BUSINESS IDEAS Uncategorized

Why You Need to Start a Business in Nigeria Today!

It is on records that Nigeria is a hub for budding entrepreneurs and investors. Nigeria is now the largest economy in Africa. A destination for Foreign Direct Investment and one of the fastest growing economies in the world. Thats why countries are scrambling to invest in Nigeria. SOME BRANDS COMING IN TO NIGERIA… • Tiger brand lately acquired a large stake in Dangote Flour. • MTN South Africa recently mopped up shares of MTN Nigeria while Wal-Mart has moved heavily into Nigeria through its subsidiary, Shop Rite. • GlaxoSmithKline U.K has also increased its stake in GlaxoSmithKline Nigeria PLC. • General Electric is currently partnering with power generation and distribution companies in Nigeria to boost the nation’s power supply. • Most Chinese companies are partnering with Nigerian companies to setup manufacturing plants here in Nigeria. One of such plant is Innoson Vehicle Manufacturing Company situated in Nnewi. The list is just endless but the point here is that this is about the right or the best time to invest in Nigeria. NB: if you are in doubt of any of the above listed information, Google will be of tremendous help. Just do a search! 2. We have over 150 million people resident in Nigeria and the population in Nigeria is been predicted to overtake that of United States by 2050. Great labour capital! This means in essence that the Nigerian market will be big enough to absorb any product, provided enough marketing and awareness is created. Another positive impact of this population statistics is that there is cheap labour just like it is in China. One of the good reasons China grew to become an industrial hub is her large population. Her large population brought down the cost of labour. 3. Nigeria is fast joining the league of highly developed countries. This has created a huge need for innovative products. Are you resident in Nigeria? Kindly reflect back on the position of Nigeria ten years ago and compare it with her with what she is now; you can agree with me that there has been a tremendous change. Economically, technologically and otherwise, Nigeria is fast catching up with the rest of the world. This is why institutional investors and individuals from countries like South Africa, China, Lebanon, Brazil, India, etc are scrambling to invest in Nigeria because they see the potential that abound here in Nigeria. 4. Nigeria currently is riddled with problems and the government of the day is seriously battling with how to tackle these problems. Challenges such as falling oil prices, security, infrastructural decay, unemployment, power failure, corruption, fall in education standard, accommodation, etc. However, entrepreneurs know that these problems are opportunities; and only those who can act will turn these opportunities into profitable businesses. You can profit from the security situation in the country by providing a solution to a specific security challenge or any other. 5. The government of the day is working hard to improve the economic condition of the country, through the implementation of several policies aimed at promoting local content production and small scale enterprises. If you are well positioned to take advantage of such opportunities, you are heading for a goldmine! 6. Entrepreneurs in Nigeria usually focus on places like Abuja, Lagos, Port Harcourt. But tremendous opportunities also abound in other cities such as Aba, Owerri Onitsha, Nnewi, Kano, Ogun, Ibadan, Enugu, etc. Now to be candid, you must ignore what the World Bank and IMF statistics say about Nigeria. There judgment is often not real. I am equally not moved by the politically inclined propaganda promoted on the media about Nigeria. I am a young entrepreneur on ground, having personally assessed the situation on ground and charted out ways to make something good out of it. Nigeria is really emerging and you must harness this tremendous opportunity!

About the author

Sandra Chinedu

Chinedu Sandra is an Entrepreneur within the I.C.T space and loves blogging. She is on the Honour list of GEM, a World Bank Project for start-ups in Africa.

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