Are you pondering on the top business destinations in Nigeria? Where to locate your business in Nigeria? Then this article is for you. Having the required startup capital to set up a business in Nigeria is not enough to guarantee you success, location is also important. Your business proximity to available customer is an important factor to consider when starting a business. The list below is compiled based on several factors which include: security, market, infrastructure, ease of doing business, human resources and education (higher institutions concentration).
Nigeria’s centre of excellence and commercial hub claims the number one spot when it comes to business location in Nigeria. Lagos has a population of 20 million inhabitants, as such, it offers a vast market for any business an entrepreneur has in mind to locate. Besides the population of Lagos, it possesses more developed business infrastructures compared to other parts of Nigeria.
There is little or controlled security issues in Lagos, ready market and human resource. There are numerous tertiary institutions in the state that turn out a large number of graduate into the labour market.
buy provigil online ireland 2. Abuja
Abuja, the nation’s Federal Capital Territory has a lower population than that of Lagos but its population increases by at least 35% every year and if projection is anything to go by, the city will soon catch up with Lagos in terms of population. Abuja is the city with the highest Per Capita Income in Nigeria. The highest Per Capita Income means that Abuja residents have the highest purchasing power in Nigeria so entrepreneurs can tap into this by locating their business there.
Abuja being the Federal Capital Territory, the security is beefed up. Although, there have been issues of terrorism in the city of recent, the security agents are on alert. The educational sector in the city is growing with large number of turnovers into the workforce.
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Despite the security unrest in the city, Kano is the commercial nerve centre of the northern part of Nigeria. Kano ranks second as far as population is concerned in Nigeria and is one of the fastest growing cities in Africa. The city offers a market for all types of products and major raw materials are available in the city and these rank the city 3rd as business location choice in Nigeria.
4. Port Harcourt
Founded in 1912 in an area traditionally inhabited by the Ikwerre people, an Igbo subgroup, it serves as a port, named for Lewis Harcourt – the colonial secretary. Port Harcourt has long been an important merchant port and is today the centre of Nigeria’s oil industry.
Port Harcourt is one of the fastest growing Per Capita Income cities in Nigeria and the state houses some many expats which can be targeted by entrepreneurs as a market for their products. Statistics has it that a prudent entrepreneur can realise his business set up cost between 6 months and two years in this city.
The densely populated capital city of Oyo State ranks as one of the most populated cities in Nigeria. It is also one of the biggest cities in Nigeria. All the location factors tend to favour this city and besides that, the Governor of Oyo State in recent times made effort to woo foreign investors into the city. It is expected that the influx of foreign investment into the city will bring about vertical integration between local businesses and foreign businesses. In view of the above, businessmen need to be part of this trend by locating their businesses in the city of Ibadan.
Aba is a city and in the southeast of Nigeria and the main trading center in Abia State. Aba is surrounded by oil wells which separate it from the city of Port Harcourt, a 30 kilometres pipeline powers Aba with gas from the Imo River natural gas repository. Its major economic contributions are textiles and palm oil along with pharmaceuticals, plastics, cement, and cosmetics which made the Ariaria International Market to become the largest market in west Africa seconded by the onitsha main market . There is also a brewery and distillery within the city. Finally, it is famous for its handicrafts.
Ogun State is a state in South-western Nigeria bordering Lagos State to the South, Oyo and Osun states to the North, Ondo State to the east and the republic of Benin to the west. Abeokuta is the capital and largest city in the state. The state’s position as an emerging investment destination is showcased in the emergence of Ota, a town in Ogun state as a home to various manufacturing and business conglomerates who prefer the town to the already filled and rowdy Lagos.
It generally takes between 1 and 2 days to register for business premises and obtain permit from the State Ministry of Commerce and Industry.
The state is doing some obvious work in raising the infrastructure levels for smoother business operations but the main drawing force of Ogun as an emerging business destination in Nigeria is its proximity and offering as an alternative to Lagos. Little wonder renowned companies such as Nestle Nigeria Plc have set up shop in Ogun which gives them the added benefit of being close to the nation’s commercial capital. The Ota industrial town is an attractive alternative which already houses several multinationals and corporations.
Enugu is the capital of Enugu State in Nigeria. It is located in the southeastern area of Nigeria and is largely populated by members of the Igbo ethnic group. The name Enugu is derived from the two Igbo words Enu Ugwu meaning “hill top” denoting the city’s hilly geography. The city was named after Enugwu Ngwo which coal was found under. Enugu was declared the capital of the short-lived Republic of Biafra; for this Enugu is known as the “capital of Igboland.” After Enugu was captured by Nigeria, the Biafran capital was moved to Umuahia.
Enugu has been relatively the safest city in the Southeast part of Nigeria and though it is not clear whether it is down to superior security arrangements or the nature of the people the city has far less crime and insecurity than say other southeastern cities like Onitsha, Aba and Owerri.
Though the market is not so large Enugu prides itself as a center of attraction for the many dwellers in neighbouring states that constantly troop down to Enugu for one business or the other. It is easy to attract the neighbouring markets around Enugu as has been shown by the Ama Brewery established by the Nigerian Breweries Plc which now serves a greater portion of the Southeast and Southsouth Nigeria.
Calabar is a town recongised as a seaport since the 16th century (according to Wikipedia) eventually used as a major port in the transportation of African slavesduring the dark era of slave trade. The city was once the seat of the the Niger Coast Protectorate government, Southern Protectorate and Oil River Protectorate thus regarded as Nigeria’s first capital city.
Calabar today prides itself as Nigeria’s cleanest city and has of recent become an attractive destination for those looking to mix business and pleasure boasting of the Tinapa Resort near the Calabar Free Trade zone.
Calabar is also relatively safe compared to several other states in the Niger Delta and Northern parts of the country. It’s peaceful outlook and tourist angle is of special persuasion to business people and investors looking to invest in conducive environment.
10. Akwa Ibom
Akwa Ibom is named after the Qua Iboe river and is bordered on the east by Cross River State, on the west by Rivers State and Abia State, and on the South by the Atlantic Ocean and the southern-most tip of Cross River State. Infrastructure wise, of recent, Akwa Ibom has emerged as an attractive alternative destination for business and investment. At the height of the insecurity in the Nation’s Niger Delta region Akwa Ibom had its fair share of kidnappings and voilence but has gradually returned to relative peace and conducive atmosphere.
Akwa Ibom receives the highest revenue allocation from the Federal Government due to her abundant of oil wells and contribution to the oil revenue in the country. There are enormous untapped opportunities in Akwa Ibom that every entrepreneur should key into.
Although, there are other states you can invest or locate your business in Nigeria, these are the few the stand out from our research. Note also that sometimes your choice of business location can depend on the type of business you want to venture into, where there is proximity to raw materials, human resources and customers. Make the right decision.