With millions of small-sized businesses across the African continent, Nigeria boasts a booming economy that is the result of business and economic activities in Nigeria. The country has rapidly become a leading commercial, technological and administrative center in Africa. More importantly, Nigeria's enormous and well-developed transportation, communications and information systems offer the world with an inexpensive but highly productive means of transporting freight. For this reason, business and economic activities in Nigeria have helped the country to attain first-class status in all three fields. The business and economic activities in Nigeria include services such as petroleum refining, mineral processing, electricity, petrochemical, construction, textiles and so on. In fact, these are some of the basic and core business activities of the country that have attracted a huge number of foreign investors.
The country has a stable political and economic environment that has led to the establishment of thousands of businesses and employment opportunities. As many governments across the world are offering incentives and privileges to attract businesses, the Nigerian government too is keen to offer an encouraging business scenario to its people. Besides, the country enjoys a favorable currency valuation and is able to retain its competitive edge over the regional players.
It is undeniable that business and economic activities in Nigeria to help the economy to attain a highly developed stage, especially in terms of information technology, education and infrastructure development. The government has also taken steps to promote business and economic activities in Nigeria by keeping all necessary and relevant documents and legislation in place. However, most of the business leaders and businessmen in Nigeria are yet to realize the potential of the African country. Most of them still consider Nigeria as a backwards, developing and poor economic nation that lags behind other countries in terms of growth, development and income level. However, it is wrong to believe like this as there are various business opportunities in Nigeria that can take you to the path of prosperity. If you are willing to join hands with the right entrepreneurs, you can be one of the beneficiaries of these Nigerian business opportunities.
The government has been providing assistance to the business community in Nigeria by making various reforms and laws for the benefit of business owners. To provide support to the private sector in gaining maximum profit, government is ready to invest a lot of money in various projects. Besides, there are tax cuts, subsidies, lenient land and property policies and many other opportunities and benefits for business houses willing to expand their operations in Nigeria. Businesses, therefore, have a great deal of room to breathe and meet various business needs by utilising their competitive advantage.
Private sector in Nigeria is growing at a rapid pace due to the availability of cheap labor, better infrastructure, easy availability of skilled resources, improved delivery of products and services, better pricing and flexible exchange rates with the international market. There is an unprecedented boom in the private engineering and construction industry owing to the growth of private capital and infrastructural facilities offered by the government and private sector. Government is also playing an active role in providing tax concession and tax incentives to encourage investment in various industries. These benefits are also helping the private sector in disposing off its non-core assets, thereby increasing business and employment opportunities in Nigeria.
With the gradual liberalization policies of the Nigerian government, the private sector is now capable of exploiting petroleum and natural gas resources in the country. . . . . . . Petroleum refining and distribution play a vital role in fiscal policy of Nigeria. This is why the government is spending a record amount of money in exploring and exploiting oil and gas resources in the country. The government is also mulling over setting up a National oil Corporation (NOC) so that it can explore oil resources independently and promote its own oil processing industry.