Expanding into
Nigeria
Global expansion is a step to make for any business, regardless of what you wish to achieve. The opportunities that can come with an expansion can be both incredibly exciting as well as intimidating and confusing, especially when you consider all the registration procedures that need to be done and the documentation required.
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The Federal Republic of Nigeria, strategically placed on Africa’s Atlantic coast, is the continent’s most populous nation and its strongest economy, pushing South Africa and Egypt into second and third places. The International Monetary Fund’s World Economic Outlook assessed Nigeria’s Gross Domestic Product (GDP) at 484.4 billion US dollars in 2021, 29th in the world.
Nigeria’s growing level of opportunities for foreign investment and expansion is clear from the government’s determination to broaden the nation’s economic structure, and level up the gulf in incomes.
Each new markets bring new challenges, and these can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, especially through our Employer of Record (EOR) framework.
This can be best utilised when businesses are just beginning their expansion process and require more information before committing to incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Nigeria
The Federal Republic of Nigeria is Africa’s most powerful economy, ranked above South Africa and Egypt on the continent. Nigeria was ranked 29th in the world in 2021 with Gross Domestic Product (GDP) of 484.4 billion US dollars according to the International Monetary Fund’s World Economic Outlook.
Revenue from oil and natural gas are the key elements of Nigeria’s finances. In 2022 the nation was placed seventh for crude oil production among members of the Organisation of Petroleum Exporting Countries (OPEC), with exploration both onshore in the Niger Delta and offshore. Oil is the most important source of revenue and foreign exchange, while Nigeria is also now globally-ranked for natural gas production and holds one of the world’s largest reserves. Other mineral deposits include coal and tin.
Another natural resource is Nigeria’s huge and low-cost workforce – around 67 million people out of the population of around 219 million. However, it is a labour pool that suffers significant disparity in earnings. Nigeria’s GDP per capita of just US$2,273 was only 145th in the world in 2021.
The World Bank identifies Nigeria as an emerging market on the global economic stage, but reduced the growth forecast for 2022 to 3.1% from 3.8%. Part of this reassessment possibly reflects Foreign Direct Investment (FDI) falling from close to one billion US dollars in 2020 to US$699 million in 2021. The government aims to ease the route for foreign investment by relaxing Start-up regulations.
Nigeria plays a significant role in regional organisations, such as the African Development Bank; the African Union; the African, Caribbean and Pacific Group of States and the Economic Community of West African States. Nigeria is also a member of the United Nations; the International Labour Organisation; the International Monetary Fund and the World Trade Organisation.
Hiring Staff
in Nigeria
Revenue from oil and natural gas are the key elements of Nigeria’s finances. In 2022 the nation was placed seventh for crude oil production among members of the Organisation of Petroleum Exporting Countries (OPEC), with exploration both onshore in the Niger Delta and offshore. Oil is the most important source of revenue and foreign exchange, while Nigeria is also now globally-ranked for natural gas production and holds one of the world’s largest reserves. Other mineral deposits include coal and tin.
Another natural resource is Nigeria’s huge and low-cost workforce – around 67 million people out of the population of around 219 million. However, it is a labour pool that suffers significant disparity in earnings. Nigeria’s GDP per capita of just US$2,273 was only 145th in the world in 2021.
The World Bank identifies Nigeria as an emerging market on the global economic stage, but reduced the growth forecast for 2022 to 3.1% from 3.8%. Part of this reassessment possibly reflects Foreign Direct Investment (FDI) falling from close to one billion US dollars in 2020 to US$699 million in 2021. The government aims to ease the route for foreign investment by relaxing Start-up regulations.
Nigeria plays a significant role in regional organisations, such as the African Development Bank; the African Union; the African, Caribbean and Pacific Group of States and the Economic Community of West African States. Nigeria is also a member of the United Nations; the International Labour Organisation; the International Monetary Fund and the World Trade Organisation.
The Main Sectors of the Nigerian Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Nigerian Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
Nigeria
Commercial Laws in
Nigeria
