A Guide To Foreigners Doing Business In Nigeria Part 1

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. In addition to available oil and gas reserves, Nigeria has enormous mineral resources such as iron ore, bitumen, gold, coal, bauxite, bronze etc. As of December 2022, the gross domestic product (GDP) of Nigeria was estimated at USD 477.39 billion according to the World Bank and the International Monetary Fund (IMF) retained its 3.2% forecast for Nigeria’s economic growth in 2023.

Leveraging on its demographic advantage as the most populous country in Africa as well as the biggest economy according to the IMF, 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.