Nigeria: Unexploited Business Haven

Nigeria is situated on the western part of the African continent. boasting of approximately 170 million population and numerous resources, Nigeria is a potential Oasis for business start-ups and profit oriented entrepreneurs with the ability to detect a business potential location  even miles away. Nigeria is a multi-cultural country that has of recent, been targeted by business moguls as it has been  discovered the country is largely unexploited. Here are some of the unexploited advantages:



Population

Nigeria has a population of approximately 170 million people with almost 60 million working age,this implies that prospective investors has the opportunity to access a wider labor pool, which (invariably) will ensure cheaper labor cost. with the labor cost being one of the cheapest in Africa due to the fact that the country has low employment rate (Employment to population ratio of ages 15-24, male (%) in Nigeria was 36.20 in 2011). this implies that the availability of skilled labor is high largely due to the high unemployment rate. coupled with the fact that the unemployed are quite idle and have no means of survival other than to get a good job. this could be of high importance to your company.

Availability of skilled labor

There are some regions in Nigeria that is boasting of high availability of highly skilled workers, this implies that a potential foreign/local investor has increased chance of increasing productivity/output through the use of highly skilled workers.Nigeria boast of over 100 universities as well as over 80 polytechnics. this implies that there is availability of skilled workers because the huge number of higher institutions in Nigeria has been depicted by the increased number of people desiring higher institution knowledge.

Incentives

Nigeria Government gives incentives to Foreign business owners, this is in a bid to encourage them to invest more as well as to attract more foreign investors to start up or expand their businesses to Nigeria. this includes tax relief for investment in infrastructure, research and development, agriculture, tourism, etc.there is a whole lot of incentives that the Nigerian government are offering foreign investors.

Easy start-ups

To start a company in Nigeria is quite easy and you don't even need much, it is very easy to incorporate even if you are a foreign investor or a local one. all you need to do is go to the corporate affairs commission and incorporate your company. this is because in Nigeria, companies are set up through as well as regulated by the corporate affairs commissions . you only need about N 60,000 to incorporate the business after your company has been incorporated, you the need to go to the Nigerian investment promotion commission and register before you commence your business. with the appropriate contact and good solicitor, you can be well assure that you will undergo a very easy start-up. Visit: www.cacnigeria.org as well as www.nipc.gov.ng for guide and necessary information)

Partnership and resources

Nigeria boast of existing investors that have great reputation and can as well be partners for new investors. Nigeria boast of existing foreign investors who can also help to attract and as well collaborate with new investors. the availability of partnership and resources is also an attractiveness for foreign/local investors.

Multi-religion

Nigeria(most part) have come to appreciate each other's religion and they live together peacefully (except for the extreme northern parts that have insurgents as well as Islamic extremist). Nigeria to a large extent, is peaceful and it harbors multi-religion as well as multi-ethnicity oriented people.

Diminished ethnocentrism

Nigerians generally don't exhibit the ethnocentric traits that is common in the European nations. in actual fact, Nigerians prefer foreign culture produce instead of their own due to the fact that they believe their home made product/culture is inferior to their foreign counterparts. this is of huge advantage to investors. most foreign investors have a huge profit potential in comparison to the local investors.

Access to Finance

Nigeria boast of huge banks with strong financial backings who can help you fund your business. all you have to do is convince them on how viable your project is as well as /or show them how successful your business has been in the past. finance proves to be the most crucial part of an investment especially to foreign investors largely because of risk potential of a business. an investor believes (to a huge amount) in using the finances of the country that they intend to invest in through borrowing of funds from the country's bank rather than make use of their own capital to invest so as to put them on minimum risk. Nigeria provides Investors with finance funding option.

Nigeria, though recently in news for wrong reasons,is a haven for business. many investors are reaping huge profits from this country and it is also a country that is rich in vast resources. what are you waiting for? go pack your bags. cheers!!

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