Nigeria

Nigeria has been home to a number of ancient and indigenous pre-colonial states and kingdoms over the millennia. The modern state originated from British colonial rule beginning in the 19th century, and took its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914 by Lord Frederick Lugard. The British set up administrative and legal structures while practicing indirect rule through traditional chiefdoms; Nigeria became a formally independent federation on October 1, 1960. It experienced a civil war from 1967 to 1970. It thereafter alternated between democratically-elected civilian governments and military dictatorships until it achieved a stable democracy in 1999, with the 2015 presidential election marking the first time an incumbent president had lost re-election.

A multinational state, Nigeria is inhabited by more than 250 ethnic groups with over 500 distinct languages all identifying with a wide variety of cultures.[7][8][9] The three largest ethnic groups are the Hausa–Fulani in the north, Yoruba in the west, and Igbo in the east; comprising over 60% of the total population.[10] The official language of Nigeria is English, chosen to facilitate linguistic unity at the national level.[11] Nigeria is divided roughly in half between Muslims, who live mostly in the north, and Christians, who live mostly in the south. (Cameroon, adjacent to that portion, is predominantly Christian.) Nigeria has respectively, the fifth-largest Muslim population in the world and the sixth-largest Christian population in the world,[12] with the constitution ensuring freedom of religion.[13] A minority of the population practice religions indigenous to Nigeria, such as those native to the Igbo and Yoruba ethnicities.

Nigeria is the most populous country in Africa and the seventh most populous country in the world, with an estimated 206 million inhabitants as of late 2019. Nigeria has the third-largest youth population in the world, after India and China, with more than 90 million of its population under the age of eighteen.[18][19] Nigeria has the largest economy in Africa and is the world’s 24th largest economy according to the list by the IMF (2020 estimates), worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity, respectively. The 2013 debt-to-GDP ratio was 11 percent as of 2019 it has risen to an approximated figure of 16 percent. Nigeria is a lower middle-income economy with a gross national income per capita between $1,026 and $3,986. Nigeria is often referred to as the “Giant of Africa”, owing to its large population and economy, it is also considered to be an emerging market by the World Bank; it has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power.

However, its Human Development Index ranks 158th in the world.

Nigeria is a member of the MINT group of countries, which are widely seen as the globe’s next “BRIC-like” economies. It is also listed among the “Next Eleven” economies set to become among the biggest in the world. Nigeria is a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations, the ECOWAS, and OPEC.

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.