INVESTMENT GUIDE: DOING BUSINESS IN NIGERIA
With immense growth in technology and globalization, cross-border investments have taken prime positions in global economies. As a developing country with immeasurable growth potential, Nigeria ranks as the largest oil producer in Africa and the 11th largest oil producer in the world. Aside from available oil and gas reserves, Nigeria has enormous mineral resources, such as iron ore, bitumen, gold, coal, bauxite, bronze etc. As at 2018, the gross domestic product (GDP) of Nigeria was estimated at USD 397 billion.
Leveraging on its demographic advantage as most populous country in Africa as well as the biggest economy, Nigeria sets its path as the most preferred investment destination for investors looking to onboard into Africa’s largest emerging market. this is further accentuated by the ever-developing economic and structural reform targeted at making the country a hive for ease of doing business.
Achieving holistic tax reform and creating a business-friendly environment is one of the key objectives of the present administration. this gave rise to the establishment of the Presidential Enabling Business Environment Council (PEBEC) to address bottlenecks and compliance issues associated with the ease of doing business in Nigeria. PEBEC’S initiatives simplifying/fast-tracking the process of incorporation of companies in Nigeria and tax compliance as well as the development of the Integrated Tax Administration System (ITAS). Very recently, the Startup Act 2022 and the Business Facilitation Act, 2023 were enacted with the objectives of promoting the ease of doing business in Nigeria through transparency, efficiency, productivity and elimination of unnecessary bureaucracy.
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