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PEST Analysis: Nigeria

October 2024

Despite some progress on corruption, economic freedom remains constrained, but public finances are sustainable. Inflation has been exacerbated by the removal of state subsidies, causing the economy to struggle, whilst the export base remains highly undiversified. Although falling, fertility rates are high, but poverty has risen and high inflation is causing food insecurity. Strength is evident in the mobile sector and more sub-sea cables are improving connectivity, but 5G adoption is slow.

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Overview:

Country Profiles examine the economic and political trends in 210 countries and associated regions, serving as a one-stop-shop for data and analysis on the economy, political landscape and the business environment. This report series allows you to understand the macro-economic environment as a basis for strategic planning.

If you're in the Commodities industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty

The Commodities in Nigeria report includes:

Analysis of the country's political and macroeconomic stability
An overview of the economic structure and major industries
Latest economic performance

This report answers:

What is the economic outlook?
How stable is the political environment?
What are the country's risks and vulnerabilities?
What are the best sectors for investment?
Where should we focus our expansion strategy?
Which countries are moving up the value added chain away from primary sectors?

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PEST Analysis: Nigeria

PEST ANALYSIS

Chart 1 Main PEST Points in Nigeria

POLITICAL ENVIRONMENT

Opportunities

Challenges

Chart 2 Political Environment Dynamics in Nigeria

ECONOMIC ENVIRONMENT

Opportunities

Challenges

Chart 3 Economic Environment Dynamics in Nigeria

SOCIAL ENVIRONMENT

Opportunities

Challenges

Chart 4 Social Environment Dynamics in Nigeria

TECHNOLOGICAL ENVIRONMENT

Opportunities

Challenges

Chart 5 Technological Environment Dynamics in Nigeria

The following categories and subcategories are included:

