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Nigeria Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
190 632 261GDP (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), FulaniCorruption perception index (Source: Transparency International)
148/180Very 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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