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Nigeria Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
190 632 261
GDP (PPP)
$1.118 trillion (2017 est.)

Second largest economy in Africa

GDP growth rate
0.8% (2017 est.)

Low, but recovering from a recession in 2016 (-1.6%) due to a rebound in oil prices (on which the Country is heavily dependent)

GDP (PPP) per capita
$5,900 (2017 est.)

Very low

Local currency
Naira (NGN)

Weak currency, it lost half of its value since 2013

Financial stability (Public debt)
15.3% of GDP (2017 est.)

Very low

Inflation
16.3% (2017 est.)

Very high, also in 2016

Language
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani

Corruption perception index (Source: Transparency International)
148/180

Very high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT

5% standard rate
Corporate Tax

30% standard rate
Duties

Customs duties rates vary for different items, typically from 5% to 35%, and are assessed with reference to the prevailing Harmonized Commodity and Coding System (HS code)

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