2. Main Industry Sectors
Economic Overview
Foreign Direct Investment [FDI]
FDI Government Measures
Country Strong Points
Country Weak Points
Foreign Trade Overview

3. The second biggest African economy and the eigth biggest oil exporter in the world, Nigeria
was stronly hit by the world economic crisis, which led to a decline in the oil price. In 2010, the
GDP growth however reached 7.4%, stimulated by the economy recovery adn the increase in oil
price. This trend should continue on this level in 2011.
During his tenure, the former President Olusegun Obasanjo had launched the National
Economic Empowerment Development Strategy (NEEDS). This policy aimed to boost growth in
the non-oil sector and improve macro-economic stability. These issues remain a priority for the
current Head of State Umaru Yar'Adua.

4. . In addition, the country has launched a range of economic policies whose purpose is to
make the State one of the top twenty global economic powers. Handing the energetic
crisis, food security, employment, the development of transports and the financial
reform are the main goals. More short-term, the authorities are committed to reducing
the budget deficit and controlling inflation.
Despite the country's economic dynamism, Nigeria's social report is lower than the
average in African countries. Half the population lives under the poverty threshold,
pandemics are rife (HIV, tuberculosis), infant mortality is high and there are significant
inequalities.

5. Today, Nigeria is the main recipient of FDI in sub-saharan Africa. However, the slowing down of the
global economy and the deterioration of security in the country, have curbed investments in
2009. Nevertheless, FDI is expected to remain substantial in the coming years, with the priority being in the
oil and liquid natural gas sectors.
However, the country retains advantages such as a partially privatized economy, an advantageous taxation
system, significant natural resources and low-cost labor. On the other hand, widespread corruption, political
instability, lack of transparency and the poor quality of infrastructures, limit FDI potential.
The main investor countries are the United States, China, and the Netherlands.

6. Nigeria is a country open to the foreign trade, which represented around 60% in 2009. The
country has been improving access of non-agricultural products to its market, but at a rather slow
pace. The trade policy aims to promote and diversify exports by strengthening national
competitiveness and liberalizing by reducing subsidies.
Customs duties are not very high. Despite attempts at liberalization, Nigeria's trade regime
continues to be protectionist in certain sectors like agriculture. However, raw materials and
intermediate goods enjoy tariff concessions. Import restrictions and tariff protection have
effected trade development and resulted in the increase of consumer prices. Limited financial
means, 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 in
income from oil, the surpus again grew and should remain comfortable in the coming years.
Nigeria's main trade partners are the United States, the European Union and China.

7. Spain's main strong points are flexibility and adaptability of economic operators and in the
quality of life the country offers.

8. Spain’s weak points are the low productivity of its manpower, its weak
competitiveness as well as a growing trade balance deficit.
The complexity of the regulation system with regard to the 17
Autonomous Communities is also a hindrance to investment.

9. Foreign trade has little impact on the country's 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 the
production of renewable energy.
Apart from food products (e.g.: fruits and vegetables) whose balance remains in surplus, there is a
negative 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 destination
of Spanish exports (19.2% in 2009).
France imports Spanish food products, cars, chemical and textile products. Spain also has good
trade relations with the Maghreb countries.

10. Visit us to download for related reports
Market 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.

11.  China  Australia
 Mexico  Germany
 United States  France
 India  Spain
 Canada  South Korea
 Russia  Vietnam
 Hong Kong  Saudi Arabia
 Colombia  Poland
 Brazil  South Africa
 Turkey  Nigeria
 Indonesia  Argentina
 Egypt  UAE
 Singapore  Netherland
 United Kingdom  Sweden
 Italy  Thailand
 Japan  Israel
and more….
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