Business For Sale Nigeria | Business For Sale Listings
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Get to Know About Nigeria
Nigeria is a country in West Africa. It neighbors Benin in the west, Niger in the north, Chad in the northeast, and Cameroon in the east. Its total land area is 923,768 square kilometers with a population of 200,962,417 Nigerians. The capital is Abuja, and Naira (NGN) is the currency. Though English is the official language, people also have other mother tongues, namely Hausa, Igbo, and Yoruba. Islam and Christianity are the most widely predominant religions. The climate of Nigeria is tropical: dry and wet seasons.
Nigeria’s Gross Domestic Product (GDP) is worth 397.30 billion US dollars, and the GDP per capita is roughly $2,396.30. The Corporate Tax Rate always stands at 30 percent, which is a little high, but companies will benefit as the country has the largest population in Africa and one of the biggest in the entire world.
Doing business in Nigeria requires flexibility, adaptability, and patience. As per the latest annual ratings of World Bank, the country is ranked 146 among 190 economies in the ease of doing business. Most foreign nationals require a visa upon entry like US citizens unless they come from one of the visa-exempt countries such as Guinea, Niger, just to name a few.
The challenges in Nigeria include high unemployment rates, limited access to quality education, especially in rural areas. Also, it has a poor environment condition, which is bad for human health. Nigeria is highly dependent on revenue from oil and gas, and its economy has become the largest in Africa. Other industries like real estate, retail services, agriculture, and infrastructure have been proposed by the country to attract foreign investors and new companies.