Business is meant to be profitable
With a current population of over 200 million, Nigeria has been projected to become the fourth most populous country by the year 2050. The large population and the business-friendly policies introduced by the current government have made Nigeria a destination of choice for investors worldwide.
The AfCFTA Agreement which came into effect on the 1st of January 2021, creates new opportunities for businesses that already have their eyes on the country. To put this in context, Nigeria contributes an estimated 76% of total trading volume in the ECOWAS region. This is made possible due to the ECOWAS treaty, which allows the free movement of people and goods throughout 15 West African countries. The AfCFTA provides access to 54 African countries with a population of 1.2 billion and a market worth a combined $2.6 trillion in GDP.
Despite these opportunities, expanding your business into Nigeria is not without its challenges. Having successfully partnered with various international organisations to expand their business into Nigeria, we have put together crucial 11 steps that businesses planning to expand into Nigeria have to undergo to set up their business in Nigeria successfully. We hope you find this list useful.