The relationship borne from foreign direct investment is symbiotic in nature as it is beneficial to both the foreign company and the host country. As companies begin to evolve in the wake of the COVID-19 pandemic, they will begin to seek larger markets in order to maximise business potential, in turn, most countries are making a conscious effort to create an enabling environment for these companies due to their possible contribution in resuscitating economies.
The resultant effect of this is that individuals, companies and nations are regrouping and diversifying their business interests to take advantage of the attendant benefits associated with foreign direct investments in a bid to improve bottom line. It is expected that the need to stimulate the economy, develop human capital, increase employment and maximise profit will create a flurry of activities in different sectors of the African economy. Nigeria, with its vast natural resources, a growing population, huge infrastructure gaps and innumerable opportunities in agriculture, manufacturing, energy, telecommunications, aviation and transport among others is a haven of opportunity. The government and people of Nigeria are not only aware, interested and willing to explore these opportunities together with the international community, but have also and are still taking measures to create a conducive climate and are now welcoming investment and collaboration in the diversification of all sectors of the Nigerian economy.
It is with a view to assisting investors in this regard that this Guide is put together by Commercial and Energy Law Practice. This Guide provides a broad overview of the Nigerian business regime. It highlights the rudimentary steps to starting a business in Nigeria, the general practices regulating different sectors of the economy and how these affect businesses in Nigeria as well as a practical approach to running a business in Nigeria.
This Guide is by no means an exhaustive discussion on how to build and run a business in Nigeria but merely an essential first step in appreciating the business climate. It is advised that every investor procures the services of other professionals in the sector of their proposed or operating business.