Country Overview

Nigeria is located in West Africa and is the most populous country on the continent, with a population of about 206 million, accounting for roughly 17% of Africa’s total population. It covers a land area of 923,769 square kilometers. Abuja, the capital, serves as the political center, while Lagos is one of Africa’s largest cities and a major global hub for commerce, finance, and culture. English is the official language, and as a member of the Commonwealth, Nigeria enjoys strong international connections and collaboration opportunities.

Natural Resources

Nigeria is exceptionally rich in natural resources. It is Africa’s largest oil producer, with oil reserves of about 37.2 billion barrels and natural gas reserves of 5.8 trillion cubic meters, ranking second and first in Africa respectively. Oil and gas exports account for around 62% of national revenue and are the main source of foreign exchange. Nigeria is also the world’s largest producer of cassava and the third-largest producer of cocoa. It is one of the world’s leading agricultural producers, with key products including cocoa, palm oil, soybeans, sesame, and more.

Economy and Key Industries

Nigeria’s economic structure is becoming increasingly diversified. Oil and natural gas remain the backbone industries, contributing about 90% of foreign-exchange earnings, while agriculture—particularly cassava, cocoa, and palm oil—and manufacturing sectors such as food processing, cement, and fertilizers are steadily gaining strength. In the services sector, information and communications technology (ICT) and financial technology (FinTech) are expanding rapidly; Nigeria’s FinTech market is expected to reach around US$30 billion by 2025. At the same time, the telecommunications sector is growing at a rate of 6.78%, driving digital transformation and the spread of internet access.

Passport Mobility

The Nigerian passport offers visa-free or visa-on-arrival access to about 57 destinations worldwide, including a number of countries in Europe, Asia, and Africa, enabling Nigerian citizens to travel and conduct business internationally with much greater ease. As a member of the Economic Community of West African States (ECOWAS), Nigerian citizens can also move freely across 15 ECOWAS countries, enjoy visa-free entry, and stay for up to 90 days in most member states, which greatly facilitates cross-border travel and business cooperation within the West African region.