The past year has been one of economic advancement for Nigeria, with Africa’s largest economy managing to crawl back into expansion land in the second quarter of 2020.
The Nigerian government has recognized that they need to produce the country as attractive and lucrative as possible for overseas investors to deliver their capital, skills and company trade into the country.
One means is to provide tax holidays to”pioneer businesses,” that are engaged in the production of export goods, establishing new industries, or expanding manufacturing in key sectors of the market.
Pioneer companies that qualify under the Industrial Development (Income Tax Relief) Act can enjoy an income”tax holiday” for a time period up to five decades. Additionally, pioneer businesses enjoy other benefits like the exemption from withholding tax on dividends paid out of pioneer profits.
Caught between the net of discovering where to spend your money? The opportunity to invest is now. With many different investment opportunities in Nigeria, you’re only 1 step from developing more riches. What are a few investment opportunities to be on the watch for in Nigeria? Check them out below
Manufacturing is one of the largest creators of wealth and an important aspect of economic growth. It is a sector of the economy that produces products for use by the masses. It is a sustainable and profitable business area that can be started on a large or small scale.
Manufacturing business ideas can be anything from infrastructure, furniture, water, power, tech, design, handcraft, or any physical item. Basically, it is the transformation of raw materials into finished goods which are then sold to the final consumer (user).
Generally, there is no home or office in Nigeria or anywhere in the world without a piece of manufactured item in it. Therefore, whichever manufacturing business you decide to launch into, the market is sure.
The Nigerian government is eager to expand the manufacturing capability in the country, and to this end, they are providing incentives for manufacturers that are able to locally supply their raw materials, for instance, agro-allied makers processing foodstuffs like fruit juices and vegetable oils.
Any manufacturing business that provides multiplier effect options for the market can be looked upon favorably. A good instance of this could be machine tools, horizontal sheet metal, and spare parts manufacturing.
Eventually, any investment in research institutes, particularly those that focus on adaptive research and commercialization of local inventions, is looked upon favorably by the Nigerian government
You find that the letters ICT everywhere – particularly in education. However, what does it mean? Read our introduction to this important and fast-changing topic.
ICT is an acronym that stands for Information Communications Technology.
However, aside from explaining an acronym, there’s no universally approved defininition of ICT. Why? Because the concepts, methods and programs involved in ICT are continuously evolving on an almost daily basis and it is hard to keep up.
A good way to consider ICT is to think about all uses of digital technologies that exist to help individuals, organisations and businesses use information. ICT covers any item that will store, retrieve, manipulate, transmit or receive information electronically in an electronic form. For instance, personal computers, digital television, email, robots.
Thus ICT is concerned with the storage, retrieval, manipulation, transmission or receipt of electronic information. Significantly, it’s also concerned with how these different uses can work with one another
Nigeria is among the fastest growing internet users in the world. Based on Statistics, a worldwide data company, there are roughly 89.2 million Nigerian net users as of 2019. This is an increase of almost 30 percent in the 2013 amount of 51.8 million.
This new economy does not call for someone to maintain a specific place to supply the support required, rather they can be located anywhere on earth.
The company provides learning programmes for young adults who are wanting to become computer programmers.
Nigeria is one of the fastest growing internet users on earth
By tapping into the underdeveloped skills of this Nigerian childhood , there are countless opportunities for new market businesses to come up with tech leaders of the future in Nigeria and in the rest of Africa.
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Nearly one-third of employed Nigerians find themselves working in the agricultural sector, which is one of the country’s main foreign exchange earners.
The Nigerian government has set up incentives to help modernize and mechanize their agricultural sector. Not only will locally grown foodstuffs be encouraged on behalf of the investor, business and empowering companies may get the pioneer company standing and qualify for tax incentives.
Subsidies on fertilizer and zero import duties on raw materials necessary to manufacture livestock feed are a few of the additional incentives to attract investors to this industry.
The demand for skilled tradespersons, computer programmers, and agricultural employees will only increase in demand as Nigeria transforms its economy and becomes a global financial power.
At the moment, there’s an chance for private education to provide certain programmes which are in need in the country. Nigeria is a country with vast underemployment and by offering distance learning or night colleges, there is potential for strong investment returns in for-profit education.
For example, an individual can take a look at the success of Curro in South Africa, which started as a private for-profit secondary and primary schools but today even offers a post-secondary offering. If a Nigerian version were established that focused on skills development, the prospective returns might be quite lucrative.
Nigeria is in the fortunate position to provide investment opportunities to both the local and international persons and companies. The need to develop the Nigerian economy provides lucrative prospective returns for those seeking to purchase the above mentioned sectors, including manufacturing and personal instruction.
These areas are in some ways interconnected, and by raising the expense and development in 1 area, there’s tremendous potential for spillover into the other, sectors.