Nigeria in conditions of international competition: economic problems and prospects

Abstract

Purpose: the author aims to outline the current state of the national economy of the Federal Republic of Nigeria, to determine the potential and prospects for its development, taking into consideration the activities of foreign business. Discussion: the author identifies and analyzes the most priority sectors as well as industries with high growth potential, strengths and weaknesses of the Nigerian economy. Results: the author concludes that Nigeria, if implements its plans to diversify the economy, develop sectors such as agriculture, the infrastructure complex and a number of others, removes obstacles that impede the work of foreign companies in the local market, may become a major economic power in the African continent. It is concluded that the reforms carried out by the country’s leadership open up additional opportunities for foreign companies, including Russian, all of which will further very problematically increasingly compete for the Nigerian market.