Background: I went to the US for college 11 years ago, worked in Corporate America for a while before coming to Nigeria to begin some business ventures. Currently I spend about 50% of my time in the US, 40% in Nigeria and 10% in other African countries. I am currently into export and food processing; I am undertaking preliminary studies in real estate development and a healthcare diagnostics business. I will try as much as possible to document my personal experience and help with any questions that anyone might have.
I worked in the financial services industry in the US but was tired of the rat race, I wanted to own my destiny and was tired of reading about the African growth story, I wanted to be part of this story. I resigned my job cashed out my 401k, sold my car for startup capital and started looking at business opportunities. Nigeria is a very fertile ground for business and I believe that the time to invest is now; in five years I believe the window will be narrower.
For the novice investors, the first place to start is the Nigerian Investment Promotion Council, they give you lots of information and resources of setting up a business in Nigeria, for those interested in export you want to check out the Nigerian Export Promotion Council.
First step is to incorporate your business at the Corporate Affairs Commission, I set mine up as an LTD, and you have an option to set up as an enterprise the choice is yours. If you register as an LTD you will have to go to EFCC to get some sort of clearance before you can open a bank account (more on that later). This process was a breeze and I got my certificate within five business days.
Next step was to get a tax ID number; you can check the FIRS website to see what office covers your jurisdiction; you fill some forms and take it to the office. I used the office at Adeneyi Jones, Ikeja. I got my TIN number within a week.
I proceeded to GTB to open a corporate account; I was told that I had to go to EFCC in Ikoyi to get some form stamped since my company was an LTD. EFCC gives you a fifteen minute tutorial on money laundering, etc. After this they stamp the form and you take it back to your bank. Try to get to the EFCC office before 10am else it becomes a mad house and people begin to display really disgusting manners. I took the form back to my banking officer and my account was opened within hours.
Since I was in the export business, I had to obtain a certificate from the NEPC. This step was my biggest fear since I thought it would take weeks before getting a certificate, after I paid the registration fees, I got the certificate in less than 24 hours. I was amazed by their efficient manner in handling things, my emails were replied in less than 15 mins whenever I had an inquiry.
Lastly, since I was dealing with food products I needed to get a NAFDAC number. This step could get very completed but patience is the key. The procedure is very detailed and it involved a factory inspection and lab analysis of your product. Everything takes about 60 days to complete.
To save you headache later, make sure you apply to trademark your products (this takes about 60 days to complete). This can be done with the Ministry of Trade and Investment.
I will periodically add anything that I might have missed and please feel to ask any questions. I will also share my managerial style and how I deal with a diverse workforce. During these processes never did I give a bribe not once, only the published government fees.
So far business has been good and I do not regret making my decision to invest in Nigeria, it is still a virgin land to invest and there lies opportunities in every sector of the economy. You just have to find your sweet spot and kill it.
To the Nigerians in Diaspora, yes there are challenges here but you will never get a better ROI anywhere in the world the way you will in Nigeria. The time to invest is now.
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