Starting your own business in Nigeria has its own set of challenges. However, those who can overcome these challenges are generally the ones who have had the most success in their ventures. So if you’re interested in starting an industry in Nigeria, here are some of the top reasons why you should consider doing so as well as some resources you may find useful as you get started on this endeavor.
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Here are some reasons why you should consider starting your own business in Nigeria.
Fastest Growing Economy
According to data from The World Bank Group, since 2013, Nigeria has seen an average annual growth rate of 7.0%. It’s clear that Nigeria is leading most others when it comes to GDP growth. If you are able to capitalize on opportunities here, you will see your businesses grow faster than almost anywhere else.
Cheap Labor
Almost any business you can think of will be able to find skilled workers who are willing to work for less than what they would earn in Western countries. In addition, foreign workers are exempt from paying income tax for up to 5 years. This means that hiring foreign employees, who often have great skill sets, is actually significantly cheaper than hiring locals with mediocre skills.
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Access to Global Market
Nigerian businesses benefit from increased access to global markets, including those that may have been previously difficult or impossible to reach. This means Nigerian businesses can capitalize on international opportunities with potential for both export and import sales. With access to such a wide range of consumers and wholesale suppliers, starting your business allows for greater profitability than ever before possible.
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Plenty of Natural Resources
Nigeria is one of Africa’s top producers of petroleum, and also has significant mineral resources including iron ore, tin, gold, bauxite and coal. The country has invested substantially in its oil and gas industry over recent years to boost output and export earnings. Poultry, beef and fish are important products; livestock accounts for half of all agricultural output. There are great opportunities to develop value-added food processing industries.
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Low Cost of Doing Business
Compared to other African countries, running a business in Nigeria is very cheap. This is due to very low salary costs for workers, which means it is cheaper to employ people. There are also very low costs of renting commercial space and of doing business with third-party service providers and small companies.
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NPCS can prepare project reports on any business idea you have. The project report includes all part of the business, from market analysis to confirming the availability of numerous necessities such as equipment and machinery, raw materials, and financial projections. Engineers, project consultants, and industrial consultancy businesses from all over the world have profited from the NPCS project report. NPCS also publishes technological, technical, reference, self-employment and startup publications, a directory, company and industry database, and much more, all of which may be found on the official website.
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