Nigeria has very similar business and legal practices to the UK, and while there are several ethnic tribes and dialects, Yoruba, Igbo and Hausa being three of the major groups, English is still the generally-spoken language.
Nigeria is the home of Africa’s largest economy and biggest oil producer, and also has a growing populace of over 180 million – the largest in Africa. With an abundance of natural resources, and a growing middle class, Nigeria’s economic potential is considerable.
Ties between Nigeria and the UK may have been deep-rooted in our historical and political origins, but over the years it has evolved into a more dynamic relationship that includes education, trade, arts and culture.
The UK and Nigeria have an excellent commercial relationship with over £6.1 billion worth of trade per year; it is also the 2nd largest African market for goods. UK companies are extremely well-known in Nigeria, and UK brands (especially luxury goods) are in very high demand.
Nigeria has one of the lowest income tax rates in the world, 7%-24%, and therefore the growing consumer base of Nigerians has a lot more disposable income. As a foreign investor, there are investment incentives in Nigeria. Some of these incentives cover all sectors, while others are limited to specific sectors.
About the guides
This guide aims to provide a route map of the way ahead, together with signposts to other sources of help.
The main objective of this Doing Business in Nigeria Guide is to provide you with basic knowledge about Nigeria; an overview of its economy, business culture, potential opportunities and to identify the main issues associated with initial research, market entry, risk management and cultural and language issues.
We do not pretend to provide all the answers in the guide, but novice exporters in particular will find it a useful starting point. Further assistance is available from the Department for International Trade (DIT) team in Nigeria. Full contact details are available in this guide.
To help your business succeed in Nigeria we have carefully selected a variety of essential service providers as ‘Market Experts’ Click Here
This FREE guide is available in 4 formats:
Available on the iTunes App Store and Google play