The incorporation process can typically be concluded within a period of four (4) business days from the date on which all official fees have been paid and all relevant documents are filed with the CAC.
It is important to note that through the efforts of the Presidential Enabling Business Environment Council (""PEBEC"") at continuously improving the ease of doing business in Nigeria, a lot of innovative legal reforms have been introduced and implemented in order to enhance the process and/or shorten the time it takes to register a business in Nigeria. These reforms are implemented through the Ease of Business Environment Secretariat (""EBES"").
Nigeria can be categorized as an emerging market and a middle-income and mixed economy. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity. 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.