nigeria profile

The Federal Republic of Nigeria is located in West Africa. It is bordered by Cameroon, Niger, Chad and Benin. Nigeria is referred as the `Giant of Africa’, due to its strong economy and large population. Its population reached 191 million in 2018 and Nigeria has the highest GDP in Africa with $375 Billion. Nigeria overtook South Africa in 2014 to become Africa’s largest economy. Nigeria is a member of African Union, United Nations, OPEC and Commonwealth.

Nigeria gained independence in 1960 from the United Kingdom. The official language of the country is English and its capital is Abuja. However, the biggest city and the industrial hub of Nigeria is Lagos. The population of Lagos is more than 20 million. Nigeria’s economy boomed thanks to oil industry. However, the economy of Nigeria is heavily dependent on oil price fluctuations.

China is the most important trade partner of Nigeria. Whereas, Nigeria exports most of its crude petroleum to India and USA. Nigeria has a positive trade balance, it exports more than it imports. However, the trade balance deteriorated due to decreasing oil price in the last years.

Turkey and Nigeria has diplomatic relations since the independence of Nigeria. Turkey opened an Embassy in Lagos, previous capital of Nigeria, in August 1962. Turkish businesses can find important opportunities in Nigeria thanks to its large and diversified economy. Manufacturing and food companies can use Nigeria as a hub to expand to other West African countries. The exports of Turkey to Nigeria are concentrated in industrial goods and agricultural products. Especially, processed iron is an important export good from Turkey to Nigeria.

Below, you can see the fact sheet, macroeconomic outlook and trade relations of Nigeria with Turkey.

nigeria population gdp balance of payment
nigeria population gdp balance of payment