Nigeria
Benin
Burkina Faso
Cameroon
Tchad
RDC
Cote d'ivoire
Gabon
Ghana
Guinea
Kenya
Liberia
Moçambique
Senegal
Sierra Leone
Tanzania
Uganda
Zambia
France
America
Mali
UK
Foundation
UAE
France
About Nigeria
The Federal Republic of Nigeria, commonly referred to as Nigeria, is a federal republic in West Africa, bordering 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 comprises 36 states and the Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.
Â
Introduction
Nigeria is often referred to as the Giant of Africa owing to its large population and economy and is considered to be an emerging market by the World Bank. It is a regional power in Africa, a middle power in international affairs, and is an emerging global power.
Nigeria is a multinational state inhabited by more than 250 ethnic groups speaking 500 distinct languages, all identifying with a wide variety of cultures. The three largest ethnic groups are the Hausa–Fulani in the north, Yoruba in the west, and Igbo in the east, together comprising over 60% of the total population. The official language is English, chosen to facilitate linguistic unity at the national level.
Â
Geography
Nigeria is located in western Africa on the Gulf of Guinea and has a total area of 923,768 km2 (356,669 sq mi), making it the world’s 32nd-largest country. Its borders span 4,047 kilometres (2,515 mi), and it shares borders with Benin (773 km or 480 mi), Niger (1,497 km or 930 mi), Chad (87 km or 54 mi), and Cameroon (including the separatist Ambazonia) 1,690 km or 1,050 mi. Its coastline is at least 853 km (530 mi). Nigeria lies between latitudes 4° and 14°N, and longitudes 2° and 15°E. The highest point in Nigeria is Chappal Waddi at 2,419 m (7,936 ft). The main rivers are the Niger and the Benue, which converge and empty into the Niger Delta. This is one of the world’s largest river deltas, and the location of a large area of Central African mangroves.
Nigeria’s most expansive topographical region is that of the valleys of the Niger and Benue river valleys (which merge and form a Y-shape). To the southwest of the Niger is “rugged” highland. To the southeast of the Benue are hills and mountains, which form the Mambilla Plateau, the highest plateau in Nigeria. This plateau extends through the border with Cameroon, where the montane land is part of the Bamenda Highlands of Cameroon.
Economy
Nigeria’s mixed economy is the largest in Africa. It is a lower-middle-income economy, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and Nigerian Stock Exchange. Economic development has been hindered by years of military rule, corruption, and mismanagement. The restoration of democracy and subsequent economic reforms have successfully put Nigeria back on track towards achieving its full economic potential. Next to petroleum, the second-largest source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.
During the oil boom of the 1970s, Nigeria accumulated a significant foreign debt to finance major infrastructural investments. With the fall of oil prices during the 1980s oil glut, Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt. After negotiations by the Nigerian authorities, in October 2005 Nigeria and its Paris Club creditors reached an agreement under which Nigeria repurchased its debt at a discount of approximately 60%. Nigeria used part of its oil profits to pay the residual 40%, freeing up at least $1.15 billion annually for poverty reduction programmes. Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club
Demographics
The United Nations estimates that the population of Nigeria in 2018 was at 195,874,685, distributed as 51.7% rural and 48.3% urban, and with a population density of 167.5 people per square kilometre. Around 42.5% of the population were 14 years or younger, 19.6% were aged 15–24, 30.7% were aged 25–54, 4.0% aged 55–64, and 3.1% aged 65 years or older. The median age in 2017 was 18.4 years. Nigeria is the seventh most populous country in the world. The birth rate is 35.2-births/1,000 population and the death rate is 9.6 deaths/1,000 population as of 2017, while the total fertility rate is 5.07 children born/woman.
Nigeria’s population increased by 57 million from 1990 to 2008, a 60% growth rate in less than two decades. Nigeria is the most populous country in Africa and accounts for about 17% of the continent’s total population as of 2017; however, exactly how populous is a subject of speculation.
Languages
525 languages have been spoken in Nigeria; eight of them are now extinct. In some areas of Nigeria, ethnic groups speak more than one language. The official language of Nigeria, English, was chosen to facilitate the cultural and linguistic unity of the country, owing to the influence of British colonisation which ended in 1960. Many French speakers from surrounding countries have influenced the English spoken in the border regions of Nigeria and some Nigerian citizens have become fluent enough in French to work in the surrounding countries. The French spoken in Nigeria may be mixed with some native languages and English.
The major languages spoken in Nigeria represent three major families of languages of Africa: the majority are Niger-Congo languages, such as Igbo, Yoruba, Ibibio, Ijaw, Fulfulde, Ogoni, and Edo. Kanuri, spoken in the northeast, primarily in Borno and Yobe State, is part of the Nilo-Saharan family, and Hausa is an Afroasiatic language. Even though most ethnic groups prefer to communicate in their languages, English as the official language is widely used for education, business transactions and official purposes.
With the majority of Nigeria’s populace in the rural areas, the major languages of communication in the country remain indigenous languages. Some of the largest of these, notably Yoruba and Igbo, have derived standardised languages from several different dialects and are widely spoken by those ethnic groups. Nigerian Pidgin English, often known simply as “Pidgin” or “Broken” (Broken English), is also a popular lingua franca, though with varying regional influences on dialect and slang. The pidgin English or Nigerian English is widely spoken within the Niger Delta Region.
Culture
The major languages spoken in Nigeria represent three major families of languages of Africa: the majority are Niger-Congo languages, such as Igbo, Yoruba, Ijaw, Fulfulde, Ogoni, and Edo. Kanuri, and Hausa. Even though most ethnic groups prefer to communicate in their own languages, English as the official language is widely used for education, business transactions and for official purposes.Â
Many French speakers from surrounding countries have influenced the English spoken in the border regions of Nigeria and some Nigerian citizens have become fluent enough in French to work in the surrounding countries.
Source: Wikipedia
About UBA
If you need assistance or have questions, we are always here to help.
Bank Anywhere
You are going to love banking with us. Manage your accounts with ease through our various award-winning digital channels: UBA internet banking, USSD banking, Mobile App or Chat Banking.
We have created accounts tailored to suit your individual and corporate needs.