J S Afana

How to Start a Business in Nigeria J S Afana

Thinking of starting a business in Nigeria?This guide will give you information on the country and its economy, the most prominent sectors for investment, how to set up a startup or franchise and a detailed step by step guide on how to register your business (Ministries, requirements, documentation, prices, time frame etc) and set it up successfully. Why Nigeria?Hardy Economy: The economy of Nigeria is relatively stable, even as the rest of the world is experiencing varying levels of recession. Nigeria is one of the top-ranking free market economies in all of Africa. A recent float of the Naira due to global recession makes Nigeria a top candidate for foreign investments to pay off in higher-than-average rates. Population Explosion: Nigeria is a land full of promises. Beyond the economic reasons, a second building block for opportunities and wealth is its high rate of population expansion. Not only are more people being born in Nigeria, its population is largely under the age of 25, with a growing middle class (23% as of 2015). This results in more high-spending consumers and a broader customer base for all businesses. As the people of Nigeria increase, so do the needs of the population as a whole; businesses meeting a specific need and ran with a well thought-out plan are almost guaranteed success in this most populous country in Africa. Untapped Potential: Despite its reputation for being open to businesses and investments, it has a multitude of untapped opportunities for new organizations. Some of these opportunities are in the sectors of Real Estate, Solid Minerals, Tourism, Power/energy, Regulatory Services, Security, Agriculture, Agribusiness, Automotive, ICT, Education and many more. Nigeria is one of the largest countries in Africa, as well as the biggest African economy. It occupies a total geographical area of 923,768 square kilometers, with an estimated population of 197 million in 2018. Today, Nigeria is one of the most attractive markets globally, with a GDP per capita of $2,177.99, in the year 2016 according to the World Bank. This is due to its abundant natural resources, favourable weather and climates, cost-effective workforce (60% youth), strategic location in the West-African region, and high return on investment rate.