Commodities

- - - Cereals Output Index
    - Crops Output Index
    - Livestock Output Index
  - Non Food Output Index
- - - - Arable Land
      - Permanent Cropland
      - Permanent Pasture Land
    - Other Land
    - Forest Land
  - Inland Water
- - Area harvested for Apples
  - Area harvested for Artichokes
  - Area harvested for Bananas
  - Area harvested for Cabbages and Other Brassicas
  - Area harvested for Cantaloupes and Other Melons
  - Area harvested for Carrots and Turnips
  - Area harvested for Cassava
  - Area harvested for Cauliflower and Broccoli
  - - Area harvested for Barley
    - Area harvested for Buckwheat
    - Area harvested for Maize
    - Area harvested for Millet
    - Area harvested for Oats
    - Area harvested for Rice
    - Area harvested for Rye
    - Area harvested for Sorghum
    - Area harvested for Wheat
  - Area harvested for Cinnamon
  - Area harvested for Cocoa Beans
  - Area harvested for Coffee (green)
  - Area harvested for Cucumbers and Gherkins
  - Area harvested for Garlic
  - Area harvested for Grapes
  - Area harvested for Groundnuts
  - Area harvested for Hops
  - Area harvested for Lemons and Limes
  - Area harvested for Oil Palm Fruit
  - Area harvested for Leeks and Other Alliaceous Vegetables
  - Area harvested for Onions
  - Area harvested for Lettuce and Chicory
  - Area harvested for Oranges
  - Area harvested for Okra
  - Area harvested for Peaches and Nectarines
  - Area harvested for Pears
  - Area harvested for Pepper
  - Area harvested for Pineapples
  - Area harvested for Potatoes
  - Area harvested for Pulses
  - Area harvested for Quinoa
  - Area harvested for Rapeseed
  - Area harvested for Soybeans
  - Area harvested for Sugar Beet
  - Area harvested for Spinach
  - Area harvested for Strawberries
  - Area harvested for Sugar Cane
  - Area harvested for Tangerines, Mandarins, Clementines
  - Area harvested for Tea
  - Area harvested for Tobacco
  - Area harvested for Tomatoes
  - - Area harvested for Almonds
    - Area harvested for Cashew Nuts
    - Area harvested for Hazelnuts
    - Area harvested for Walnuts
    - Area harvested for Other Tree Nuts
  - Area harvested for Vanilla
  - Area harvested for Watermelons
- - Yield of Apples
  - Yield of Artichokes
  - Yield of Bananas
  - Yield of Cabbages and Other Brassicas
  - Yield of Cauliflower and Broccoli
  - - Yield of Barley
    - Yield of Buckwheat
    - Yield of Maize
    - Yield of Millet
    - Yield of Oats
    - Yield of Rice
    - Yield of Rye
    - Yield of Sorghum
    - Yield of Wheat
  - Yield of Cantaloupes and Other Melons
  - Yield of Carrots and Turnips
  - Yield of Cassava
  - Yield of Cinnamon
  - Yield of Cocoa Beans
  - Yield of Coffee (green)
  - Yield of Garlic
  - Yield of Grapes
  - Yield of Cucumbers and Gherkins
  - Yield of Groundnuts
  - Yield of Hops
  - Yield of Lemons and Limes
  - Yield of Oil Palm Fruit
  - Yield of Leeks and Other Alliaceous Vegetables
  - Yield of Onions
  - Yield of Lettuce and Chicory
  - Yield of Oranges
  - Yield of Okra
  - Yield of Peaches and Nectarines
  - Yield of Pears
  - Yield of Pepper
  - Yield of Pineapples
  - Yield of Potatoes
  - Yield of Pulses
  - Yield of Quinoa
  - Yield of Rapeseed
  - Yield of Soybeans
  - Yield of Sugar Beet
  - Yield of Spinach
  - Yield of Strawberries
  - Yield of Sugar Cane
  - Yield of Tangerines, Mandarins, Clementines
  - Yield of Tea
  - Yield of Tobacco
  - Yield of Tomatoes
  - - Yield of Almonds
    - Yield of Cashew Nuts
    - Yield of Hazelnuts
    - Yield of Walnuts
    - Yield of Other Tree Nuts
  - Yield of Vanilla
  - Yield of Watermelons
- - Production of Apples
  - Production of Artichokes
  - Production of Bananas
  - Production of Cabbages and Other Brassicas
  - Production of Cauliflower and Broccoli
  - - Production of Barley
    - Production of Buckwheat
    - Production of Maize
    - Production of Millet
    - Production of Oats
    - Production of Rice
    - Production of Rye
    - Production of Sorghum
    - Production of Wheat
  - Production of Cantaloupes and Other Melons
  - Production of Carrots and Turnips
  - Production of Cassava
  - Production of Cinnamon
  - Production of Cocoa Beans
  - Production of Coffee (green)
  - Production of Garlic
  - Production of Grapes
  - Production of Cucumbers and Gherkins
  - Production of Groundnuts
  - Production of Hops
  - Production of Lemons and Limes
  - Production of Oil Palm Fruit
  - Production of Leeks and Other Alliaceous Vegetables
  - Production of Onions
  - Production of Lettuce and Chicory
  - Production of Oranges
  - Production of Okra
  - Production of Peaches and Nectarines
  - Production of Pears
  - Production of Pepper
  - Production of Pineapples
  - Production of Potatoes
