Starting a Business in Nigeria
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Why Start a Business in Nigeria?
Africa is as economically diverse as it is ethnically, geographically and politically diverse. And that is probably more than any other continent on the planet.
Nigeria on its own has speakers of at least five major languages ( English, Hausa, Yoruba, Igbo (Ibo), Fulani) – 250 plus ethnic groups, two major world religions ( Islam and Christianity) as well as indigenous beliefs – and a whopping population of 162 million people US", making Nigeria the 8 most populous country. In 2014, Nigeria's economy (GDP) became the largest in Africa, worth more than $500 billion, and overtook South Africa to become the world's 26th largest economy. (source)
Nigeria as a target for business expansion cannot be ignored – and it could also act as a springboard to doing business in other parts of Africa.
Since the change of regime in 1999, high oil prices has allowed the Nigerian government to target structural reform, and in comparison to the economies in Europe, growth in Nigeria continues to be strong, with a rise in GDP of 7.1% in 2012
The four main cities of Lagos , Kaduna, Port Harcourt and Abuja contain established consultancies, legal firms and accountants who are used to international trade, and who do business in English, widely accepted as the language of business in Nigeria.
There are an abundance of natural resources in Nigeria, including natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, bitumen, bauxite, arable land, etc
The main industries are Crude oil, Coal, Tin, Columbite, Palm oil, Peanuts, Cotton, Rubber, Wood, Hides and Skins, Textiles, Cement and other construction materials, Food Products, Footwear, Chemicals, Fertilizer, Printing, Ceramics, Steel, Small commercial ship construction and repair.
Despite everyone’s best efforts corruption in Nigeria remains a problem and it is best to work with a trusted Nigerian partner when doing business in Nigeria, but the government is making lots of effort to attract foreign investment into the country – including Free Trade Zones as well as Tax holidays for companies starting to do business in Nigeria.
The main business opportunities in Nigeria are:
- Oil & Gas
- Financial Services
- Creative industries
Free Trade Zones in Nigeria
- Border Free Trade
- Calabar Free Trade Zone
- Kano Free Trade Zone
- Lekki Free Trade Zone
- Maigatari Border Free Trade Zone
- Onne Oil and Gas Free Trade Zone
- Ogun-Guangdong Free Trade Zone
- Illela International Border Market
- LADOL Free Zone
- Lagos Free Trade Zone
- Snake Island Free Trade Zone
- Tinapa Resort & Leisure Free Trade Zone
- Ibom Science & Technology Park Free Zone
- Aluminium Smelter Company Free Trade Zone
What's the population?
The population is 175.29 million
British High Commission
No19 Torrens Close
Tel: (9) 462 2200
High Commission for the Federal Republic of Nigeria
9 Northumberland Avenue
Tel: 020 7839 1244
British High Commission Abuja
19 Torrens Close,
Telephone +234 (9) 4622200
Fax +234(9) 4622263
Monday - Thursday: 8am-4pm.
Organisations that can assist with Starting a Business
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
Fred-young & Evans LP is a full service commercial law firm in Nigeria dedicated to providing both local and international clients with prompt and effective legal services within the ethical standards of the legal profession.
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.