Nigeria Market Entry Strategy
SETTING UP BUSINESS IN NIGERIA
HOW TO OBTAIN NIGERIA VISA?
BUSINESS OPPORTUNITY IN NIGERIA
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How to set up Business in Nigeria?
Nigeria currently has the largest economy in Africa. With abundant oil reserves and huge workforce, the country has become a destination of choice for the global investors. Setting up a company in Nigeria is inexpensive compared to the cost of establishing a company in other jurisdictions. Additionally, legal requirements for starting a business in Nigeria are not too complex. In the past decade there has been a rise in interest by foreign businesses in the Nigerian market. Every foreign entity seeking to set up a successful business in Nigeria needs to go through following 5 steps:
Registration of Company with Corporate Affairs Commission
/01
Obtain Tax Clearance Certificate, Tax Identification Number & Value Added Tax
/02
Open a Domiciliary Bank Account with a Commercial Bank in Nigeria
/03
Registration with Nigeria Investment Promotion Commission for foreign investment
/04
Obtain Export Permit, Import Permit or Business License
/05
One important thing to note is that the process to register business in Nigeria has been simplified. The Nigerian company house- the Corporate Affairs Commission (CAC), as a company may now be formed in less than a week in Nigeria. With the presidential directives on ease of doing business in Nigeria, all other ministries are asked to follow the example of CAC and ensure seamless and smooth processing of all required permits or licenses for a quick business setup in Nigeria. The country offers various incentives for doing business in Nigeria and it is believed to attract plethora of international businesses and investments in coming years.
Here are a few tips on planning, legal issues, hiring, immigration, and taxes & an overview of the Nigeria market that would help you to build a expansion strategy for your business.
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Where to set up Business in Nigeria?
There is no state in Nigeria without any business center. According to an estimate made by CAC, more than 500,000 businesses are being established each year. From such estimates we can imagine what Nigeria will look like in the years to come. Whether the business is of selling of goods or the selling of services, either of the two requires a good location. Here are some of the best locations in Nigeria to set up a new business.
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Top 3 Sectors for Investment in Nigeria
India is Nigeria’s largest trading partner; this is due to the bi-lateral trade relations shared between the 2 countries. The important sectors as a result of the India-Nigeria Bilateral Trade include the industry sector, manufacturing sector, oil and gas sector industry, service sector, information, communication, technology (ICT), textile, financial and insurance, mining sector, energy and power sector, healthcare sector, agriculture sector and transportation.
Agriculture
The kind of crops which are attractive to investors are the staple foods such as groundnuts, casava, rice, maize and beans assuring investors of maximum returns on their investment as these are used either for domestic consumption or exports.
Energy
For investors there are opportunities in the areas to harness hydropower which in the past decades has been the grid-power generation in the country of Nigeria. The hydro based power generation accounts for 15% of the total power generation in the country.
ICT
By tapping into the under-developed ICT skills of the Nigerian youth, there are countless opportunities for new economy companies to develop technology leaders of the future in Nigeria and in the rest of Africa.
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The past few years have been one of economic progress for Nigeria, with Africa’s largest economy managing to get back into growth territory. Nigeria, which is often regarded as Africa’s sleeping giant, has great potential to become one of the world’s most inspiring economic success stories given the size and scale of business and investment opportunities the country presents. Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country.
Visa and Immigration
After obtaining the Business permit and Expatriate Quota, the expatriate has to apply for Subject to Regularization Visa from the Nigerian Embassy or diplomatic mission in the expatriate country of residence. The STR Visa allows expatriates to take up long-term employment in Nigeria or who intent to stay in the country for other purposes which are for a long term. The validity of the STR visa is 90 days.
Temporary Work Permit Visa: A single entry Visa for foreign nationals who intend to carry out business related work for a short-term period in Nigeria. Invitations are usually sent by cooperate bodies to carry out specialized skilled services which include maintenance and repair of equipment, installation, capacity building/training for Nigerian staff. This visa is valid for 2 months and could be extended while residing in the country in phases for another additional 6 months.
Business Visa is available to foreigners who intend to visit Nigeria for conferences, meetings, seminars, trade fairs, training or for other brief business activities. This category of visa is obtained from Nigerian Missions overseas. The validity of the visa is for 90 days. Holders of this category of visa is not allowed to take up any form of employment in the country as it is intended for the purpose of carrying out short-term engagements.
Business Opportunities in Nigeria
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