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1
Equipment Leasing Project
2
Factors Militating Against The Ease Of Doing Business In Nigeria
3
The Pros Of Incorporating Your Business In Nigeria
4
The Role Of E-Marketing In The Growth Of Small And Medium Enterprises In Nigeria
5
DOING BUSINESS IN NIGERIA

Equipment Leasing Project

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The Need for Equipment Leasing in Nigeria
During the last decade, a number of changes have occurred in Nigeria, which have helped all sectors of the economy, especially the building & construction sectors. The construction industry has outgrown all other sectors of the Nigerian economy in the last three years. Yet, several opportunities exist in the industry especially in equipment leasing. The last 5 years has witnessed increased growth in profits for most construction companies in Nigeria. Recently a number of development projects by government and private sector companies have created opportunities for construction companies to reap substantial revenues. Agriculture is also a flourishing industry in Nigeria and demand for agricultural equipment is similarly significant. Leasing of marine equipment and vessels to oil companies is as well in great demand. However, there is a shortage of construction equipments to maintain these activities.Nigeria and demand for agricultural equipment is similarly significant. Leasing of marine equipment and vessels to oil companies is as well in great demand. However, there is a shortage of construction equipments to maintain these activities.

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Factors Militating Against The Ease Of Doing Business In Nigeria

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In the year 2018, Nigeria was 146 on the World Bank’s Ease of Doing Business Report. Even though that was not an envious position, it didn’t deduct anything from the fact that Nigeria was and still is one of the economies in Africa with potentials so huge that its prospects are nothing less than mouthwatering. Running a business in Nigeria is not an easy endeavor as it comes with its own risks. There are a couple of factors that make things hard for entrepreneurs and business owners.

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The Pros Of Incorporating Your Business In Nigeria

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One of the biggest factors that hinder entrepreneurs from incorporating their businesses is the cost. As a result of this, most startups are just registered as business names. It is easy to see the rationale: you are just starting out with the sole aim of raking in profits and you don’t have so much capital to “throw around”. However, incorporation serves your best interest in the long-term. Whatever benefits you think the registration of the business name gives you are peripheral and short-term. You will realize this as we step further into explaining the legal and economic advantages of company incorporation.

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The Role Of E-Marketing In The Growth Of Small And Medium Enterprises In Nigeria

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E-marketing largely entails the use of the internet to sell, promote and brand businesses. It entails the use of emails and non-wireless media to disseminate promotional content about products and services.

Small and medium-sized enterprises can easily be understood from their names. SMEs – as they are always called by the world bank and other prominent regional or international organizations like the United Nations – are the backbone of the Nigerian economy. SMEs are businesses that have numerical staff strength of a certain level. They are not as big as large businesses. However, SMEs account for over 70% of employment in Nigeria. The SMEs in Nigeria serve as nursery for the bigger firms. The income distribution in the middle and lower classes rest largely on SMEs. They are the future of industrialization in the country. SMEs are known to give room for faster decision making, dynamism, and innovation. Their importance cannot be overemphasized. The advent of the internet has provided leverage for SMEs to market their businesses. We would now consider the impact of internet marketing on SMEs in Nigeria.

Now, there are a lot of things to note when doing business in the West African nation of Nigeria.

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DOING BUSINESS IN NIGERIA

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Nigeria, one of the world’s biggest emerging markets and an economic powerhouse on the African continent, is showing immense promise of being at par with the best economies on the planet. Its population not only makes it the largest African nation but also places it as one of the world’s youngest with nearly 65% of the population below 25 years of age! Despite its recent challenges with peace and stability, the Nigerian market is growing at a great pace and continues to be one of the favorite destinations for new businesses.

Nigeria is the most important country in the West African region and is one of the leading recipients of foreign investments in the African continent.

With a GDP of $397 billion (2017), Nigeria’s economy is also the biggest in Africa. Much of the government revenue comes from oil, but oil contributes only 9% of GDP. Over 30% of Nigeria’s workforce is engaged in the agricultural sector, which contributes 21.6% of GDP.

Now, there are a lot of things to note when doing business in Nigeria.

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