₦airaland Forum

bigben431: So I decided to create this thread to share my experience of setting up a business in Nigeria and answer any questions that anyone might have especially Nigerians in Diaspora.

Background: I went to the US for college 11 years ago, worked in Corporate America for a while before coming to Nigeria to begin some business ventures. Currently I spend about 50% of my time in the US, 40% in Nigeria and 10% in other African countries. I am currently into export and food processing; I am undertaking preliminary studies in real estate development and a healthcare diagnostics business. I will try as much as possible to document my personal experience and help with any questions that anyone might have.

I worked in the financial services industry in the US but was tired of the rat race, I wanted to own my destiny and was tired of reading about the African growth story, I wanted to be part of this story. I resigned my job cashed out my 401k, sold my car for startup capital and started looking at business opportunities. Nigeria is a very fertile ground for business and I believe that the time to invest is now; in five years I believe the window will be narrower.

For the novice investors, the first place to start is the Nigerian Investment Promotion Council, they give you lots of information and resources of setting up a business in Nigeria, for those interested in export you want to check out the Nigerian Export Promotion Council.

First step is to incorporate your business at the Corporate Affairs Commission, I set mine up as an LTD, and you have an option to set up as an enterprise the choice is yours. If you register as an LTD you will have to go to EFCC to get some sort of clearance before you can open a bank account (more on that later). This process was a breeze and I got my certificate within five business days.

Next step was to get a tax ID number; you can check the FIRS website to see what office covers your jurisdiction; you fill some forms and take it to the office. I used the office at Adeneyi Jones, Ikeja. I got my TIN number within a week.
I proceeded to GTB to open a corporate account; I was told that I had to go to EFCC in Ikoyi to get some form stamped since my company was an LTD. EFCC gives you a fifteen minute tutorial on money laundering, etc. After this they stamp the form and you take it back to your bank. Try to get to the EFCC office before 10am else it becomes a mad house and people begin to display really disgusting manners. I took the form back to my banking officer and my account was opened within hours.

Since I was in the export business, I had to obtain a certificate from the NEPC. This step was my biggest fear since I thought it would take weeks before getting a certificate, after I paid the registration fees, I got the certificate in less than 24 hours. I was amazed by their efficient manner in handling things, my emails were replied in less than 15 mins whenever I had an inquiry.

Lastly, since I was dealing with food products I needed to get a NAFDAC number. This step could get very completed but patience is the key. The procedure is very detailed and it involved a factory inspection and lab analysis of your product. Everything takes about 60 days to complete.

To save you headache later, make sure you apply to trademark your products (this takes about 60 days to complete). This can be done with the Ministry of Trade and Investment.

I will periodically add anything that I might have missed and please feel to ask any questions. I will also share my managerial style and how I deal with a diverse workforce. During these processes never did I give a bribe not once, only the published government fees.
So far business has been good and I do not regret making my decision to invest in Nigeria, it is still a virgin land to invest and there lies opportunities in every sector of the economy. You just have to find your sweet spot and kill it.

To the Nigerians in Diaspora, yes there are challenges here but you will never get a better ROI anywhere in the world the way you will in Nigeria. The time to invest is now.

. I am with #10M and am planning to have the first dodo ikire factory ...is it a must for me to undergo all what u have listed above?...pls how do I start?

youngice: mou is cow.Mikel that played on the same squad as messi and Renaldo how is he not a goal inn match.

mai broda itz RONALDO not Renaldo

Blueboy146: Abeg shey ASUU don call off strike ni?

no, but bfr 2016 saa

Blueboy146: Abeg shey ASUU don call off strike ni?

no, but bfr 2016 saa

[quote author=jfkenny.]abeg universities should ask unilorin the formula they are using. how can these half baked graduates called NASU be in existing[/quote]....ah wan talk ooo... b in existing..abeg correct am

hmmmm....ah reserve ma comment!

bloggernaija: Widow or no widow.
The instructions/rules/ law was simple enough.
Why can't Nigerians obey simple instructions?
Why do we behave like animal?

From overloaded lorries,
To drunk unlicensed driver,
To roadside traders encroaching on the highway ,
Siren blaring bigman aka stupid politicians.

The next minute ,they will start complaining about bad government disregarding the fact that the government is mirroring our own personal bad behaviour.

Poverty is not an excuse.
Neither should the law develop eyes because she is a WIDOW.

The government is doing the job it was elected to do and our
Uncivilised people are talking about MERCY .
Yes ,the language was bad
But he had to personally set an example.

MY TAKE IS THAT NIGERIANS ARE SO ISED TO LAWLESSNES THAT IT HAS BECOME THE BEW NORMAL.

NOW FOR THOSE WHO ARE IGNORANT OF THE ADMINISTRATION OF THE WESTERN REGION AND THE MIDWEST,
WIDOW OR NO WIDOW,
THIS WOMAN HAVE BEEN CHARGED TO COURT ,HEAVILY FINED AND HER GOODS SIEZED .
WHEN DID IT BECOME A CRIME TO ENFORCE THE LAW?

ur so heartless.....if d woman were to b ya mummy nko......nonsense!!!

crying!!!

i love you...so simple

Gboyee4fun: FUnaab funaab glory of our days, forward upward u shall ever stay, beacons of our fathers' land to success we wil sail,labouring toilin forward we shall ever stay...repping funaab

na one sku dey naija...Funaab nd odaz

Dygeasy: You No Hear Say Jamb Form Don Comot?

