Main Industry SectorsEconomic OverviewForeign Direct Investment [FDI]FDI Government MeasuresCountry Strong PointsCountry Weak PointsForeign Trade Overview
The second biggest African economy and the eigth biggest oil exporter in the world, Nigeriawas stronly hit by the world economic crisis, which led to a decline in the oil price. In 2010, theGDP growth however reached 7.4%, stimulated by the economy recovery adn the increase in oilprice. This trend should continue on this level in 2011. During his tenure, the former President Olusegun Obasanjo had launched the NationalEconomic Empowerment Development Strategy (NEEDS). This policy aimed to boost growth inthe non-oil sector and improve macro-economic stability. These issues remain a priority for thecurrent Head of State Umaru YarAdua.
. In addition, the country has launched a range of economic policies whose purpose is tomake the State one of the top twenty global economic powers. Handing the energeticcrisis, food security, employment, the development of transports and the financialreform are the main goals. More short-term, the authorities are committed to reducingthe budget deficit and controlling inflation.Despite the countrys economic dynamism, Nigerias social report is lower than theaverage in African countries. Half the population lives under the poverty threshold,pandemics are rife (HIV, tuberculosis), infant mortality is high and there are significantinequalities.
Today, Nigeria is the main recipient of FDI in sub-saharan Africa. However, the slowing down of theglobal economy and the deterioration of security in the country, have curbed investments in2009. Nevertheless, FDI is expected to remain substantial in the coming years, with the priority being in theoil and liquid natural gas sectors.However, the country retains advantages such as a partially privatized economy, an advantageous taxationsystem, significant natural resources and low-cost labor. On the other hand, widespread corruption, politicalinstability, lack of transparency and the poor quality of infrastructures, limit FDI potential. The main investor countries are the United States, China, and the Netherlands.
Nigeria is a country open to the foreign trade, which represented around 60% in 2009. Thecountry has been improving access of non-agricultural products to its market, but at a rather slowpace. The trade policy aims to promote and diversify exports by strengthening nationalcompetitiveness and liberalizing by reducing subsidies. Customs duties are not very high. Despite attempts at liberalization, Nigerias trade regimecontinues to be protectionist in certain sectors like agriculture. However, raw materials andintermediate goods enjoy tariff concessions. Import restrictions and tariff protection haveeffected trade development and resulted in the increase of consumer prices. Limited financialmeans, a crumbling economy and the weak official exchange rates have limited trade growth.The trade balance is positive. After a clear decrease of the surplus in 2009, due to the drop inincome from oil, the surpus again grew and should remain comfortable in the coming years. Nigerias main trade partners are the United States, the European Union and China.
Spains main strong points are flexibility and adaptability of economic operators and in thequality of life the country offers.
Spain’s weak points are the low productivity of its manpower, its weakcompetitiveness as well as a growing trade balance deficit. The complexity of the regulation system with regard to the 17Autonomous Communities is also a hindrance to investment.
Foreign trade has little impact on the countrys GDP growth. The Spanish trade deficit worsened in 2009 and 2010. Spanish imports fell by half in 2009, exports too lacked vigor. The energy bill reached EUR 41.8 million, which is almost 15% of the total imports. Spanish burden decreased because of the drop in Brent future price and the increase in theproduction of renewable energy. Apart from food products (e.g.: fruits and vegetables) whose balance remains in surplus, there is anegative balance for other items, which shows that Spain is loosing its competitiveness. The main trade partners are the countries of the European Union, France being the first destinationof Spanish exports (19.2% in 2009). France imports Spanish food products, cars, chemical and textile products. Spain also has goodtrade relations with the Maghreb countries.
Visit us to download for related reportsMarket Opportunities of products and Services in Nigeria.Export and investment sector opportunities in Nigeria.Overview of Trade Regulations, Customs and Standards Nigeria.Nigeria Investment guide for beginners.Business and Project Financing in Nigeria.Business Travel Advisory in Nigeria.
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