The report PESTLE
Insights: Macroeconomic Outlook Report- Nigeria identifies the
country as an investment destination by analyzing
political, economic, social, technological, legal and environmental factors.
The report helps in understanding the market dynamics and business potentials
by analyzing various risk factors that
are likely to affect the business. The report also studies the country’s
geography and analyses the best performing countries and the industries
operating there.
Nigeria is a West-African country.
It is bordered by Benin in the west, Chad and Cameroon in
the east, and Niger in the north; its coast in the south lies on
the Gulf of Guinea in the Atlantic
Ocean. It is officially a democratic secular
country and is often referred to as the ‘Giant of Africa’ due to the
large size of the economy and population. Nigeria is the most populous country
in Africa and seventh largest in the world. The country is well-known for its
young, working population which accounts for the world’s third largest youngest population. The official
language of the Nigerians is English. The country is considered one of the
fastest growing economies as per the World Bank.
Politically, Nigeria has seen the
same party in power for more than 15 years. The country has a strong democracy
and a multi-party system which has more than ten parties but mainly dominated
by two parties- the ruling and the opposition. The country will see their next
general elections in the year 2019 where the current President will be eligible
for re-election. During the period of
elections, businesses and media generally account for an increase in spending
and their turnovers. It is a fairly stable country barring the uprising
terrorism in the northern parts of the country. Economically, Nigeria has been
solely dependent on oil for a long time. Owing to the glut in the oil market in
the recent past, there has been shrink in the revenues of the Nigerian government.
The country is facing an
unemployment crisis; thus, there is a great availability of cheap labour. Socio-culturally, the country is highly
populous and thus has seen a huge amount foreign direct investment due to the
potential. Despite most of the population living below the poverty line,
Nigerians are known to spend frivolously on fashion and technology.
Technologically, Nigerians are constantly adapting to the latest trends in
technology and are becoming tech-savvy. One of the highest- populated youth countries, the youth are computer literate.
High smartphone penetration in the
country is encouraging many players to reap the
online market. Legally, the country has a progressive tax system.
Environmentally, ecology is very important in Nigeria and the central
government encourages the local governments to regulate their own laws for
preservation.
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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
