Nigeria can be categorized as an emerging market and a middle-income and mixed economy. It is the 20th largest economy in the world by purchasing power parity and 21st largest by nominal GDP. Moreover, Nigeria has the eight largest oil and gas reserves in the world. Starting a business in Nigeria is particularly rewarding for sectors such as manufacturing, finance, technology and service. Following are a few reasons why registering a company in Nigeria is a smart business decision.
Several economic zones offer tax incentives, which serves as a catalyst for setting up a company in Nigeria.
It enjoys a liberal exchange of control regulations.
The pro-business government of Nigeria prioritizes physical and industrial infrastructure development.
It has the highest projected GDP growth in Africa.
With an enormous land resource, it provides tremendous investment opportunities in the solid minerals sector.
It offers the lowest production cost in Africa due to the availability of skilled labour at an economic cost.
A balanced political climate as compared to the rest of the African market.
It’s fast progression towards a free market economy.
REQUIREMENT TO OPEN A COMPANY
Minimum one Director (local)
Minimum two Shareholders (any nationality)
One Resident Company Secretary
Registered office in Nigeria
Minimum share capital required is USD 6945 (this may vary depending on the activity of the business)
Memorandum of Association
Articles of Association
Name, Address and Signature of the Company Secretary, Subscriber, Director
A photocopy of Nigerian Identification for all the Nigerian Directors/ subscribers in the formation document
Company Incorporation Services
Provision of a Local Resident Director
Provision of a Local Company Secretary
Bank Account Opening
Licensing (if required)
Post Incorporation Services (if required)
Registration with Federal Inland Revenue System, NIPC, NITDA
Local Resident Office Address
The entire process of incorporating a company in Nigeria takes approximately 4 – 5 weeks to be completed.