0
Untapped Resources
Nigeria is primarily known as an oil producer. However, the country is rich in many other resources that are yet to be exploited. Sectors such as agriculture, mining, semi-precious and precious stones and other resources have taken a backseat to the petroleum industry. These present opportunities for investors.
Thriving Economy
The Nigerian economy is the third-largest in Africa and the largest in the West African region. Despite the global downturn, Nigeria's Stock Market performance is considered one of the strongest in the world in 2010. Additionally, the country is expected to see a GDP increase of 7.53 percent in 2010, one of the highest in the world. These factors are key indicators of a robust economy that is good for business.
Large Population As of 2010, Nigeria is believed to have about 150 million people. The country's large population means that businesses are not short of customers. The telecommunication sector, for instance, expanded by 34.2 percent in 2009, an increase spurred by customer demand.
Desire For Foreign Investment The Nigerian government recognizes that foreign investment is key to the country's development. Thus, it offers incentives to investors that use local materials and hire citizens. Investors can obtain "Pioneer Status," which affords a tax holiday for qualifying companies. A break from taxes means more profits for investors. The country actively courts investors from around the world to invest in many key sectors.
Inadequate Infrastructure Although Nigeria is one of the world's largest oil suppliers, the country's infrastructure is underdeveloped. The roads connecting the country's regions are bad, making transportation of goods difficult. Even more crucial is the country's epileptic power supply. Nigeria's power stations are in bad shape and in some cases, pipelines leading to power stations are either not maintained or vandalized.
Corruption Nigeria has been ranked as one of the most corrupt nations in the world. In fact, it lost more money to graft than any other country in the world between 1970 and 2008. However, over the last eight years, the country's anti-corruption agency has worked to discourage corruption by arresting and prosecuting offenders. Unfortunately, corruption remains an issue that increases business costs and limits efficiency.
Wiki User
∙ 6y ago
Wiki User
∙ 9y agoThe prospect of small scale business in Nigeria is to reach out to consumers that large scalers do not get to. Small scale business are more focused on the retail process.
Wiki User
∙ 10y agoproblems associated with small business operations
ali maigari
What are the scope of small business in Nigeria
Add your answer:
Earn +20 pts
Sources of finance for small scale business in nigeria?
sources of finance to small scale business
Definition of small scale business in nigeria?
A small scale business in Nigeria is one that doesn't do as much business as a market leader. Typically, these businesses are locally owned businesses.
Important of smoll scale business in nigeria?
Examples of the small scale business in Nigeria includes the fresh fruit business, the food supply business, the retail shop business, and the carpet cleaning business. The other important small scale business in Nigeria includes web designing and forex trading.
What are the concept of small scale business in Nigeria?
please answer the question
What is the most lucrative small scale business in Nigeria?
they varies
The impact on small scale business in Nigeria economic?
The impact of small scale business in nigeria economic are much to the extend that a word can not describe it no matter how you want to classify it.The impact has created a lot of business to nigeria system, for instance, MTN Nigeria has contributed and invested much into the economy.
The impact of micro-finance banks on the development of small scale business in Nigeria?
check your answer
What are the problem and prospect of small scale industries in Nigeria?
1. lack of certified public accountant who helps tremendiously in keeping accounting records. 2. unorganised system of accounting 3. insufficient account recording books 4. Auditing round the computer
Problems and prospects of small scale industries in nigeria?
The problems of small scale industries in Nigeria include corruption, insecurity and poor infrastructure. The prospects on the other hand include engaging foreign traders in business so as to grow the economy.
50 lucrative small scale business in nigeria?
running a school pure water business bakery tissue factory bottling industry
What are financial regulation affecting small scale business in Nigeria?
Lack of stable light, lack of support from the government
What are the sources of financing small scale business in nigeria?
Source of finance for small scale business can be raise through 1. From family. 2. From friends 3. From cooperatives society 4. Loans from the bank... Nigeria has introduced some sectoral policies to strengthen the growth of SMEs in Nigeria. Some of the policies active there are Concessionary financing, Small and Medium Industries Equity Investments Scheme(SMIEIS) to encourage the growth of small and medium scale industries. In Nigeria, the National Council of Industry, under the Federal Ministry of Industries, periodically revises the classification of SMEs. Other institutions, such as the Central Bank of Nigeria and the Nigerian Association of Small Scale Industries(NASSI) promote the growth of small industries.
