Do’s and Don’ts of Business Networking in Nigeria

Nigeria is blooming when it comes to business networking, and many people are now looking into opening up their own business in the country.

The country has witnessed a huge growth in the business sector lately, which has helped improve its economy. To make sure that you have a successful business as well, you need to follow a few steps and make sure you follow all the rules and regulations to be successful in what you do.

How to Start a Business in Nigeria

Starting a business in Nigeria is almost the same as doing so in another county. There are a few simple steps that you need to keep in mind and follow and once they are successfully complete, everything will start falling into place.

Develop a Business Plan

First and foremost, you need to make the business plan of your company. Whether you have it in softcopy or hardcopy, just make sure you write it down where you can easily see it again when the need arises.

The topics that you must cover in your business plan include:

  • Business description
  • Market demand
  • Competitive analysis
  • Design and development
  • Management and operation
  • Resources
  • Financial projections and forecast

Register Your Business

After picking a name for your business, you will register it with the Nigerian Corporate Affairs Commission. You will be asked a few basic questions regarding the business. Once you have been verified, you will need to fill a form, input some details and pay the required fee.

Tax Registration

A very important step, you will need to register yourself with the tax office and make sure you pay all the necessary taxes associated with opening your own business. Once this is done, you will be given your tax identification number (TIN) for future tax purposes.

Obtaining Necessary Permits

Many businesses have a specific body looking at it. You need to make sure that you identify the one under which your business falls and get yourself registered with it.

Acquiring Office Space

If you feel that your business requires some space for operations, like a store, you need to look into the rental real estate and proceed to acquire it.

Creating a Website

Every business needs a website as not having one is considered a bit fishy. Hence, before you start promoting yourself, make sure you create your own website which is easy to find.

Implementing Marketing Strategies

To ensure the promotion of your business and to tell people you exist, you need to think up of some viable marketing strategies and implement them.

Building the Brand

Once you are done with marketing and you think you have your marketing in place, you need to work on your brand so that people can recall it and remember to stop by.

Promoting the Business

Even if you are well established or are new, you need to promote your business in different ways. Think of what is most effective for you and apply them to keep your business rolling. One of the most trendiest ways to promote business is online. There are many websites such as that allow you to connect and promote your business by creating product and company pages.

Business Opportunities in Nigeria

There are many different things that you can start working on. A little research can help you go a long way and help you identify which sector or business opportunity you can look into. Some of the trendiest opportunities currently include:

  1. Export of agricultural products
  2. Mini refinery
  3. TV or radio station
  4. Construction company

How to Start a Business in Nigeria

If you are considering doing business in Nigeria, you would have plenty to do before setting up shop. However, the requirements of a business in Nigeria’s economy are not always apparent. Below are some factors you should consider if you want to know how to start a business in Nigeria:

1. Make Sure Your Idea Is Viable

It’s easy to get a lot of ideas about a business venture, but are all of them useful, profitable, or even feasible? For instance, many people in Nigeria may want high-quality food but not the processed kind. Hence, your plan to supply TV dinners may not go so well. On the other hand, you may have quite a lot of success selling cured meats, freshly baked items, and anything that is nutritious and can contribute to a home-cooked meal.

You should also make sure that your business idea is possible in the existing infrastructure in Nigeria. This economy is notorious for having problems with power, roads, and other important facilities which are essential to a business. Thus, if your business involves a lot of travel, you may need to take a look at the condition of the roads you would use the most. There are several business opportunities in Nigeria, but not all of them are possible for everyone.

2. Make a Business Plan

Before breaking ground on your business, you should look at what it is you want to do and how you mean to accomplish it. This is best done by charting out a proper business plan. You can hire a professional to write it if you’re at a loss yourself.

Your business plan should include the following:

  • A description of your business
  • A professional summary of your activities
  • The demand for your proposed product or service
  • An analysis of the competition in the current market
  • How you mean to develop the company in the future
  • How the business would be managed and operated
  • What resources you need and how you would get them
  • A projection or prediction of your future finances

3. Registration

When you have a proper plan for business, the next step should be to register your company name with the CAC. This means the Nigerian Corporate Affairs Commission. This is the entity which registers all the businesses in Nigeria.

Registering would mean answering some questions about your company. You would have to tell them what kind of business you mean to do, the number of partners, stakeholders, etc. You would also have to tell them the name of your business in order to make sure it hasn’t already been taken by anyone else. This would also ensure that your name wouldn’t be copied by any competitor later on.

There would be a lot of advice floating around about several aspects of conducting any kind of business in Nigeria. You would have to glean the correct, useful and updated information in order to make your venture a success.