles of identity, values and meanings, can open the door to dialogue and understanding between peoples, but also to economic growth and development.” The African film industry is not only an entertainment industry; it is also a moneymaker. Film industry analysts believe that the Nigerian cinema is the most popular on the continent.
On average, producing a movie in Nigeria costs between $25,000 and $70,000, says the British Broadcasting Corporation. The films are produced within a month and are profitable within two to three weeks of release. Most DVD movies easily sell more than 20,000 units, while the most successful ones sell over 200,000. But despite the success of the movies, Nollywood actors’ incomes are low. Even the most popular get paid between $1,000 and $3,000 per film. Only a few can claim higher earnings. Actress Omotola Jalade Ekeinde, one of Nollywood’s highest-paid performers, recently topped the charts at 5 million naira ($32,000) per film.
3. Tackling Piracy
Nollywood’s popularity also means serious piracy problems. The World Bank estimates that for every legitimate copy sold, nine others are pirated. “In terms of exports, these movies are purchased and watched across the world — in other African countries, Europe, USA and the Caribbean, and almost all the exports are pirated copies,” remarks Ms. Nwagboso. She adds that because there are currently few legal channels for exporting movies, few or no returns go to the filmmakers and practically no revenue goes to the government.
Euromonitor International and Reed Exhibitions, organizers of the World Travel Market, a global event for the travel industry, predicted in their November 2012 report that Africa’s projected 5.2% GDP growth rate in 2013 would be due in part to the popularity of the Nigerian film industry, which it said would also attract domestic and regional tourism. While Nigeria was hosting the industry’s top brass in March, President Goodluck Jonathan referred to Nollywood as “our shining light,” adding that “whenever I travel abroad, many of my colleagues ask me about Nollywood.” The challenge is to ensure this light shines even brighter in the future.
IV . Nigeria Economic Outlook
Nigerian Economy at Glance :
GDP (nominal ) 2021 estimate :
• Total - $514 billion (27th)
• Per capita-$2,432 (137th)
• 2021 estimate - 211,400,708
1. Recent macroeconomic and financial developments
Nigeria’s economy entered a recession in 2020, reversing three years of recovery, due to fall in crude oil prices on account of falling global demand and containment measures to fight the spread of COVID–19. The containment measures mainly affected aviation, tourism, hospitality, restaurants, manufacturing, and trade. Contraction in these sectors offset demand-driven expansion in financial and information and communications technology sectors.
Overall real GDP is estimated by the Bank to have shrunk by 3% in 2020, although mitigating measures in the Economic Sustainability Programme (ESP) prevented the decline from being much worse. Inflation rose to 12.8% in 2020 from 11.4% in 2019, fueled by higher food prices due to constraints on domestic supplies and the pass-through effects of an exchange rate premium that widened to about 24%.
The removal of fuel subsidies and an increase in electricity tariffs added further to inflationary pressures. The Central Bank of Nigeria cut the policy rate by 100 basis points to 11.5% to shore up a flagging economy. The fiscal deficit, financed mostly by domestic and foreign borrowing, widened to 5.2% in 2020 from 4.3% in 2019, reflecting pandemic-related spending pressures and revenue shortfalls.
Total public debt stood at $85.9 billion (25% of GDP) on 30 June 2020, 2.4% higher than a year earlier. Domestic debt represented 63% of total debt, and external debt, 37%. High debt service payments, estimated at more than half of federally collected revenues, pose a major fiscal risk to Nigeria. The current account position was expected to remain in deficit at 3.7% of GDP, weighed down by the fall in oil receipts and weak external financial flows.
2. Outlook and risks
The economy is projected to grow by 1.5% in 2021 and 2.9% in 2022, based on an expected recovery in crude oil prices and production. Stimulus measures outlined in the ESP and the Finance Act of 2020 could boost nonoil revenues. Improved revenues can narrow the fiscal deficit to 4.6% and the current account deficit to 2.3% of GDP in 2021 as global economic conditions improve. Reopening borders will increase access to inputs, easing pressure on domestic prices and inflation, projected at 11.4% in 2021. Downside risks include reduced fiscal space, should oil prices remain depressed.
