Nigeria has become one of the great countries that come with a population of approximately 150 million out of that 40% represent the active and young population. Starting a new business in Nigeria always comes with so many challenging hurdles. In Nigeria, you will have to provide your own power supply, contend with the bad roads, pay the biggest communication costs, and slow government processes. The majority of the folks are continually facing so many complicated challenges while starting the Business in Nigeria. It is one of the great countries that was ranked 169th in the report of World Bank’s Ease.
More than 80% of the start-ups and new businesses in Nigeria always fail within the first 3 first years. If you are doing business in Nigeria can be a wonderful experience whenever your company venture succeeds. Following
Access to credit & capital
A lot of businessmen and entrepreneurs are facing so many issues while raising capital. Broadly speaking, capital is the amount of money that every company. Raising the capital isn’t an easy task & frequently needs a lot of patience and determination.
Power supply and electricity
Getting the access to a power supply and constant electricity has become the biggest concern for the business in Nigeria. In 2018, an average household in Nigeria only had access to the 6 hours power supply out of 24 hours that exist in a given day. This is why the use of generators has become a great power source is common in Nigeria. All you need to check the Naija forum, which is offering the proper information about Nigeria.
Regulations of the government
The government is continually playing a major role in the decision of how business gets done in Nigeria. In Nigeria, it takes almost 2 weeks to 2 months to set up a business that always involves the jumping via a number of regulator hoops. The government has become supportive of the local start-up ecosystem. Nigerian government should do something more to make doing the business more interesting and easier. Naija forum is providing information regarding several things about Nigeria.
Developments of the market
Technological and digital disruption is continually affecting the business of all the industries in Nigeria. There will be a market risk around the fact that which is global uncertainty around the economic growth. If you are unsure of the direction which complete economy is going to take, it will make the strategy development and business planning a great deal more risky and difficult. The majority of the corporate organizations are continually supporting the start-ups so that they are the main part of the disruption.
In addition, these are some difficult challenges that are continually creating several problems while doing business in Nigeria. If you also want to start a business in Nigeria, then one should pay attention to several important things. Make sure that you are also investing a lot of time in learning about everything.