Nigeria: A Promising and Challenging Place to do Business

Nigeria is both a promising and a challenging place to do business. This fact is amplified in the World Bank’s ease of doing business index where Nigeria is ranked 133 out of 183 countries as at June 2011. The World Bank derived its rankings from the average score of 10 topics which are; starting a business, dealing with construction permit, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and getting electricity. Those who do business in Nigeria know just how challenging starting a business and remaining in business in this environment could be. It is for this people that we are in business.

We hope to earn your confidence and become your indispensable guide to doing business in Nigeria in the immediate future. As players in the Nigerian market space either as a provider or consumer of goods or services, an employer or employee, established or upcoming entrepreneur, the regulator or the regulated, it is our collective responsibility to continuously augment the efforts of multilateral organisations like the World Bank in ensuring the ease of doing business in our market space by making information freely available. Indeed information is only useful if it supports decision making. It is this kind of information that we hope to make available in every edition of FinIntell.

In this preview edition Dr. Lucy Surhyel Newman shares her experience on functioning in her many roles; as the MD/ CEO of FITC Nigeria, as International Director of ISCI, as a spouse and more importantly as a parent. Mr. Koku Kono, who is an architect and an accountant by inheritance, also bears his mind on being an entrepreneur in Nigeria and how the challenges of the operating environment can be a motivating factor.

We have other insightful columns that we hope you will find interesting. Please do not hesitate to send us feedback on how we have fared as we take our first steps together with you.

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