Why doing business in Nigeria is profitable

Posted by Felix Okoli on Thursday July 19, 2012 10:49:11:

There are a lot of reasons why a country like Nigeria continues to thrill investors. Nigeria is a unique investment destination that offers many opportunities for people to get good returns on their investment. The market is huge, competition is still fairly low and the economy is still growing. Although they may be some lack of or absence of sufficient infrastructure in the business environment, it is still a good place for putting one's money based on track records of global and start-up companies who have made it big in Nigeria.

Some benefits of doing business in Nigeria
- Little or no price regulation except on things like fuel and fuel products
- Little start-up capital required
- Less restrictive business laws
- Less taxation
- Cheap labour costs: note minimum wage for the organised labour sector is at N
- Economy is still growing even in global recession

Some problems with doing business in Nigeria
- Inefficient power supply: Companies have become used to making use of power generators, inverters and solar energy
- Slow judicial system
- Corruption
- Poor transportation network: Most roads are bad and the good ones have high traffic. Trains are hardly used.

However, in doing business in Nigeria, the resources and returns on investment far outweigh the obstacles or challenges. You can make good returns by doing business in Nigeria if you know how to harness the business environment.