Why should you be doing business in Nigeria?
By admin On 27 Jul, 2018 At 05:30 PM | Categorized As Opinion | With 0 Comments

Globally Nigeria is recognized as one of the countries with the fastest rising economies. The country has a wide range of resources and vast population. This is a market that investors and entrepreneurs have to tap. Setting up a business is as easy as ever in Nigeria today, and you could have your new venture opened up even while trying out an online bet with Yanga; it’s easy, and it’s not going to take a long time.

However, there are more reasons to invest in Nigeria than just the fact that it’s easy to set up a business there.

 

The Top Reasons You Would Love Doing Business In Nigeria

The following are some of the reasons why one should do business in Nigeria.

  1. Expanding young population

Nigeria is Africa’s most populous country with over 195 million people. It has been predicted that in 2050 it will be the third world’s most populous country.  Moreover, 63% of the pupation in Nigeria is below the age of 25.  Therefore this huge population means there is a large consumer base if you want to set up a business in Nigeria.

  1. A healthy economy

Oil and gas dominate Nigeria’s economy. The country has the highest production levels for this products in the whole of Africa. This has led to an increase of about 6.9% in the country’s GDP in the last ten years.

  1. Increase in the Use of Technology

Nigeria has been ranked as the most viable country for Facebook penetration. There has been an increase in the levels of Internet use in Africa. Google is the most used especially in Nigeria. Software and IT companies have continued to grow as the country develops technologically.

  1. Strong ties to England.

After colonization, Nigeria still maintained strong links with the UK. Until today the  UK is one of the major investors in the country. The UK in return has been able to get incentives such as free trade and tax holiday. One of the major advantages that has enabled the continuation of this strong links is because of the time zone GMT+1 (UK Summertime)

  1. Strong banking and financial sector.

Nigeria’s stock exchange has been having good performance since 1999. Moreover, it has been aided by the fact that in 2006 there was a major banking overhaul that reduced the number of banks. However, the minimal capital was increased leading to high competition in the retail, cooperative and internet banking.

  1. Free Market Economy

The government of Nigeria has created a conducive environment for business ventures. The administrative processes have been streamlined and policies are being put into place to guarantee a free market for all investors.

  1. Improved Infrastructure.

Nigeria’s government is putting a lot of efforts to improve the country’s infrastructure in terms of electricity, roads, communication and drainage. The States of Nigeria are continuously ensuring the roads are being repaired no matter the costs.

Even though there are also the don’ts why one should not invest in Nigeria the pros outweigh the cons. 2018 is the perfect time to consider investing in this African country.

 

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