Nigeria is known to have an abundance of hydrocarbon resources, agricultural potential and untapped mining reserves. Lagos, being the country’s largest city is considered as the economic hub and financial centre and houses one of the largest and busiest ports on the continent. As the economy diversifies, the opportunities for employment outsourcing becomes more relevant.
Africa HR Solutions helps organisations expanding to fast-growing economies like Nigeria with a tailored HR outsourcing services. Our Nigeria HR outsourcing solutions consist of Professional Employer Organisation (PEO), Employer of Record, payroll outsourcing and other ancillary solutions to make sure you establish your company in Nigeria, aligned with all related laws, policies and norms of the country.
Country Profile - Nigeria
Population: 195.9 mn
Gross Domestic Product (GDP): $432.30 bn
GDP Growth: 1.9%
Foreign Direct Investment (% of GDP): 0.5%
Unemployment Rate: 6.0 %
Currency: Nigerian naira
Nigeria is known to be the most populous country in Africa. The country is rich in hydrocarbon resources, the 11th country in the world for proven reserves, 9th for gas. Agriculture is also their strength – the country is the 5th largest cocoa producer in the world. Nigeria also has significant mining potential, with untapped resources such as gold, barite, tin, and zinc. Nigeria is quite reliant on oil revenues which represent 90% of exports. However, lack of infrastructure impacts on the potential of agriculture, and thus there’s less economic diversification.
Interesting Facts About Nigeria
It is the most populous country in Africa
Over 500 different indigenous languages are spoken
75% of Nigerians use social media
One of the biggest exports of the country remains oil
Lagos is the largest city in Nigeria
The Nigerian movie industry is known as Nollywood
Public Holidays in Nigeria
New Year’s Day
Employment in Nigeria
Employment agreements are made in either oral or written formats in Nigeria, though many employees prefer a written agreement that outlines all details about their salary, compensation, leaves, and termination information. The at-will employment prevails in Nigeria, whereby employers should hand over a written notice of dismissal and let the employee defend himself. Several other benefits are also considered such as pension plans, dental benefits, life insurance, car allowance among others. At Africa HR Solutions, we ensure your HR outsourcing strategy is aligned with the country’s policies and norms. Our dedicated team helps you devise an attractive compensation scheme to ensure you have the right talent on board.
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