About the Anzisha Prize
The Anzisha Prize is delivered by African Leadership Academy in partnership with The MasterCard
Foundation. Through the Anzisha Prize, the organisers seek to catalyse innovation and entrepreneurship
among youth across the continent. The Youth Entrepreneur Support Unit (YES-U) is the youth business
consulting and acceleration arm of Anzisha Prize. It works directly with youth to enable their businesses
to scale and thrive.
About African Leadership Academy
African Leadership Academy (ALA) seeks to transform Africa by developing a powerful network of
entrepreneurial leaders who will work together to achieve extraordinary social impact. Each year, ALA
brings together the most promising young leaders from all 54 African nations for a pre-university
program in South Africa with a focus on leadership, entrepreneurship and African studies. ALA continues
to cultivate these leaders throughout their lives, in university and beyond, by providing on-going
leadership and entrepreneurial training and connecting them to high-impact networks of people and
capital that can catalyse large-scale change.
For more information, visit:
http://africanleadershipacademy.org.
About The MasterCard Foundation
The MasterCard Foundation works with visionary organizations to provide greater access to education,
skills training and financial services for people living in poverty, primarily in Africa. As one of the largest,
independent foundations, its work is guided by its mission to advance learning and promote financial
inclusion to alleviate poverty. Based in Toronto, Canada, its independence was established by MasterCard
when the Foundation was created in 2006.
For more information and to sign up for the Foundation’s newsletter please visit
www.mastercardfdn.org.
Follow the Foundation on Twitter:
@MCFoundation
https://twitter.com/MCFoundation
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TABLE OF CONTENTS
1. Country Overview
- Geographical Location
- Political History in Brief
- Social Context
- Economic overview
- Population Statistics
2. Macro-Economic Analysis
- The Nigerian Economy
- Sectors in the Nigerian Economy
3. Entrepreneurship in the country
- Importance of Entrepreneurship in Nigeria
- Initiatives to promote Entrepreneurship
Bibliography
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Country 0verview
Federal Republic of Nigeria
South African National Flag
Source: www.sabc.co.za
Geographic Location
Nigeria is located in the western region of
Africa, bordered by Chad and Cameroon to the
east, Benin to the west and Niger to the north.
Political History in Brief
Since gaining independence from Britain in
1960, the country has been characterised by
coups and military rule up until 1998 when the
then military ruler, Sani Abacha, died and paved
the way for a democratic transition.
Due to the constant drop in oil prices the
country’s economy has had to shift from a
largely petroleum based economy to a more
diversified one.
The major challenges in the Nigerian economy,
outside of the declining oil prices, are the social,
ethnic and religious tensions that bring about
instability in the country.
The country became a constitutional democracy
in 1999 and transitioned to civilian rule.
Nigeria today is faced with issues of maintaining
democratic stability, transforming an economy
heavily reliant on a single commodity, and
rampant corruption.
Social Context
Nigeria is Africa’s most populous country, with
over 250 ethnic groups and 500 indigenous
languages.
Economic Overview
Nigeria is the largest economy in Africa due to
its population and export of petroleum.
The country is the largest energy exporter in
Africa and holds the largest gas reserves on the
continent.
One of the many ethnic tribes at the Abuja Carnival
Source: www.nigerianbulletin.com
Page References:
Global Britannica
http://global.britannica.com/place/Nigeria#toc55281
Political history in brief
https://www.cia.gov/library/publications/the-worldfactbook/geos/ni.html
Nigerian Economic Overview
http://www.afdb.org/en/countries/westafrica/nigeria/nigeria-economic-outlook/
World Bank Country Profile
http://www.worldbank.org/en/country/nigeria/overview
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Population Statistics
The World Bank estimates that the total
population in Nigeria was 177.5 million people
in 2014.
