Overview: Doing Business in Nigeria
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Nigeria is a nation of vibrant and resilient people, it operates a federal structure of 36 states with a federal capital at Abuja. The Nigerian economy is reasonably open and with an estimated population of 160 million, it is a fertile ground for companies and entrepreneurs looking for growth opportunities. An IMF forecast stated that Nigeria's growth rate would cross into double- digit territory in the 2012-2015 timeframe which would put Nigeria ahead of two other emerging markets, Brazil and Russia and slightly behind India and China.
The Nigerian economy is diversifying with the growing demand for housing and retail goods. There are also opportunities in infrastructural development and in the agriculture, health and tourism sectors.
However, there are challenges and risks to overcome, such as non competitive infrastructure, unfinished distribution networks and a shortage of skilled labour. It is however pertinent to note that many International companies in a variety of industries such as MTN, Coca Cola, Nestle, Guinness, Lafarge and General Electric and some local entrepreneurs such as Alhaji Aliko Dangote, Chief Mike Adenuga and Mr Tony Elumelu have shown that the attractiveness of the economy and consumer base outweigh any concerns about the business environment or political climate.