Wednesday, 30 November 2022

In Business

Starting a Business in Nigeria

Nigeria, the largest economy in Africa, is fast growing economy, according to the World Bank, has a GDP that rose from US$376 Billion in 2017 to US$448 Billion in 2019. Starting a business in Nigeria is a very lucrative and commendable for those with interest in the West African markets.


Through the Corporate Affairs Commission, an investor desiring to start a business in Nigeria should Choose a business name and check for the availability, complete your pre-registration form to register a business name, pay for a filing fee, prepare your documents for upload, and then Submit the original copies of your documents.


After that, there is need to open a Bank account, and register for tax, register for the industry's licenses, recruit the right staff, and start operating. A business owner can find more information at the Nigeria Business Start-Up Program (NBSTOP).


To start a business in Nigeria, you should complete your pre-registration form to register a business name. After that, you need to open a bank account and register for tax. Register for the industry's licenses, recruit the right staff, and start operating.


It is important to ensure that you understand the culture of the Nigerian people when doing business in Nigeria. In addition, you should also understand the country's business environment.


Some of the important points to note include:

1. In Nigeria, the business environment is harsh due to infrastructure challenges and informal transportation. 

2. Despite the difficulty in getting finance and utilities like internet and telephone network, there is enormous potential when starting a business in Nigeria. 

3. Companies are not expected to provide facilities for their employees during training or on a regular basis; employees should be able to look after themselves when on duty. 

4. You can hire locally or recruit expatriates. 

5. You should be aware of the local business culture and enable your staff to interact appropriately with Nigerians. 

6. You must understand that Nigerians are not as formal as you are used to, so you should appreciate a Nigerian's frankness and open attitude towards Westerners in Nigeria.


Source: Nigerian Affairs

Cabanga Media Group publishes of thoughtful economic and business commentary magazines and online media, in several African markets, that include South Africa, Botswana, East Africa Community, Ethiopia, Egypt, Nigeria, and Zambia.