Source: http://data.worldbank.org/country/nigeria
Nigeria has over 250 ethnic groups who speak
over 500 indigenous languages, but the most
populous and most influential are:
Ethnic Groups
Hausa and Fulani
Yoriba
Igbo
Ijaw
Kanuri
Ibibio
Tiv
29%
21%
18%
10%
4%
3.5%
2.5%
Languages
Igbo (Ibo)
Hausa
Fulani
Yoruba
English (official)
Government and Political System
Nigeria is a federal republic with two legislative
houses, the senate and the house of
representatives.
Recently Nigeria held what is regarded the most
peaceful elections in its history, where a transfer
of power from former president Goodluck
Jonathan to current president Muhammadu
Bhuhari was witnessed.
Key Cities
Abuja (Capital City)
Lagos (Most Populous)
Kanu
Port Harcourt
MACRO ECONOMIC ANALYSIS
The Nigerian Economy
Nigeria, the continent’s largest economy, is a
mixed economy with a large population engaged
in subsistence farming.
The majority of government revenue comes
from the export of petroleum products,
however with the decline of oil prices in the
global market the government will be looking to
other sectors to boost its continuing economic
growth.
Key Economic Indicators
Gross Domestics Product
USD 569 Billion
GDP Growth Rate
3.3%
Inflation Rate
13.7%
Unemployment Rate
12.1%
Currency
Naira
Source:
Tradingeconomics.com
http://www.tradingeconomics.com/nigeria/indicators
Sectors in the South African Economy
1.
2.
3.
4.
5.
6.
7.
8.
9.
Agriculture
Solid Materials
Crude Petroleum and natural gas
Manufacturing
Telecommunication and Post
Finance and business services
Wholesale & retail trade
Hotel and restaurants
Construction
Key Sectors
Agri-Culture
Service
Industry
GDP Contribution
23.11%
23.71%
53.18%
Source: Nigerian Bureau of Statistics
http://www.nigerianstat.gov.ng/report/371
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ENTREPRENEURSHIP
IN NIGERIA
According to the Global Entrepreneurship
Monitor (GEM) Nigeria 2012 Report, Nigeria is
a highly entrepreneurially active nation with
approximately 80% (approx. 70 million) of the
adult population believe there is an abundance
of opportunities and that they have the
necessary capabilities to exploit these perceived
opportunities.
Read more:
http://www.gemconsortium.org/country-profile/93
Importance of Entrepreneurship in
Nigeria
Entrepreneurs are people who create businesses
that in turn create jobs and wealth for the
community.
Nigeria has a rapidly growing population and as
such will have to find creative ways to not only
employ these people, but to feed and house
them.
This is where entrepreneurship plays a critical
role in the Nigerian context, it is through
entrepreneurship that new jobs are created and
new/innovative solution come about to
challenges faced by the community.
Initiatives to Promote Entrepreneurship
The Nigerian government has largely been more
focused on alleviating corruption, dealing with
terrorist threats, oil price instability and other
issues that the promotion of entrepreneurship
has largely been left up to the private sector.
One of the notable private sector initiatives is
the African Entrepreneurship Programme
(AEP), led by the former president of Nigeria
Olusengun Obasanjo, Nigerian billionaire Aliko
Dangonte and the Prince Andrew Edward the
Duke of York
The programme will focus on providing finance
and mentoring to young entrepreneurs, not only
in Nigeria but across the African continent.
Another notable private sector initiative is the
Tony Elumelu Entrepreneurship Programme.
The programme will provide financing in t form
of seed/venture capital and mentoring to
African entrepreneurs
Page References:
Entrepreneurship initiatives
http://www.thetotalentrepreneurs.com/obasanjo-partnersdangote-edward-to-promote-entrepreneurship-in-africa/
Tony Elumelu Foundation
http://tonyelumelufoundation.org/teep/
Ladies at one of Nigeria many informal markets
Source: http://blog.ng.jovago.com/5-things-you-shouldexpect-when-you-visit-a-nigerian-market-1675
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