Top 10 cities in Nigeria to do business in 2021
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Nigeria is a country with over 180 million people and the largest economy in Africa. The cities of Nigeria are home to many entrepreneurs who have found success in doing business with other parts of the world, so it’s no wonder why they’re on this list!
Nigeria is quickly becoming a rapidly developing country, and with that comes an increase in economic growth.
With the world economy changing so much from year to year, it can be hard to know where you should do business. But there are some cities in Nigeria that will have even more economic growth than others!
In order to show you which cities are worth your time and money, we’ve compiled our top 10 picks for cities that offer the best opportunities for business owners looking to do commerce in Nigeria.
Ease of Doing Business in Nigeria:
– Getting Electricity:
In Nigeria, it’s not easy to get electricity. The power grid is unreliable and there are frequent blackouts in some areas. In order to do business in this country, you should be prepared for these obstacles with a backup generator or other means of powering your equipment.
– Government policies:
Nigeria’s government follows a democratic system, but it can be difficult to navigate the country’s policies. You may need help from an expert in international trade law if you want to make sure your business is following Nigerian regulations.
Top Cities to do Business in Nigeria
Lagos is the most populous city in Nigeria and Africa as a whole.
Due to its metropolitan population of 12 million people, it’s also one of the largest cities on earth! It has an incredibly diverse economy with more than 100 different ethnic groups living within Lagos City limits. As such, there are many business opportunities for entrepreneurs who are looking to set up shop.
Lagos is a hub for trade in West Africa, with the Port of Lagos being one of the busiest ports in all of Africa and serving as one of Nigeria’s most important economic gateways.
It’s also home to many international corporations like Chevron, which are always on the lookout for ways to do commerce in Nigeria.
Abuja is the capital of Nigeria and its most important economic center.
It’s one of Africa’s fastest-growing cities, with a GDP per capita that has been rising steadily since 2000.
The Nigerian Export Promotion Council (NEPC) predicts that Abuja will be among the top 20 best-performing high-growth cities in the world as of 2020.
Abuja has a growing number of multinational corporations, including major players like Microsoft and Associated British Foods (ABF).
The Nigerian Stock Exchange is also there.
As Nigeria’s most important economic center, it should be an obvious choice for entrepreneurs looking to do business in this country.
3) Port Harcourt
Port Harcourt is the capital of Rivers State in Nigeria. In 2019, it was ranked as one of Africa’s fastest-growing cities by NEPC with an annual GDP per capita growth rate around 14%.
The city’s economy has been dominated by agricultural products such as palm oil and rubber for much of its history, but in the past few years, it has become a major financial hub in West Africa.
The city is home to two large shopping malls and many multinational corporations, including Kellogg’s Nigeria Limited and Nestle Nigeria Plc.
In addition to these sectors, Port Harcourt also houses Texaco’s upstream oil operations for onshore crude oil extraction and refining.
Next on our list is Warri. Warri is a city in Nigeria, and one of the largest cities on the African continent with around 420 thousand inhabitants.
It has grown into an industrial center for oil production as well as other industries such as agriculture, fishing, manufacturing, etc., due to its proximity to oilfields and ports where imported goods are distributed throughout Nigeria.
It is the site of the Nigeria Liquefied Natural Gas (NLNG) plant, which produces natural gas for export.
The city also houses a steel mill and has several gold mines in its surrounding area. Warri was an important trading center during colonial times as it lay on one of Africa’s main trade routes from Europe to West Africa.
A major port is located in the city, and this makes it a trade hub for goods such as cocoa beans, maize, manioc and palm oil.
This leads to some of Nigeria’s largest industries being based here – food processing, textiles manufacturing, pottery production etc., which has ensured Warri played an important role in the economy.
The city of Warri is located on Nigeria’s Gulf of Guinea coast and its main economic activities center around industries such as sugar production, offshore gas exploration, oil refining, steel manufacturing, petroleum storage.
As a result it has become one of the most important cities for trade in Nigeria – both domestically and internationally.
Warri is also home to many big companies, including the Nigerian National Petroleum Corporation (NNPC), Total S.A., Chevron Nigeria Limited and Shell Eastern Petroleum Development Company Plc.
The city’s location on the Gulf of Guinea has helped it become a major hub for trade in goods such as cocoa beans, maize, manioc, palm kernels and other agricultural products.
The ancient city of Ibadan has a buzzing economic hub in the Obafemi Awolowo University.
Ibadan is also home to some of Nigeria’s most successful banks, which are concentrated around the university campus and its surrounding neighborhoods.
The area has become one of Nigeria’s major hubs for small-scale manufacturing as well, with more than 200 food processing and manufacturing companies operating in the region.
Owerri is a city in the heart of Nigeria with an economy largely fueled by agriculture. The central Nigerian town has become one of the most important agricultural centers for much of southern Africa as well as providing economic support for many cities and villages nearby.
There are other draws to this area, too. Owerri’s geographical location, just a few hours by car from the economic powerhouse of Lagos, has made it an attractive destination for investment.
Owerri is also home to one of Nigeria’s leading universities and two major industrial estates that are attracting more investors every year.
Kano is the most populous city in Northern Nigeria and one of the nation’s economic hubs.
With a population of over two million, Kano has become an important center for trade with goods from nearby countries like Chad and Niger passing through on their way to markets farther north.
But just as importantly, Kano does business domestically to a large degree, facilitating the distribution of goods and services to other cities in northern Nigeria.
Kano is also home to a major livestock market for both animals and animal products that attracts traders from all over West Africa.
The city’s future growth will depend on its ability to attract more investment into this sector as well as diversifying its economy so that it can continue to grow and flourish in the future.
8) Benin City
Benin city is the capital of Edo state in Nigeria and is also known as “the heart of Benin”.
It was founded by Igbo traders for at least a century is the country’s largest city outside of Lagos.
The Benin river provides the city with a natural barrier to defend it from invasion and is also home to one of Africa’s longest bridges.
Benin City offers an excellent location for businesses looking for low costs yet easy access to other areas in Nigeria and West Africa.
Kaduna is the capital of Kaduna state in Nigeria and is also known as “the city near the Sahara desert”.
It has a population of about 650,000 inhabitants with many businesses set up to meet the needs of locals.
The cities main industries are tobacco processing, textiles and clothing, food production and construction.
Kaduna can be a great location for businesses looking to get more out of their workforce by providing them with closer ties to the community.
Abeokuta is home to the second-largest movie industry in the world.
The biggest industry in Abeokuta is the production of soap and detergent.
Abeokuta has a population of nearly 900,000 people which guarantees that there are many potential consumers for businesses to serve.
One downside might be its transportation links outside Nigeria with only one international airport servicing this city. That said, it is worth considering investing in this city to get a foothold before the expected economic boom.
Nigeria is a country with a lot of potential. With its diverse mix of cultures and religions, it’s also one where you can find many opportunities to do business.
If this post has given you any ideas about what city in Nigeria might be the best for your next venture or investment, take the time to review our list of top 10 cities in Nigeria that we’ve compiled based on factors including population size, GDP per capita growth rate (inflation-adjusted), economic climate risk index score, quality of life rating and cost of living index score. After all, as Nigerians say “Nigeria never dies.”