Embaixada da Nigéria - Brasília / DF

Growth Rate:

Debt Forgiveness/Concession: in November, 2005, Paris Club of CreditorsApproved US$18billion Debt Relief Deal that by March 2006 should eliminate $30 billion from Nigeria's total worth of US $36 billion external debt. The deal first requires that Nigeria repays roughly US$12 billion in arrears to bilateral creditors. Nigeria would then be allowed to buyback its remaining debt stock at a discount. Consequently Nigeria signed a number of Bilateral Agreements on debt rorganisation with certain countries such as the December, 2005 Nigeria/Brazil Debt Reorganisation Agreement.

Agriculture: Largest contributor to Gross Domestic Product (GDP) Over 40%. Hectares of Cultivated Land: About 32.3 million hectares, devoted to agriculture, (More than a third of the total land area of Nigeria). Nigeria also engages in Livestock production.

Number of Workers Engaged in Agriculture: About 70% of national work-force.

Major Food Crops: Yam, cassava (tapioca/mandioca), maize, sorghum, millet, rice and beans.

Major Cash Crops: Palm produce, cocoa, cotton, banana, peanuts, rubber, fruits, vegetables, etc.

Highest Foreign Exchange Earner: Crude oil.

Total Contribution of Oil & Gas to Gross National Income: 85% Natural Resources:

Mineral: Petroleum, limestone, tin, columbite, kaolin, gold, silver, coal, lead, zinc, gypsum, clay, marble, graphite, and iron-ore (second largest in Africa after Libya). Nigeria now exports Natural gas in commercial quantity.

Oil & Gas: Nigeria is the sixth leading oil-producing countries in the world. The oil sector is regulated by the Nigerian National Petroleum Corporation (NNPC), which engages in exploration of oil in partnership with foreign companies.

Non-Mineral: Nigeria is one of the world's largest producers of tropical timber. Other non-mineral products include, rubber, cocoa, cashew, palm-kernel, citrus, pine-apple, palm oil, peanuts, cotton, wood, hides and skins, and other construction materials; food products, footwear, chemicals, fertilizer, printing, ceramics and steel.

Industrial Products: beer and beverages, furniture, cosmetics, Pharmaceuticals, textiles, cement, etc.

Principal Foreign Oil Companies: Shell, Mobil, Chevron, Agip, Elf and Texaco.

Oil Exploration: most oil exploration is done on-shore. About 30% drilling Activities are off-shore. Brazilian National Oil Corporation (Petrobras) is also operating in Nigeria’s off-shore fields. In classification about 65% of oil produced in Nigeria are light crude, equal in grade to the British Brent. The oil sector records the largest investments in all sectors of the Nigerian economy.

Number of Oil Refineries: 4 - two in Port Harcourt and one each in Warri and Kaduna.

Liquefied Natural Gas (LNG): Phase I, completed in October, 1999. Nigeria now exports liquefied natural gas to overseas markets.

Estimated Gas Reserve: Nigeria’s Gas reserve is greater than crude oil; Nigerian Gas is used for domestic cooking, industrial activities and power generation, with more rooms for foreign investment. The National Fertilizer Company (NAFCON) uses gas as its basic raw material.

Petrochemical Industry: Still at infancy and requires intensive foreign investment.

Export Partners: US 47.4%, Brazil 10.7%, Spain 7.1% (2004)

Import Partners: China 9.4%, US 8.4%, UK 7.8%, Netherlands 5.9%, France 5.4%, Germany 4.8%, Italy 4% (2004) Business/Investment Opportunities: Available in abundance throughout Nigeria, especially in the following sectors: Agriculture/Agribusiness, Computer Information Technology (ICT), Transportation, Oil & Gas, Mining/Solid Minerals, Manufacturing, especially, Non-oil, Power Generation, Tourism and Exports.