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Nigeria has a large consumer market with one of the fastest-growing economies in the world. It is also one of the most populous countries in Africa. Nigeria provides significant business opportunities because of several reasons, such as strong infrastructure and significantly growing market economies make it a suitable place for conducting business. Nigeria also has a strong and deep sense of local culture. This article will explain why Nigeria can be a suitable place for starting a business and what are some of the amazing business opportunities in Nigeria that businesses can do in collaboration with the local and indigenous people.
Table of Contents
Nigeria can be an ideal place to start a business because of various reasons. One of the major reasons why Nigeria is a favourable place for investors and businessmen to conduct their business is the country’s size. Nigeria is the most populous country in Africa, with a growing population of 186 million. The country is also one of the largest economies in the world, with a GDP of $405.1 billion as of 2016. According to the survey conducted by Mckinsey and PWC, Nigeria will be one of the 20 economies by the year 2030. It is due to the country’s rapid urbanization, fastest-growing economy, and exponential growth in digital connectivity. In the past few years, Nigeria’s economy has faced lots of crises and challenges, but it has bounced back since then.
Another major reason behind Nigeria’s growing popularity is the majority of Nigeria’s population is young. Out of 186 million citizens in Nigeria, 72.5 per cent of people are below the age of 35. This provides new and growing opportunities for businesses and investors and also provides them with a pool of talent of highly qualified labour workforce to choose from. A youthful population provides major benefits such as a young and energetic, active labour workforce and a growing consumer class. Another great benefit that Nigeria provides for doing business with other countries is its strategic and geographical location. Nigeria is strategically located in the West of Africa along the Atlantic Ocean Coast. This makes Nigeria a prime location for doing business because businesses look to distribute their goods and services to the neighbouring and surrounding African countries via these coasts only.
Nigeria is filled with a resilient and entrepreneurial spirit. Businesses are booming and flourishing in Nigeria. A new wave of entrepreneurship has emerged in Nigeria. Also known as the “City of Hustle”, Lagos in Nigeria contributes to the continent’s GDP, having higher GDP than both Kenya and Ethiopia combined. Nigerians are pro at devising new marketing strategies, and lots of Nigerians are also one of the most educated immigrants in the United States. Nigeria is also abundant in rich natural resources such as oil, natural gas, coal, tin, iron ore, and other minerals. This provides many business and investment opportunities in the extractive industries as well as downstream industries that use these resources.
Apart from this, the Nigerian government is fully supportive and has introduced several policies and schemes and initiatives to attract foreign investment and support businesses in their country. The Nigerian Investment Promotion Commission (NIPC) is responsible for promoting and for facilitating investment in Nigeria. Nigeria also has world-class modern infrastructure. The Nigerian government has made a significant investment in Nigerian infrastructure, including roads, railways, airports, ports, highways etc. These are some of the reasons behind amazing business opportunities in Nigeria
There are many business opportunities in Nigeria that businessmen from across the globe can do. Some of these business opportunities are given below:-
To conclude, Nigeria can be a great place for investment and to start a business. There are so many business opportunities in Nigeria. But there are also so many challenges to navigate that Nigeria may pose, which makes doing business there a little tricky and difficult. These challenges include corruption, security concerns, an inconsistent regulatory environment etc. That’s why it becomes important to conduct thorough research and due diligence before going to do business and investment in Nigeria.
Also Read: Top 6 Best Small Business Ideas for Beginners
Seep is a lawyer by profession. She has done BA LLB and now shifted to full-time legal writing. She has extensive prior experience of freelance content writing and has worked for both Indian and international clients. She is vehemently curious and overtly passionate about so many things like blogging, reading, writing and travelling. She always wanted to explore the domains of the unconventional field of law. She has extensive experience in the area of corporate law and in drafting both Indian and International agreements as well. Her driving force is versatility and flexibility. She doesn’t restrict herself only to the field of law.
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