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Nigeria
Nigeria Economy, Politics, and Culture
Nigeria has the largest population of all African countries. It also has one of the fastest developing economies in the world. The country has suffered government coups, a civil war, several constitutional changes, as well as military rule. Today, Nigeria has a federal republic system of government influenced by colonial English, traditional and Islamic laws. Nigeria relies largely on oil as an export, followed by agricultural and industrial raw materials and products.
Half the population of Nigeria is Muslim while the other half is Christian or Indigenous. The country’s official language is English, but other local languages such as Yoruba, Igbo, and Hausa are also used widely. Nigeria is a community-oriented country where extended family members are closely involved in an individual’s day-to-day activities. Age, seniority, and social status are also very important as a way of signifying respect and honor.
| 2021 | |
| April 2 | Good Friday |
| April 5 | Easter Monday |
| May 1 | Workers’ Day |
| May 13 | Id el Fitr |
| May 14 | Id el Fitr holiday |
| June 12 | Democracy Day |
| July 20 | Id el Kabir |
| July 21 | Id el Kabir additional holiday |
| October 1 | National Day |
| October 19 | Id el Maulud |
| December 25 | Christmas Day |
| December 26 | Boxing Day |
- Private Limited Company (Ltd.)
- Unlimited (ULtd.)
- Limited Liability Partnership (LLP)
- Partnership
- Corporate Tax: 30%
- Income Tax (Lowest Marginal Rate): 7%
- Income Tax (Highest Marginal Rate): 24%
- VAT/GST/Sales Tax: 7.5%
- Access Bank – acquired Intercontinental Bank (Commercial Bank)
- Citibank (Commercial Bank)
- Diamond Bank (Commercial Bank)
- Ecobank Nigeria – acquired Oceanic Bank (Commercial Bank)
- Fidelity Bank Nigeria (Commercial Bank)
- First Bank of Nigeria (Commercial Bank)
- First City Monument Bank – acquired FinBank (Commercial Bank)
- Guaranty Trust Bank (Commercial Bank)
- Heritage Bank plc – acquired Enterprise Bank (formerly Spring Bank) (Commercial Bank)
- Keystone Bank Limited – formerly Bank PHB (Commercial Bank)
- Providus Bank plc (Commercial Bank)
- Skye Bank – acquired Mainstreet Bank Limited(formerly Afribank Nig Plc) (Commercial Bank)
- Stanbic IBTC Bank Nigeria Limited (Commercial Bank)
- Standard Chartered Bank (Commercial Bank)
- Sterling Bank – acquired Equitorial Trust Bank (Commercial Bank)
- Suntrust Bank Nigeria Limited (Commercial Bank)
- Union Bank of Nigeria (Commercial Bank)
- United Bank for Africa (Commercial Bank)
- Unity Bank plc (Commercial Bank)
- Wema Bank (Commercial Bank)
- Zenith Bank (Commercial Bank)
- Barclays Bank plc (Foreign Bank)
- Deutsche Bank (Foreign Bank)
- JP Morgan (Foreign Bank)
Aadmi can support you with your expansion to Nigeria. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns. Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.
Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.
