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Reasons Why Nigeria is a Great Destination For Doing Business

By Adeniyi Ogunfowoke,
Nigeria is the biggest economy in Africa with a Gross Domestic Product (GDP) of $1.121 trillion as well as the largest population in the continent with over 190 million inhabitants. Hence, it is a viable and profitable destination for doing business despite the herd of challenges.
This is reflected in the success stories of not only indigenous companies but also foreign businesses that started small, weathered different kinds of storms, became market leaders in their various fields and are now full-fledged Nigerian or African companies.
A good example is Jumia, the no 1 shopping destination in Nigeria, which started in the country in 2012. Over a period of 6 years, the eCommerce company has grown and expanded to 13 other countries in Africa and now offers different services and product lines to tens of thousands of customers. Amazingly, ‘this Nigerian company’ recently became the first African tech company to list on the New York Stock Exchange, the world’s largest stock exchange.
To a great degree, there are so many good reasons why Nigeria is an awesome destination for business. We discuss some of these reasons.
Over 100 million customers waiting for you
There are over 190 million people resident in Nigeria and the Nigerian population is predicted to overtake that of the United States by 2050. Now what this means, in essence, is that the market is big enough to absorb any legal product, provided enough marketing and awareness is created. So, you can bring your money to Nigeria and be rest assured that you have waiting customers.
Nigeria is booming with entrepreneurial energy
If you know anything about the Nigerian business culture, you know that it is filled with a resilient and entrepreneurial spirit. Lagos, Nigeria’s mega-city, plays an important role in most businesses’ marketing strategy in Nigeria. Lagos’ contribution to the continent’s GDP makes it the 7th ranked economy in Africa – higher than the GDP of countries such as Kenya and Ethiopia. Business owners and entrepreneurs in Nigeria deal with so many unique challenges while running their Nigerian business that they have adopted innovative business models to work around potential pitfalls accordingly. In fact, most foreign nationals who come to Nigeria for business begin to realize that conducting business in the country is an opportunity to partake in a very energetic and bustling marketplace.
Lucrative new IT opportunities
Information Technology presents significant growth opportunities in Nigeria. These possibilities are endless because it is a relatively new industry literally ‘begging’ for investment. A company like Jumia which has offered a lot of opportunities for young Nigerians to make money, has attracted investments from global companies that believe in the mission and vision of the company. And with the government introducing policies to support the ICT industry which is the future, it is a bottomless pit for any investor willing to take the leap of faith.
Nigeria boasts a young and growing urban population
Of the over 190 million citizens in Nigeria, a large number of them are less than 30-years-of-age. The fact that the majority of Nigeria’s population is so young presents a lot of opportunities for companies looking for new markets with receptive customer bases. A youthful population poses other advantages, such as a larger workforce and a growing consumer class. Since brand loyalty is an aspect of Nigerian culture, having the opportunity to appeal to a younger generation in an effort to develop long-term customers is ideal. Also, with the growing urbanization and increased internet access due to extensive mobile connectivity, companies will be able to tap into an emerging consumer base.
Nigeria is a strategic testing ground for businesses in Africa
For companies looking to perform well in Africa, prioritizing Nigerian business in their expansion plan has strategic importance. Nigeria is strategically located in the West of Africa along the Atlantic coast. Alongside Nigeria’s growing economy and strategic location, the spread of Nigerian culture throughout Africa makes the country a great testing bed for consumer-goods enterprises. If your product testing is successful in Nigeria, be rest assured that it will succeed in any part of the continent. Jumia started in Nigeria and the model has been a huge success. The same operational model has been exported to 13 other countries and it is working!
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NGX Group Chairman Seeks Regional Collaboration to Unlock West Africa’s Trade, Investment Potential

Umaru Kwairanga, chairman, Nigerian Exchange Group (NGX Group), has called for stronger regional cooperation to harness the untapped potential of West Africa’s trade and commodity markets.
Speaking at the inaugural West Africa Economic Summit (WAES) 2025 held under the theme “Unlocking Trade and Investment Opportunities in the Region”, Kwairanga highlighted the critical role of capital markets and commodity exchanges in transforming the region’s abundant natural resources into organised, transparent capital that fuels industrialisation and inclusive economic growth.
The summit brought together key stakeholders from across West Africa to deliberate on strategies for accelerating regional integration, strengthening capital markets, and unlocking the full potential of intra-African trade.
In his remarks during a high-level panel on “Commodities as Capital: Regional Commodities Exchange & Reserves”, Kwairanga noted that despite West Africa’s wealth of raw materials, the region continues to face a paradox of resource abundance coexisting with capital scarcity.
“As a nation and region, we are abundantly rich in raw materials, but often poor in capital outcomes. This paradox is not due to a lack of resources, but due to the way these resources have historically been excluded from structured financial ecosystems.
Commodities, whether agricultural, mineral, or energy, must be seen not just as tradeable goods, but as investable assets capable of powering industrialisation, job creation, and macroeconomic stability,” he said.
Kwairanga emphasised NGX Group’s commitment to building resilient market infrastructure that supports price discovery, clearing, settlement, and investor protection, systems that can underpin thriving regional commodity markets.
He highlighted NGX Group’s role in mobilising capital for commodity value chains through IPOs, bonds, and structured funds, citing the success of NGX-listed companies like Presco and Okomu Oil as models for attracting long-term investment.
On the question of regional versus national commodity exchanges, Dr. Kwairanga advocated for a dual approach that combines the strengths of national platforms with the scale and integration benefits of regional frameworks.
“National exchanges address local needs and build depth, but for West Africa to unlock the full potential of commodity trade, we must connect these markets under a regional structure.
“Regulatory harmonisation will be key, and this is where NGX Group’s experience in governance, coupled with platforms like the African Exchanges Linkage Project and the Pan-African Payment and Settlement System, can help align standards and enable seamless cross-border transactions,” he stated.
Addressing liquidity challenges, Kwairanga outlined the need for harmonised rules, trustworthy infrastructure, product innovation, and incentives to drive participation. He called for public-private partnerships and regional integration to deepen market liquidity and ensure efficient price discovery.
Beyond the panel discussions, Kwairanga commended the vision of President Bola Tinubu and the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, for spearheading the summit. “There is power in unity and prestige in size. The great economic powerhouses of the 21st century, such as the United States and China, have risen to prominence partly because of the scale of their markets.
A united West Africa can achieve the same if we work together on initiatives like this,” he said, expressing optimism that the summit would produce actionable frameworks to reduce trade barriers, encourage regional investment, and fast-track economic growth across ECOWAS.
NGX Group, he added, remains committed to supporting cross-border investments, citing its participation in the African Exchanges Linkage Project and the increasing regional footprint of NGX-listed companies such as Dangote Cement, First Bank, Zenith Bank, Access Bank, and Ecobank.
News
DBN Awards N13m in Grants to Tech Startups

Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).
The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million
Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.
The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.
In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN, described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.
“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”
Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.
He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.
Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”
A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.
The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.
Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”
News
FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations

In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.
The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.
Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”
Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.
TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.
Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.
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