  - Production of Pulses
  - Production of Quinoa
  - Production of Rapeseed
  - Production of Soybeans
  - Production of Sugar Beet
  - Production of Spinach
  - Production of Strawberries
  - Production of Sugar Cane
  - Production of Tangerines, Mandarins, Clementines
  - Production of Tea
  - Production of Tobacco
  - Production of Tomatoes
  - - Production of Almonds
    - Production of Cashew Nuts
    - Production of Hazelnuts
    - Production of Walnuts
    - Production of Other Tree Nuts
  - Production of Vanilla
  - Production of Watermelons
  - - Production of Coconut Oil
    - Production of Cottonseed Oil
    - Production of Groundnut Oil
    - Production of Linseed Oil
    - Production of Maize Oil
    - Production of Palm Kernel Oil
    - Production of Palm Oil
    - Production of Rapeseed Oil
    - Production of Sesame Oil
    - Production of Soya Bean Oil
    - Production of Sunflower Oil
    - Production of Olive Oil
    - Production of Beer
    - Production of Wine
- - Production of Butter and Ghee
  - Production of Cheese
  - Production of Dried Cows' Milk
  - Production of Evaporated Milk
  - Production of Fresh Cows' Milk
  - Production of Hen Eggs
  - Production of Honey
- Fish and Seafood Catch
- - Production of Beef and Veal
  - Production of Goat Meat
  - Production of Horse Meat
  - Production of Mutton and Lamb
  - Production of Pig Meat
  - Production of Poultry
- - Production of Fuelwood and Charcoal
  - Production of Household and Sanitary Paper
  - Production of Newsprint
  - Production of Paper and Paperboard
  - Production of Printing and Writing Paper
  - Production of Roundwood
  - Production of Sawnwood and Sleepers
  - Production of Wood Pulp
- - Asses
  - Cattle
  - Chickens
  - Goats
  - Horses
  - Pigs
  - Sheep
- - Cost of Apples per Tonne
  - Cost of Bananas per Tonne
  - Cost of Barley per Tonne
  - Cost of Beans per Tonne
  - Cost of Cattle Meat per Tonne
  - Cost of Chicken Meat per Tonne
  - Cost of Cocoa Beans per Tonne
  - Cost of Fresh Cow Milk per Tonne
  - Cost of Grapes per Tonne
  - Cost of Greasy Wool per Tonne
  - Cost of Green Coffee per Tonne
  - Cost of Groundnuts With Shell per Tonne
  - Cost of Maize per Tonne
  - Cost of Oranges per Tonne
  - Cost of Palm Oil per Tonne
  - Cost of Pig Meat per Tonne
  - Cost of Potatoes per Tonne
  - Cost of Rice per Tonne
  - Cost of Rye per Tonne
  - Cost of Seed Cotton per Tonne
  - Cost of Sheep Meat per Tonne
  - Cost of Soybeans per Tonne
  - Cost of Sugar Cane per Tonne
  - Cost of Sugar Beet per Tonne
  - Cost of Tea per Tonne
  - Cost of Tomatoes per Tonne
  - Cost of Unmanufactured Tobacco per Tonne
  - Cost of Wheat per Tonne
- - Production of Cotton Lint
  - Production of Jute
  - Production of Silk
  - Production of Wool
- - Land Used in Organic Farming
- - Fertiliser consumption
  - Use of Fertilisers: Nitrogen
  - Use of Fertilisers: Phosphate
  - Use of Fertilisers: Potash
- Threatened Amphibian Species
- Threatened Bird Species
- Threatened Fish Species
- Threatened Mammal Species
- Threatened Reptile Species
- Threatened Vascular Plant Species
- Protected Biosphere Reserves: Sites
- Protected Biosphere Reserves: Area
- Wetlands Under Protection: Sites
- Wetlands Under Protection: Area
- - Terrestrial Protected Areas
  - Marine Protected Areas
- - Terrestrial Protected Areas as % of Total Area
  - Marine Protected Areas as % of Total Area
- Mean Maximum Temperature
- Mean Minimum Temperature
- Mean Temperature
- Total Precipitation
- - Commodity Fuel (Energy) Index
  - Metals Index
  - Agricultural Raw Materials Index
  - Beverages Index
  - Food Index
- - Cotton Price
  - Hard Logs Price
  - Hard Sawnwood Price
  - Rubber Price
  - Tobacco Price
  - Wool Price
- - Coal Price
  - Crude Oil (Europe Brent) Spot Price
  - Crude Oil (WTI Cushing) Spot Price
  - Natural Gas Price, Europe
  - Natural Gas Price, Japan
  - Natural Gas Price, USA
- - Apple Price
  - Banana Price
  - Beef Price
  - Cardamom Price
  - Chicken Price
  - Cocoa Price
  - Coconut Oil Price
  - Coffee Price
  - Coriander Price
  - Corn Price
  - Cumin Price
  - Grapefruit Price
  - Lamb Price
  - Lemon Price
  - Lime Price
  - Milk Price, European Union
  - Milk Price, New Zealand
  - Milk Price, USA
  - Orange Juice Price
  - Orange Price
  - Peanut Price
  - Palm Oil Price
  - Pepper Price
  - Pork Price
  - Rice Price
  - Salmon Price
  - Soybeans Price
  - Strawberry Price
  - Sugar Price, European Union
  - Sugar Price, USA
  - Sugar Price, World
  - Tea Price
  - Turmeric Price
  - Wheat Price
- - Aluminium Price
  - Copper Price
  - Gold Price
  - Iron Ore Price
  - Lead Price
  - Nickel Price
  - Silver Price
  - Steel Price, China
  - Steel Price, USA
  - Steel Price, Western Europe
