NIGERIA TODAY: Nigeria became an Independent nation on Oct. 1, 1960, and a republic in 1963, with a federal structure and three regional governments based on the compass points of north, east, and west. A fourth region the Midwest, was later added.

The country's political structure was increased to 12 states in 1967, to 19 states in 1976, with Abuja as the new federal capital. Between 1987 and 1991, a total of 11 states were created, and in 1996, 6 additional states were added, bringing the administrative structure of the federation to 36 states.

Economy

Nigeria has been under civilian rule since 1999 after a succession of military leaders. President Olusegun Obasanjo assumed power on 29 May 1999. He is both the chief of state and the head of government. The next presidential election is scheduled for April 2003. The government is democratic organized in a federal manner.

Industry Sectors

Nigeria is a country rich in natural resources; consequently most industry activity revolves around these. Agriculture is an important industry involving a large percentage of the country’s workforce. Oil is the country’s most important natural resource and generates up to 95% of Nigeria’s revenues. The country is a member of OPEC and is the largest oil-producer in Africa. The continued increase in crude oil means continued growth in this sector.

Investment

Nigeria offers the interested investor Africa’s largest domestic market as well as the additional attractions of a low-cost labour pool and abundant natural resources.

The Foreign Exchange Decree of 1995 re-established the foreign exchange market. Foreign companies can source foreign exchange at the parallel market rate. Companies are allowed to hold domiciliary accounts in private banks. Foreign investors are allowed to bring capital into the country without requiring prior government approval.

The degree of foreign investment in the country is relatively small considering the abundant natural resources. The legislation passed by the government has helped to improve this situation slightly. Economic liberalisation is also a government priority

Trade

Nigeria’s main export products are petroleum and related products as well as cocoa and rubber, The country’s main trading partners include the US, India, Spain, Brazil and France.

Nigeria’s main imports include machinery, chemicals, transport equipment, manufactured goods, food and live animals. The UK, France, Germany, China, Canada and the US are the country’s most significant import partners.

Nigeria has signed various trade agreements with various countries

Business Travel

International carriers service Nigeria and the national carrier is able to offer the visitor flights to European destinations. Most flights land at Lagos because of its commercial significance. Taxis are the most reliable form of transport within city centres and offer services to neighbouring countries.

Sea services to Lagos, Port Harcourt and Calabar are available from European ports are available although not advisable as a preferred choice of travel.

Visitors to Nigeria will require a visa. This requirement does not apply to those who are citizens of member states of ECOWAS.

The health risks in the country are minimal although a yellow fever vaccination is required. Precautions with regard to cerebral malaria need to be taken in Lagos and the southern coast. It is worthwhile to contact a reputable tour guide to confirm these details.

Communications and Infrastructure

The state of the country’s rail services is not good because of years of neglect. There are however, projects underway in order to rectify the situation. A large amount of the road network is also unpaved and has suffered due to extraordinary use as a result of railroad neglect.

Nigeria’s telephone system is below international standards although there are efforts to improve it. The privatisation process as well as efforts to encourage competition continue is crucial to the development of the sector. The main problem is the need for expansion

Risk

One of the main areas for concern in Nigeria is the country’s banking sector. A large degree of fraudulent activities have occurred in this sector. The government has made efforts to stem the rise in crime. These measures have involved the appointment of ministerial commissions as well as the formation of specialized task forces. The problem remains however and it is best to avoid dealings with anyone whose credentials are not fully investigated until such time as the matter is properly resolved. is a website that provides full information regarding these banking scams.

A large dependence on oil continues to pose a problem for the Nigerian economy and the country is especially vulnerable to fluctuations in the international oil price.

Business Assistance

Television

Leadership in Education 

There are more than 18 million students in Nigerian schools at all levels. That is more than the total human population of South Africa, Ghana, Kenya, Egypt, Morocco, Tanzania and the school population of France, Britain and Spain.

The country adopted a 6-3-3-4 educational policy in 1982. The policy requires six years primary education, a two-tier (3-year junior, 3-year senior) secondary education and four years of University education. There are 31 universities in Nigeria today.

Apart from fully funding primary education all around the country, the government also runs secondary schools, and funds technical colleges, polytechnics and universities in all 30 states of Nigeria. In addition, there are hundreds of privately-owned schools duly approved by government for the benefit of those who prefer to send their children to private schools.

While literacy rate stands at about 50 per cent, one of the highest in Africa, the goal of Nigeria is to eradicate illiteracy in the shortest time possible.

Nigeria became an Independent nation on Oct. 1, 1960, and a republic in 1963, with a federal structure and three regional governments based on the compass points of north, east, and west. A fourth region the Midwest, was later added.

The country's political structure was increased to 12 states in 1967, to 19 states in 1976, with Abuja as the new federal capital. Between 1987 and 1991, a total of 11 states were created, and in 1996, 6 additional states were added, bringing the administrative structure of the federation to 36 state

"By origin mankind were a single people or nation. That being so, God could have kept us all alike, with one language, one kind of disposition, and even one set of physical conditions to live in. But in His wisdom, He gives us diversity in these things, not only at any given time, but also in different periods and ages. This tests our capacity for unity and accentuates the need of unity and self esteem. Since geography has made us neighbors, let freedom make us friends and let us understand that the real issue now, then, lies on the question of whether we can collectively make sufficient unanimous, efficient declaration of unbreakable unity, stand by our declaration, rally behind common goals and understand our differences even during rough rides, which surely will be the price to pay but so negligible will they be compared to the surplus of economic and political growth to come afterwards. Let us rally and support a government that is guided by the following the very simple, four-step formula that has guided great leaders of the world. It will ask for citizens' input. It will answer. It will listen. It will take action. Only by working together can we realize the benefits of our strong economy, identify and invest in the priorities that matter and realize the promise of our founding fathers. Nigeria has always known about that promise. Let us work together to feel and see the promise fulfilled" ..BJ