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Investing in Nigeria Made Easy

Published: Friday, January 12, 2018

Nigeria has enormous resources, most of which are yet to be fully exploited. These resources include but are not limited to minerals, agricultural and human resources. With a population of about 180 million people, the Nigerian market potential stretches into the growing West African sub-region and offers the market in sub-Saharan Africa. As a result of this, the government has put in place policies and programs that guarantee a free market economy; administrative and bureaucratic procedures have been greatly streamlined, with a dynamic private sector which has assured greater responsibilities under the new economic environment.

According to www.doingbusiness.org, economies are ranked on their ease of doing business, from 1–190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

It is worthy of note that the Vice President Yemi Osinbajo on the 3rd October 2017, launched the second National Action Plan on Ease of Doing Business as part of the administration’s medium term: “Economic Growth and Recovery Plan” (EGRP) to build a globally competitive economy.

The Vice President had earlier presided over an expanded meeting of the Presidential Enabling Business Environment Council (PEBEC) in Abuja.

A statement by PEBEC Secretary and Senior Special Assistant (SSA) Industry, Trade & Investment in the office of the Vice President, Dr Jumoke Oduwole, on the 3rd October, said PEBEC had approved a second 60-day National Action Plan know as (NAP 2.0) to drive reforms aimed at making Nigeria a progressively easier place to do business.

The said program (NAP 2.0) will run from October 3 to December 1, 2017, and is expected to further reduce the challenges faced by SMEs when getting credit, paying taxes, or moving goods across the country, amongst others, by removing critical bottlenecks and bureaucratic constraints to doing business in Nigeria.

The Federal Government is moving ahead with its plan to improve the ease of doing business in Nigeria as it recently slashed the period required for the perfection of import and export documentation papers from two weeks to between seven and ten days for export documentation and a maximum of eight days for import documentation. These new measures are a direct response to demands from many quarters for government to ease the nation’s business environment.

The above structural reforms are meant to improve the countries’ economic outcomes thereby making it easier for local businesses and foreign investment participation.

From the action policies and programmes of the current administration in creating a conducive environment for potential investors, investing in the Nigeria business economy which was a tedious task has become a thing of the past.

The long and tiring wait of getting a business permit, certificate of incorporation, export and import documents, visa applications and many more are over. From all these mentioned above, it is safe to say that doing business in Nigeria for local and foreign investors has been made effortless.

Some potential foreign investors are still in doubt will others have been exploring the opportunities therein. Invest in Nigeria today and discover a world of opportunities.

For more information on this article, or for consultation and advice, email: askme@immigrationlawyernigeria.com or call (+234)8034869295.

Prince Williams-Joel.
Prince Joel & Associates
Country:
Nigeria
Practice Area:
Immigration
Phone Number:
+2348034869295
Fax:
N/A
Prince Joel was born in Porthacourt, Rivers State, Nigeria. He gained admission into the prestigious University of Lagos, Nigeria; in the year 1998 to study Law, and after graduation attended the Nigerian law school Abuja. He was subsequently admitted to the Supreme Court of the Federal Republic of Nigeria as a Barrister and Solicitor. He did his internship with Babalakin & Co, a commercial law Firm in Nigeria and worked briefly as an Associate in John Jacobs & Co., Law firm. In December 2009, he started his own law firm named Prince Joel & Associates, (A Business Law Firm) and within a short period of time the firm has grown tremendously with Head office in Lagos and branches in Abuja, Porthacourt, and Owerri.Prince Joel & Associates Law firm is a knowledge- driven full business service law firm, where the latest businesses and legal legislation are utilized to promote the best interest of the client. The firm is in retainership with multinational and local companies in Nigeria and abroad. Apart from his law firm, Prince Joel is also a partner in an immigration law firm called HEDGE SOLICITORS, co-founded with his partners in the USA, UK, Europe and Canada. The immigration law firm was set up with a dream to promote exceptional immigration and expatriate management services to foreign Nationals and individuals around the globe, who are in need of immigration advice and guidance. Through his portal named www.nigeriaimmigrationlawyer.com he provides high quality information on immigration, Investment Advisory services, general legal related matters, Compliance and regulatory issues. Price Joel is an Entrepreneur to the core, a coach and a trainer. Prince Joel recently started a 24 hours, 7 days a week online based law firm called 24/7 online SME Legal Support, (sme.ibejulekkilawyer.com) with a network of over 40 lawyers, each specializing in an area of law. He offers Real Online legal services.

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