The International Monetary Fund says that Sub-Saharan Africa will be home to the fastest growing economies. Nigeria, in Sub-Saharan Africa off the coast of West Africa, is the largest economy in Africa. With an estimated population of over 200 million people and a GDP of more than 45 trillion naira There is no doubt that doing business in Nigeria is a profitable venture. The IMF predicts that Nigeria’s economy is expected to grow by 3.4% by the end of 2022. Hence, there is no better time to start doing business in Nigeria than NOW!
What is the best business to do in Nigeria?
There are various sectors with various categories of products with high revenue generating income that investors can look to invest and start a business in Nigeria. Many of the sectors that investors can look to invest include: Real Estate, Oil and Gas, Agriculture, Transportation, Hotel, Travel Agencies, FinTech, Health Tech etc.
Is it easy to do business in Nigeria?
As at 2019, Nigeria was ranked as one of the 131 country which provides ease, high investment return for business startups and investors.
6 Tips to doing business in Nigeria
- Be conscious of the different language
- The hour of business is usually between 8am to 5pm
- Business relationship should be formal and professional
- Maintain the same level of formality with your Nigerian counterpart
- The management style of doing business is hierarchical
- The Nigerian government frowns at bribery and corruption. Avoid it!
5 Benefits of doing business in Nigeria
- It is attractive to investors as the country is the largest investment market in Africa
- It provides favorable tax incentives and investment guarantees
- Access to land and commercial farmland
- Affordable office and residential space
- The cost of living is low.
What next with Lendigo.
WHAT NEXT TO DO?
- Bring your calculator and put your business projections to paper.
- Confirm how much credit your business can access with the Lendigo App.
- Speak to your Lendigo portfolio manager to help you pick the best loan options for your unique business type.