  - Tin Price
  - Zinc Price
- - - Primary Production of Coal, Peat and Oil Shale
    - Imports of Coal, Peat and Oil Shale
    - Exports of Coal, Peat and Oil Shale
  - - Primary Production of Crude Oil and Natural Gas Liquids (NGL)
    - Imports of Crude Oil and Natural Gas Liquids (NGL)
    - Exports of Crude Oil and Natural Gas Liquids (NGL)
  - - Imports of Oil Products
    - Exports of Oil Products
  - - Primary Production of Natural Gas
    - Imports of Natural gas
    - Exports of Natural gas
  - - Primary Production of Nuclear Energy
  - - Primary Production of Hydro Energy
  - - Primary Production of Geothermal Energy
  - - Primary Production of Solar, Wind and Other Energy
  - - Primary Production of Biofuels and Waste
    - Imports of Biofuels and Waste
    - Exports of Biofuels and Waste
  - - Imports of Electricity
    - Exports of Electricity
  - Primary Energy Supply of Heat
- Energy Efficiency
- Energy Intensity
- Final Consumption of Energy
- - Final Consumption of Coal, Peat and Oil Shale
  - Final Consumption of Crude Oil and Natural Gas Liquids (NGL)
  - Final Consumption of Oil Products
  - Final Consumption of Natural Gas
  - Final Consumption of Geothermal
  - Final Consumption of Solar, Wind and Other Renewables
  - Final Consumption of Biofuels and Waste
  - Final Consumption of Electricity
  - Final Consumption of Heat
  - Share of Final Consumption of Renewable Energy
  - Share of Final Consumption of Non-Renewable Energy
- - Final Consumption of Energy by Industry
  - Final Consumption of Energy by Transport
  - - Residential Consumption of Electricity
    - Residential Consumption of Gas
  - Final Consumption of Energy by Commerce
  - Final Consumption of Energy by Other Industries
  - Non Energy Final Consumption
- - - Electricity Output from Geothermal Generation
    - Electricity Output from Hydroelectric Generation
    - Electricity Output from Solar Generation
    - Electricity Output from Wind-Powered Generation
    - Electricity Output from Other Sources
  - - Electricity Output from Fossil Fuels
    - Electricity Output from Nuclear Generation
    - Electricity Output from Combustible Renewables and Waste Generation
  - Share of Electricity Output from Renewables
  - Share of Electricity Output from Non-Renewables
- Heat Output
- - - Production of Aviation Fuels
    - - Production of Biogasoline
      - Production of Biodiesel
      - Production of Other Liquid Biofuels
    - Production of Diesel/Gasoil
    - Production of Liquefied Gases
    - Production of Motor Gasoline
  - - Consumption of Aviation Fuels
    - - Consumption of Biogasoline
      - Consumption of Biodiesel
      - Consumption of Other Liquid Biofuels
    - Consumption of Diesel/Gasoil
    - Consumption of Liquefied Gases
    - Consumption of Motor Gasoline
- - - Ratio of Proven Coal Reserves to Production
    - Proven Coal Reserves (Year-End)
    - Share of World Coal Reserves
  - - Ratio of Proven Oil Reserves to Production
    - Proven Oil Reserves (Year-End, '000 Million Barrels)
    - Proven Oil Reserves (Year-End)
  - - Ratio of Proven Natural Gas Reserves to Production
    - Proven Natural Gas Reserves (Year-End)
- Investment in Energy with Private Participation
- - Residential Electricity Price per MWh
  - Residential Gas Price per MWh
  - Residential Heating Oil Price per 1000 litres
  - Industry Electricity Price per MWh
  - Industry Gas Price per MWh
  - Industry Fuel Oil Price per 1000 litres
- - Capacity of Nuclear Reactors in Operation
  - Capacity of Nuclear Reactors Under Construction
  - Nuclear Reactors in Operation
  - Nuclear Reactors Under Construction
- - Rural Population with Access to Electricity
  - Urban Population with Access to Electricity
- Population with Access to Clean Fuels and Technologies for Cooking
- - Domestic Extraction
  - Import of Materials
  - Export of Materials
- Domestic Material Consumption of Biomass
- Domestic Material Consumption of Metal Ores
- Domestic Material Consumption of Non-Metallic Minerals
- Domestic Material Consumption of Fossil Energy
- Domestic Material Consumption of Other Products
- Material Resource Productivity
- Production of Aluminium
- Production of Antimony
- Production of Arsenic
- Production of Asbestos
- Production of Barite
- Production of Bauxite
- Production of Bismuth
- Production of Boron
- Production of Bromine
- Production of Cadmium
- Production of Chromium
- Production of Cobalt
- Production of Copper Ore
- Production of Crude Steel
- Production of Diatomite
- Production of Feldspar
- Production of Fluorspar
- Production of Gallium
- Production of Germanium
- Production of Gold
- Production of Graphite
- Production of Gypsum
- Production of Indium
- Production of Iodine