Port While You Can

dts tu much...hes a 400l student naa

homesteady: @the last picture - is that body-guard wearing a singlet? Who does that?? Couldn't he get a suit to wear? Or if a Suit is too expensive, a body hug shirt will be okay!

jex ta see how huge he is

mstcheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeew

7th ta comment...vewi gud...play again ta win a beta mansion

Pweedylipsmoi: I loooove the gown....simple and classy

wetin u go talk bfr.....awon obinrin sa!!!

seunlayi: Some of them are older than 17 but nigeria is still better than those from other countries with beard on their face. Even the NFF tried in this regard. I learnt that one of the major player was drop because of age issue. This will certainly help us in the future cos these guys will be fully utilized

go report to FIFA president naa tsheeeeeeeeeeew....gud pple grt nation!

weldone ma younger brothers,wish i could b one of ue.....##ekun ayo##

Allgist: https://img.naij.com/business/politics/04/10/davido_and_eaglets.png
Skelewu crooner Davido met the Under 17 World Cup winning Eaglets recently and shared the picture on his instagram. The gobe singer said ''Congrats to my lil bros!!!!!! Love to see young pple prosper! The sky is the limit for these dudes!!! Champions!!''

Visit Nigeria's finest celebrity news source . Breaking news/gists @ http:///C2jqI

........nice one!

[quote author=ifeanyi_ja]A Lagos-based legal practitioner, Daniel Onwe, has
dragged the Federal Government and the Academic
Staff Union of Universities, ASUU, before a Federal
High Court in Lagos, southern Nigeria, over the lingering crisis between the two bodies which has led to the closure of public universities in the country since 1 July.

In a motion dated 30 September, 2013, Barrister Onwe is seeking an order of court to compel ASUU to call off the strike it embarked upon in protest over the
unwillingness of government to implement certain
aspects of the agreement they reached over the parlous state of Nigerian universities and other issues.

In a 15-paragraph affidavit filed along with the motion,
Onwe is asking the court to declare that the indefinite
strike embarked upon by ASUU, leading to the closure
of government owned universities for three months,
violates the fundamental rights of the students
affected.

He argued that the continued strike action by ASUU has traumatized many students who now engage in all sorts of vices.

Onwe posited that the plight of the affected students
has worsened as their contemporaries in private
universities continue to attend lectures while they
remain idle at home.

He urged the court to compel ASUU to open the
universities for lectures to resume while their
negotiation with the Federal Government continues.
No date has been fixed for hearing of the suit.

www.pmnewsnigeria.com/2013/10/02/lawyer-sues-fg-ASUU-over-strike/[/quote]....hm dey find name for himself...gud samaritan

[quote author=ifeanyi_ja]A Lagos-based legal practitioner, Daniel Onwe, has
dragged the Federal Government and the Academic
Staff Union of Universities, ASUU, before a Federal
High Court in Lagos, southern Nigeria, over the lingering crisis between the two bodies which has led to the closure of public universities in the country since 1 July.

In a motion dated 30 September, 2013, Barrister Onwe is seeking an order of court to compel ASUU to call off the strike it embarked upon in protest over the
unwillingness of government to implement certain
aspects of the agreement they reached over the parlous state of Nigerian universities and other issues.

In a 15-paragraph affidavit filed along with the motion,
Onwe is asking the court to declare that the indefinite
strike embarked upon by ASUU, leading to the closure
of government owned universities for three months,
violates the fundamental rights of the students
affected.

He argued that the continued strike action by ASUU has traumatized many students who now engage in all sorts of vices.

Onwe posited that the plight of the affected students
has worsened as their contemporaries in private
universities continue to attend lectures while they
remain idle at home.

He urged the court to compel ASUU to open the
universities for lectures to resume while their
negotiation with the Federal Government continues.
No date has been fixed for hearing of the suit.

www.pmnewsnigeria.com/2013/10/02/lawyer-sues-fg-ASUU-over-strike/[/quote]....hm dey find name for himself...gud samaritan

lolz!...prime fc for life

spongeback: Ok waje good to know you are on nairaland

....gagaunnnnnnn

true talk ;Dtrue talk

na dre wahala b dat jooo....wizkid nd j. martins needs medical attention...op i guess ryt

ma own wedding ceremony sef go soon nta frnt page

go dey do itoro-aanu

olori buruku leleyi saa...abi oti ri ise nii....msteeeeeeew

a woman was beating her son mercilessly wen her husband came in......d husband z why are u beatin him like dis.....d woman z dis boy is a dollard he cant give me d answer to 2 minus 2......d husband wasnt so sure so he called d boy and z listen to me wen u count 2 and subtract it wit anoda 2 wat will u get?....d boi z i dnt knw it.....he slaped d guy and z if u were given 2 akara and u eat d 2 wat will it b left wit u.....d guy took some seconds to think and said ORORO will be left.....

make i give u her fon no.?......

na jex d tip b dt.......