Creative Industries Nigeria
Population: 190,632,261 (July 2017 est.)
Internet country code: .ng
three equal vertical bands of green (hoist side), white, and green; the color green represents the forests and abundant natural wealth of the country, white stands for peace and unity
Federal Republic of Nigeria / Jamhuriyar Taraiyar Nijeriya (Hausa) / Orílẹ̀-èdè Olómìnira Àpapọ̀ Nàìjíríà (Yoruba) / Ọ̀hàńjíkọ̀ Ọ̀hànézè Naìjíríyà (Igbo) / Lesdi Ndimaaku Federaal e Niiseriya (Fula)
British influence and control over what would become Nigeria and Africa’s most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country’s history and the elections of 2011 were generally regarded as credible. In January 2014, Nigeria assumed a nonpermanent seat on the UN Security Council for the 2014-15 term.
Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria’s 170 million people still live in extreme poverty.
Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria’s oil production has contracted every year since 2012.
President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but his reliance on the Central Bank governor has led to overwhelmingly protectionist policies aimed at defending the naira from further devaluation. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.
Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.