Starting a business in Nigeria requires tons of effort, knowledge, perseverance and determination to make things happen. Not to mention that financial capital is also a must to be able to start a business in Nigeria. If you are a Nigerian living abroad that has plans of doing business in Nigeria, take a look at these considerations below and discover the latest fuss all about Nigeria in terms of the industry.
However, before you can start doing business in Nigeria, you need to register your company first to make it legitimate. There are different types of business registration in accordance to the CAMA Act No. 1 of 1990. Note that the CAC or Corporate Affairs Commission is the local government agency appointed to register and secure your business name.
1. Registration of Business name (VENTURE) – this is the most affordable type of business registration available in Nigeria. Normally, 30 days is required before you can avail your desired company name. After which, You have 90 days to pay for your chosen business name and failure to do so will require you to resubmit and re-file forms at the CAC. You will spend roughly N15,000 to N20,000 for this type of business registration.
2. Registration of Public Companies (LTD) – if you are a Nigerian abroad who plans doing business in Nigeria individually or with group of friends, this one is for you. Bear in mind that availability of your company name should be reserved prior to your application. For LTD registration, fees associated with it depend on the share capital. Ex: one million Naira goes anywhere between N80,000 to N100,000.
Booming Businesses in Nigeria
Internet services – since Nigeria ranks as a developing country, the needs of internet services are also booming like mushrooms in the wild. Doing business in Nigeria particularly in the field of internet services requires small capital but big income, this is one of the many things why knowing all about Nigeria is essential. You can start by building an internet café near schools, markets and most frequent places. Some of the things you need to know about this type of business are but not limited to:
1. Gather your equipments – buying a fairly used computer system or tokunbo is advised for first time internet café owners. They are more affordably priced as low as N15,000 compare to brand new units ranging from N70,000 or more for higher specs computers.
2. Register your internet café – most Nigerians forget to register their internet café that could lead to administrative cases and big penalty. NCC or the National Communication Commission is the agency responsible for all communication companies in Nigeria therefore internet cafes falls under their authority. You will spend about N15,000 before you can start doing business in Nigeria, specifically internet cafes.
Catfish farming – since catfish farming hasn’t reached its peak yet, it is considered to be one of the fastest and most emerging businesses in Nigeria. If you have plans doing business in Nigeria, you may want to consider catfish farming especially those who have access on regional players. Good to know tips about catfish farming and all about Nigeria catfish production are as follows:
- Starting a business in Nigeria (catfish farming) requires very low capital of about N150,000.
- Fingerlings or juvenile catfish that is 4 weeks old costs N20,000 each while younger (less than 4 weeks old) cost N5 to N7 only.
- Bag of feed meal costs anywhere from N4, N300 and N4,500, depending on your needs and wants.
There are many forms and options on how you can start doing a business in Nigeria, just make sure to follow official procedures and don’t forget to make things legitimate whether it’s an internet café or catfish raising.
Maize is a staple food for over 300m Africans. There are several varieties of maize some of which are suitable for drought prone areas. Most African cultures produce maize in large scale thanks to modern technology and mechanization.
It is a relatively cheap form of food even to people…
Cassava is a very popular traditional food with most Africans. It is an edible starchy root that has a very high source of carbohydrates. In Africa alone cassava is a major source of calories to millions of people.
It has a rough hard thick brown covering which is a little similar to a bark. This cover is peeled off before cooking the cassava. The inside of a cassava is also hard but white in color.
Africa is a land rich is culture and traditions which are depicted in their art work. Their strong religious beliefs and cultural ideas are represented by their choice of art work. These art works have been used in both religious and traditional ceremonies since time immemorial.
Kola-nut belongs to the Malvaceae family of trees. It is very common in the tropical rainforests of Africa. In fact, it is a unique symbol of most tribes in Nigeria. Kola-nuts can grow to a height of 65 feet, while maintaining their green color year-round.
Sorghum is one of the most common varieties of grass species. It is in the family of sugar cane. It is a self pollination plant that performs very well in warm climates. It is both drought and heat tolerant and specifically does well in arid regions.
Most Sorghum species are native to the tropical and subtropical regions. Sorghum is very common in most African cultures which use it as a grain. Most Africans also cultivate sorghum as a fodder plant for their pasture.
Africans are a people with varying cultures and traditions. In Africa, paintings are highly valued and particular tribes and clans have arts associated with them. The many different tribes and clans in Africa create genuine African art meant to decorate their homes and others for sale.
Due to the many benefits of palm oil, most manufacturers have now turned to using it in most of their products. Most people who are diet conscious have also turned to using palm oil as it is very high in carotene – an essential vitamin to body.
However, be sure that a product contains palm oil…
African spices are an essential part of almost all African meals. Most of the spices that are native of Africa are known to have distinctive tastes and fragrances.
African spices are derived from plants and especially from the roots and barks of these plants. These spices are a perfect wedding present to a newly married African couple.
Cocoa Butter is a household name in the treatment of skin conditions that is increasingly gaining popularity every other day. It is actually a natural edible vegetable fat that comes from cocoa beans.
Since Cocoa Butter is a natural African beauty product it has no known side effects meaning…