- Production of Iron Ore
- Production of Kaolin
- Production of Lead Ore
- Production of Lithium
- Production of Magnesite
- Production of Magnesium
- Production of Mercury
- Production of Mica
- Production of Nickel
- Production of Perlite
- Production of Phosphate Rock
- Production of Pig Iron
- - Production of Palladium
  - Production of Platinum
- Production of Potash
- Production of Rare Earth Oxides
- Production of Refined Copper
- Production of Refined Lead
- Production of Rhenium
- Production of Selenium
- Production of Sillimanite
- Production of Silver
- Production of Slab Zinc
- Production of Smelter Copper
- Production of Smelter Tin
- Production of Sodium Carbonate
- Production of Strontium
- Production of Talc
- Production of Tantalum and Niobium
- Production of Tin Ore
- Production of Tungsten
- Production of Vanadium
- Production of Vermiculite
- Production of Wollastonite
- Production of Zinc Ore
- Production of Zirconium
- Climatological Disasters
- Geophysical Disasters
- Hydrological Disasters
- Meteorological Disasters
- - Exposure Index
  - Susceptibility Index
  - Lack of Coping Capacities Index
  - Lack of Adaptive Capacities Index
- - Exposure Ranking
  - Susceptibility Ranking
  - Lack of Coping Capacities Ranking
  - Lack of Adaptive Capacities Ranking
- Coal Rents
- Forest Rents
- Mineral Rents
- Natural Gas Rents
- Oil Rents
- - - CO Annual Mean
    - SO2 Annual Mean
    - NO2 Annual Mean
    - PM2.5 Annual Mean
    - PM10 Annual Mean
  - - CO Annual Peak
    - SO2 Annual Peak
    - NO2 Annual Peak
    - PM2.5 Annual Peak
    - PM10 Annual Peak
- Consumption of All Ozone Depleting Substances
- - - CO2 Emissions from the Consumption and Flaring of Natural Gases
    - CO2 Emissions from the Consumption of Coal
    - CO2 Emissions from the Consumption of Petroleum
  - CO2 Emissions per Unit of Output
  - CO2 Emissions from Transport
- - CO Emissions
  - NOx Emissions
  - PM10 Concentration
  - SO2 Emissions
  - Methane Emissions
  - Methane Emissions from Agriculture
- - - Greenhouse Gas Emissions from Transport
  - Greenhouse Gas Emissions from Industry
  - Greenhouse Gas Emissions from Agriculture
  - Greenhouse Gas Emissions from Waste
- Greenhouse Gas Emissions Efficiency
- Greenhouse Gas Emissions Intensity
- - Electronic Products Put on Market
  - Electronic Waste Collected
  - Electronic Waste Recovered
- - Hazardous Industrial Waste
  - Municipal Waste
  - - Metal Waste Generated
    - Glass Waste Generated
    - Paper and Cardboard Waste Generated
    - Rubber Waste Generated
    - Plastic Waste Generated
    - Wood Waste Generated
    - Textile Waste Generated
- - Waste Generated by Agriculture, Forestry and Fishing
  - Waste Generated by Mining and Quarrying
  - Waste Generated by Manufacturing
  - Waste Generated by Electricity, Gas, Steam and Air Conditioning Supply
  - Waste Generated by Water Supply, Sewerage, Waste Management
  - Waste Generated by Construction
  - Waste Generated by Services
  - Waste Generated by Households
  - Waste Generated by Wholesale of Waste and Scrap
- - Waste Intensity in Agriculture, Forestry and Fishing
  - Waste Intensity in Mining and Quarrying
  - Waste Intensity in Manufacturing
  - Waste Intensity in Construction
- - Recycling
  - Composting
  - Incineration
  - Landfill and other disposal
- - Metal Waste Recycled
  - Glass Waste Recycled
  - Paper and cardboard Waste Recycled
  - Rubber Waste Recycled
  - Plastic Waste Recycled
  - Wood Waste Recycled
  - Textile Waste Recycled
- - Internal Renewable Water Resources
  - External Renewable Water Resources
- Reliance (dependency) on External Water Resources
- - Exploitable: Regular Renewable Surface Water
  - Exploitable: Irregular Renewable Surface Water
  - Exploitable: Total Renewable Surface Water
  - Exploitable: Regular Renewable Groundwater
- Dam Capacity
- - Agricultural Water Withdrawal
  - Industrial Water Withdrawal
  - Municipal Water Withdrawal
- - Fresh Surface Water Withdrawal
  - Fresh Groundwater Withdrawal
- Water Stress
- Water Productivity
- Water Intensity
- - Rural Population Using at least Basic Drinking Water Services
  - Urban Population Using at least Basic Drinking Water Services
- - Rural Population Using at least Basic Sanitation Services
  - Urban Population Using at least Basic Sanitation Services
- Length of Marine Coastline
- - Produced Municipal Wastewater
  - Collected Municipal Wastewater
  - Treated Municipal Wastewater
- - Irrigated Land
  - Agricultural Water Managed Area
  - % of Agricultural Water Managed Area Equipped for Irrigation
  - Harvested Irrigated Crop Area
  - Harvested Irrigated Crop Area as % of Full Control Irrigation Area Actually Irrigated

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