What is Nigeria, the largest economy in Africa?

Nigeria is a country located on the west coast of Africa and is a huge oil-producing nation. There are more than 250 ethnic groups in the country, including the main ethnic groups Hausa, Yoruba, and Igbo. It is an economic powerhouse that ranks first in Africa in both population and nominal GDP, and is also known as the "Giant of Africa" due to its economic power.

Basic data

・Official name:Federal Republic of Nigeria
・Population: 216.74 million (2022)
・Area: 923,768km2
・Capital: Abuja (moved from Lagos in December 1991)
・Economic city: Lagos (located in southwestern Nigeria, one of the largest in Africa)
・Languages: English (official language), ethnic languages (Hausa, Yoruba, Igbo, etc.)
- Ethnic groups: Hausa, Yoruba, Igbo, and 250 other ethnic groups
Religion: Christianity (southeast), Islam (north), traditional religions (nationwide)
・Major industries: agriculture, crude oil, natural gas, communications, etc.
Nominal GDP total: $510.588 billion in 2022, 31st in the world and 1st in Africa
・Nominal GDP per capita: $2,356 in 2022 (146th in the world, 24th in Africa)

Dramatic population growth in recent years is nothing new in Africa, but Nigeria is the most populous country in Africa, with an estimated population growth of 10,000 people per day.

Trade situation with Japan

Although the two countries are far apart and it takes about a day to travel between their respective regions by plane, trade between Japan and Nigeria is thriving, with the volume and items of imports and exports being as follows:

・Japan's export value: $287 million (2021, Source: Ministry of Finance "Trade Statistics")
・Exports: passenger cars, steel, man-made fibers, seafood

・Japan's imports: $759 million (2021, Source: Ministry of Finance "Trade Statistics")
Imported products: liquefied natural gas, sesame, aluminum and alloys

Japan's major export items: Transportation equipment (26.2%), general machinery (16.0%), raw materials products (14.3%)
(Source: Ministry of Foreign Affairs, "Survey on the Number of Overseas Business Bases of Japanese Companies (2020 Survey Results)")

Japan's main imports: liquefied natural gas (69.1%), non-ferrous metals (18.1%), raw materials (12.6%)
(Source: Ministry of Foreign Affairs, "Survey on the Number of Overseas Business Bases of Japanese Companies (2020 Survey Results)")

In addition, there are relatively few Japanese people working locally, with only 47 Japanese corporate bases and 148 Japanese residents (as of October 1, 2021).

Export procedure for goods to Nigeria

If you want to import or export goods to Nigeria, you will have to go through a complex process, including regulatory certificates, permits and other paperwork.

In Nigeria, almost all products must meet various standards, and NAFDAC (National Agency for Food and Drug Administration and Control) is responsible for certifying food, medicines, medical equipment, cosmetics, chemicals, etc.Registration with NAFDAC is mandatory whether the product is domestically manufactured or imported. The steps to obtain NAFDAC certification are as follows:

(1) Submit an application form and required documents to NAFDAC.
(2) Send product samples for sample inspection.
(3) Subject to on-site inspection at the manufacturing or import site.
(4) Re-analyze the components of the sample.
(5) Final review.
(6) After passing the approval meeting, obtain a NAFDAC approval number.

Summary of Nigerian Trade and Export Basics

This time, we introduced the overview and basic statistics of trade and exports in Nigeria, the "giant of Africa." Although it is a country located about 13,000 km away, there is no doubt that it has great potential as an import/export and investment destination. We also introduce other countries on this site, so please take a look.

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