Trade & Business in Nigeria

Nigeria is Africa's largest economy and the most populous country on the continent with over 230 million people. The country is a member of OPEC, the African Union, and the African Continental Free Trade Area (AfCFTA).

Key economic sectors include petroleum and natural gas, agriculture, telecommunications, banking and finance, manufacturing, and the growing technology sector (particularly in Lagos).

Oil & Gas

Nigeria is Africa's largest oil producer and a major OPEC member. The sector accounts for approximately 90% of export earnings. The landmark Dangote Petroleum Refinery in Lagos — Africa's largest refinery — reached 610,000 barrels per day capacity in 2026 and is expanding to 1.4 million barrels per day, positioning Nigeria to become a net exporter of refined petroleum products.

Agriculture

Agriculture employs over 35% of Nigeria's workforce. Major products include cocoa, palm oil, rubber, groundnuts, cassava, yams, and rice. The government's agricultural diversification policies are expanding opportunities for agribusiness investment.

Technology & Fintech

Lagos is Africa's leading tech hub, home to major startups like Flutterwave, Paystack (acquired by Stripe), Andela, and Interswitch. Nigeria's fintech sector leads the continent in innovation and investment.

Telecommunications

With over 200 million mobile subscribers, Nigeria is Africa's largest telecoms market. Major operators include MTN Nigeria, Airtel, Globacom, and 9mobile.

Manufacturing

The Dangote Group is Africa's largest industrial conglomerate, with operations in cement, sugar, salt, flour, and petroleum. Other major manufacturers include Nestle Nigeria, Unilever Nigeria, and Nigerian Breweries.

Nigeria is a signatory to the African Continental Free Trade Area (AfCFTA), the world's largest free trade area by number of participating countries with 54 member states.

• Market access: Preferential access to a combined market of 1.3 billion people
• Tariff reduction: Progressive elimination of tariffs on 90% of goods
• Investment boost: Enhanced opportunities for cross-border business
• Nigeria's role: As the largest economy, Nigeria is central to AfCFTA's success

The NIPC is the government agency mandated to encourage, promote, and coordinate investments in Nigeria. It provides:

• One-Stop Investment Centre (OSIC): Single window for all investment-related approvals, with 27 government agencies represented
• Pioneer Status Incentive: Tax holidays of 3-5 years for qualifying investments
• Investment facilitation: Assistance with business registration, permits, and regulatory compliance
• Data and research: Investment intelligence and market analysis

Foreign investors can hold 100% ownership in most sectors. The Companies and Allied Matters Act (CAMA) 2020 modernized business registration through the Corporate Affairs Commission (CAC).

Foreign nationals visiting Nigeria for business purposes need a business visa or the appropriate work permit:

• Business Visa: For short-term business activities (meetings, conferences, negotiations)
• STR Visa (Subject to Regularization): For expatriates taking up employment, valid 90 days (must be regularized with CERPAC)
• TWP (Temporary Work Permit): For specific project-based work assignments

Apply through the e-Visa system or at your nearest Nigerian embassy. A business invitation letter from the Nigerian company is required.

• Africa's largest economy and most populous nation
• Young and growing consumer market
• Leading tech ecosystem in Africa
• AfCFTA market access
• Abundant natural resources
• Strategic location in West Africa