Nigeria Company Formation

Nigeria is Africa’s most populous country and a member of the Organisation of Petroleum Exporting Countries (OPEC), presenting opportunities to foreign investors involved in the oil industry.

To support Nigeria company formation, a range of incentives are available in special economic zones, including exemption from all federal, state and local government taxes for up to three years, duty-free import of raw materials for finished goods destined for re-export.

Nigeria has a poor international business reputation. Nigeria is negatively ranked as the world’s 130th least corrupt country in the 2009 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians. Furthermore, Nigeria has only the world’s 106th-freest economy according to the 2010 Index of Economic Freedom by The Heritage Foundation, scoring at 40% in terms of investment freedom and capital flows. This is a measure of freedom enjoyed in  business, trade, monetary, financial, investment and labour markets. Additionally according to the World Bank's Doing Business 2010 Survey, Nigeria is ranked poorly as the 125th easiest place to do business in. The survey measures factors including business start up procedures, time, cost and minimum capital required to start a business.

A minimum of two shareholders and two directors is required with Nigeria company formation. However, the shareholders and directors can be of any nationality, and need not be resident in Nigeria.