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Doing Business in Nigeria

Posted By: Admin | 02.January.2019 |
Nigeria's potential to become one of the biggest players in the global economy has been long acknowledged: with her huge population cum ready market, skilled workforce, substantial natural endowments, including fertile arable land, conducive weather, rich and diverse cultural milieu, amongst others. Nigeria's democratic system of government, free enterprise economy, fairly developed (common law) legal system, and West African market access through ECOWAS (Economic Community of West African States) are also positives which investors will find attractive.

With ongoing initiatives of the Federal Government (FG) especially the Economic Growth and Recovery Plan (EGRP), and the conscious efforts to tackle institutional challenges hampering ease of doing business, Nigeria hopes to improve its standing in emerging market rankings. Government's intent to attract foreign investment is exemplified by business landscape improvement initiatives such as establishment of the Presidential Enabling Business Environment Council (PEBEC) to set in motion strategic action steps aimed at improving Nigeria's investment attractiveness.2 Nigeria's feat as one of the top 10 global reformers in the World Bank's 2018 Ease of Doing Business 3 is a positive development which proves that the country could yet pull her weight as a 'MINT' country.

PEBEC's work has resulted in Nigeria's improved rating but obviously, "it is not yet uhuru" - more sustained work needs to be done, to consolidate on gains. FG's EGRP is hinged on diversifying the economy, and both local and foreign investments are being actively encouraged. Infrastructure remains a huge hotbed of opportunities, not to talk of solid minerals, agriculture, ICT and other sectors. Given the increasingly positive horizon, what are the key points of interest for foreign investors? This article takes a ladle into these issues focusing on the regulatory framework and entry strategy structuring possibilities.


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