In addition, flooding and rising insecurity could hamper agricultural production. Further depletion in foreign reserves from $35 billion (7.6 months of import cover) could lead to sharp exchange rate depreciation and inflationary pressures. A potential relapse in COVID–19 cases could exacerbate these risks. High unemployment (27%), poverty (40%) and growing inequality remain a major challenge in Nigeria.
3. Financing issues and options
Nigeria’s public debt is relatively sustainable at 25% of GDP. But debt service payments are high, and the country’s ability to attract external private financial flows is hurt by macroeconomic imbalances and policy uncertainty. During the first half of 2020, Nigeria received $7.1 billion in foreign investment. This was half the amount it received in the corresponding period of 2019. Nigeria’s financing requirements require improved domestic revenue collection. Currently, nonoil revenue collections are equivalent to 4% of GDP.
4. Evolution of Industry: Historical Perspective
At independence in 1960, and for much of that decade, agriculture was the mainstay of the Nigerian economy. The sector provided food and employment for the populace, raw materials for the nascent industrial sector, and generated the bulk of government revenue and foreign exchange earnings. Following the discovery of oil and its exploration and exportation in commercial quantities, the fortunes of agriculture gradually diminished. Table 6.1 Percentage distribution of real GDP by sectoral group, 1961–2009
5. Richest Person in Nigeria is also the Richest Person in Africa....!!
Aliko Dangote CEO, Dangote Group
Real Time Net Worth of Aliko Dangote by Forbes
$11.9 Billion as of 7/9/21
A Few Salient Details of Aliko Dangote
Aliko Dangote, Africa's richest person, founded and chairs Dangote Cement, the continent's largest cement producer.
He owns 85% of publicly-traded Dangote Cement through a holding company.
Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa.
Dangote also owns stakes in publicly-traded salt and sugar manufacturing companies.
Dangote Refinery has been under construction since 2016 and is expected to be one of the world's largest oil refineries once complete.
V. 10 interesting facts about Nigeria :
1. Nigeria is the seventh-most populous country in the world, home to more than 200 million people. While that may be a lot of people, population numbers would likely be even higher if it weren't for the country's high mortality rates and low life expectancy.
2. While there are a number of different religions practiced in Nigeria, the majority of the population is either Christian or Muslim.
3. The town of Igbo-Ora is known as the nation's home of twins. Many of the local Yoruba people believe their consumption of yams and okra leaves to be the cause of their high birth rate of twins. While some fertility experts believe that certain yams contain a natural hormone that could cause multiple ovulation, there is no scientific evidence of this phenomenon.
4. Nigeria is a diverse multiethnic country with more than 520 spoken languages. While English is the official language, Hausa, Yoruba and Igbo are also major languages in the country.
5. Lagos, the former capital of Nigeria before being moved to Abuja, is the country's largest and most populous city and has been dubbed "Africa's Big Apple," in reference to New York City.
6. The country's film industry, known as Nollywood, is one of the largest film producers in the world, second only to India's Bollywood.
7. Nigeria is home to Aliko Dangote, the richest man in Africa. Dangote's business interests in agriculture, banking, cement, manufacturing, salt and sugar have earned his net worth of more than $12 billion.
8. Largely due to its export market, Nigeria is the largest economy in Africa. While the agricultural industry accounts for approximately 70 percent of the country's employment, petroleum products are the primary export—accounting for more than 90 percent of Nigeria's exports.
9. Like in other African countries, some Nigerians consider the left hand to be unclean and using it to be a sign of disrespect. Those that believe this do not eat, shake hands or receive items with their left hand.
10. Despite gaining their independence in 1960, Nigeria has remained a member of the British Commonwealth, an association of 53 sovereign states. The country is also a member of the African Union.
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Nigeria, officially named the Federal Republic of Nigeria, is a diverse West African country. Nicknamed the "Giant of Africa," Nigeria is home to hundreds of different ethnicities, languages and butterfly species.
Nigeria is very promising Country with Excellent Cultural Diversity and Entrpreneural Spirits.
Its a Africa's Largest Economy with Diversified activities lead by Oil and Gas including Agriculture, Banking, Cement, Manufacturing and Film Industry etc.
Nigeria is definitely happening Country in Africa and its a Country to watch in Future and Hopefully, It will take its Rightful and Respectable Position in Comity of Nations in Future....!!