Nigeria has some of the richest businessman in Africa.
Some of the most well known billionaires in Africa are from Nigeria, including Aliko Dangote, Tony Elemelu and Mike Adenuga.
Below are some of the reasons why Nigerian businessman are so rich
1. Nigeria benefits from the customs duty exemptions in the 15Â member countries ECOWAS block.
2. Nigeria is the most populous country in Africa, accounting for one sixth of the continent ‘s population and has the largest GDP on the continent.
3. Nigeria is emphasizing on diversification on the non oil sectors of the economy as the country seeks to become oil independent.
4. Nigeria is a federal republic with 36 states and Abuja as the Capital. Nigeria is the strongest investment market in Africa by far. It is a safe haven for foreign capital and offers investors fiscal incentives, investment guarantees and a stable legal and political environment.
5. Nigeria has a very low corporate tax regime, VAT rate as well as flexible labor market conditions and relatively straightforward procedures for establishing a business.
6. Multinational companies are encouraged to start businesses in the Free Trade Zone (FTZ). The FTZ is the backbone of the country ‘s export strategy.
7. Nigeria is the roo recepient of foreign direct investment in Africa.
8. Nigeria has a dedicated legal framework for its business sector.
9. Foreigners can own 100% of any company without having any local ownership and they can repatriate all their money.
10. Nigeria has developed a legal framework for protecting intellectual property.
11. Nigeria has eliminated tarrifs within the ECOWA sub region.
12. Nigeria has 25 International airports and 5 sea ports. 2 sea ports with free trade status are currently under construction.
The Nigerian government has put in place laws to enable businessman to run their businesses profitably. The country has a huge market and the ECOWAS sub region expands the market even further.
Please watch the video above this post for more details.Â
