Nigeria is situated along the west coast of Africa, bordering Cameroon to the east, Benin Republic to the west, Niger Republic to the north and the Atlantic to the south. The country is a Federal Republic consisting of 36 states and Abuja as the Federal Capital Territory. The country has an area size of 923,768 square kilometers and a coastline of 853 kilometers. Nigeria gained independence from Britain in 1960. Nigeria has the largest population in Africa with over 180 million people.
THE HEART OF AFRICA
Nigeria – is often called the ‘Heart of Africa. And it is not hard to see why, considering its strategic location on the African continent, its population size, market size, territory rich in natural resources, arable land, host to numerous transnational organizations. Add to this, an abundance high-skilled labor in distribution. Nigeria has highly developed economic legislation, providing the necessary legal framework for the protection of investments. Nigeria has become one of the most attractive countries for establishing African headquarters.
The Nigerian State comprises three powers: Executive powers are vested in the President of the Federal Republic at the national level and Governors at the State level; Legislative powers are vested in the National Assembly (i.e. the Senate and the House of Representatives) and Houses of Assembly at state level; Judicial powers are vested in the Law Courts. The country practices a multi-party constitutional democracy.
The climate in Nigeria is pleasant not only during the dry season, which extends from October to March but also during the rainy season, which runs from April to September. Nigeria has a tropical climate with an average temperature of 28 degrees Celsius (82 degrees Fahrenheit).
COMPETITIVE ADVANTAGES OF NIGERIA
There are far-reaching action plans aimed at encouraging foreign participation in the Nigerian economy. The variety of opportunities and competitive costs make Nigeria an excellent destination for investment. Nigeria is the top recipient of foreign direct investments (FDI) in Africa with a gross domestic product rate that averaged more than 6% over the last decade. This followed a deliberate attempt by government to diversify the economy and liberalize the business environment to accommodate the private sector as the engine of growth while government remains the enabler.
Besides its exceptional location at the heart of Africa and long-standing tradition as an exemplary country for establishing African headquarters, Nigeria offers foreign companies a unique combination of:
- Favorable tax incentives and investment guarantees
- Largest population in Africa (over 180 million people)
- Largest economy in Africa (over 500 billion USD dollars)
- Accessibility from key locations abroad via air transportation and telecommunications networks;
- Access to land
- Affordable office and residential space
- Low cost of living
- Access to a highly-skilled workforce
- Rich cultural heritage.
Nigeria is also an attractive country for investment and it offers great potential for the establishment of multinational companies, thanks to the outstanding academic level of its population, as well as the high standard of modern services and social and political stability.
TAX INCENTIVES AND INVESTMENT GUARANTEES
Nigeria is traditionally one of the preferred locations for companies considering setting up business or expanding activities in Africa. The country has a broad range of business and investment incentives designed to offer your enterprise complete tax exemption or lower the effective tax rate, and there is so much to benefit from when having Nigeria as a base for your project expansion and business undertakings.
The most interesting tax incentives for investors and foreign companies looking to set up their business presence in Nigeria may be found here:
Nigeria moves to the rhythm of a wealth of tourism, sports and cultural events. There’s no way you could ever get bored! The country cities boast of wild-life conservation parks, cinemas, museums, festivals and major international music and cultural fiestas. The country has twenty-three (23) local airports with five major international airports: Abuja, Calabar, Enugu, Lagos, Kano, Port Harcourt, Uyo. Nigeria has five seaports: Apapa, Calabar, Port Harcourt, Tin Can Island, Warri.