Doing business in Nigeria could be a wonderful experience when your business venture succeeds, however prior to the success there are certain factors you have to put into consideration before starting a business in Nigeria. With a growing population of over 182 million people, Nigeria has the ready market for a lot of investments or business ventures hence the market is not a huge factor to take into consideration.
Doing business in Nigeria is challenging, as proven by a good number of international business surveys. According to World Bank’s 2017 Ease of Doing Business Survey, Nigeria is ranked 169th out of 190 countries. Compared to 2016, there is a slight improvement in the ranking as Nigeria has improved from 170. Despite the fact that Nigeria is ranked 169th in the world, the country performed reasonably well for factors such as Getting Credit (44th) and Protecting Minority Investors (32nd), but it continues to rank extremely poorly for factors such as Getting Electricity (180th) and Paying Taxes (182nd).
Even with the challenging business environment in the Nigeria, there are business ventures in the country that are performing very well despite the fact that some schools of thought believe that doing business in Nigeria is very difficult. This begs the question, Is Nigeria a better investment destination? What has changed over the years in Nigeria? The answers to these questions cannot be obtained from speculations but from a data-backed analysis. This is the idea behind this series we are starting.
Also Read: How is Nigeria Fairing: Starting a Business
The ‘How is Nigeria Fairing’ series will be a weekly publication. We will take a look at how Nigeria has performed over the past five years in the following areas: Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credit, Protecting Minority Investors, Paying Taxes, Trading Across Borders, Enforcing Contracts, Resolving Insolvency.
‘How is Nigeria Fairing’ Series is geared towards providing you with enough data analysed over some years and updates on policies in the country that will enable you to make better decisions about doing business in Nigeria.
Kindly use the comment box below to tell us how best you think we can represent the data available to you.