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| Business Information for Travelers in Lagos, Nigeria
Nigeria is one of the largest economy in sub-Sahara Africa. It has enormous natural gas reserves, vast agricultural lands, natural resources and a dynamic private sector. Petroleum production and export play a dominant role in Nigeria's economy and account for about 90% of her gross earnings. Nigeria is the world's sixth largest oil exporter and the leader in oil exports in sub-Saharan Africa. Most of the economic activity is in Lagos, Nigeria's largest city. It is the principal port, and the economic center of Nigeria. Lagos was Nigeria's capital until 1991, when the seat of federal government was moved to Abuja. Business thrives in Lagos as it has a diverse and fast-growing population as result of heavy and continuous migration to Lagos from all parts of Nigeria as well as the neighboring West African countries. The United Nations predicts that the population of Lagos will exceed 20 million by 2010, making Lagos one of the world's five largest cities. Business in Lagos isn't for the uncommitted or happy go lucky. It isn't just about making a "quick buck". In fact we advise you to run don't just walk away from any opportunities that seem too good to be true. Lagos provides highly rewarding experiences for the experienced and determined businessperson. Just like any other market in the world, you must do your home work. If you do your homework well, the returns here are better than most parts of the world. And most organizations that thrive here combine solid research, hard work and professional ethics..
Banking, Money, Payments - Travelers The Nigerian financial system comprises bank and non-bank financial institutions such as insurance companies, issuing houses, stock broking firms, finance companies and Bureau de change operators. There is no restriction on the amount of foreign currency, in cash or traveler’s
cheques, that can be brought into Nigeria Nigeria by nonresidents, provided the amount is declared
both on arrival and departure. Most internationally recognized currencies and traveler’s cheques can be exchanged at commercial banks, hotels, and international airports. The monetary unit is the
Naira.
There are different types of manufacturing industries in Nigeria. Industrial outputs vary from industry to industry - manufacture of food products and Beverages, Tobacco, Textile products, Electrical Equipment, Vehicle Assembly, Building materials, petroleum/chemical products, Paper conversion, Weaving apparel, Tanning and Dressing of leather and recycling. Over 50% of Nigeria's industrial capacity is located in the Ikeja industrial estate in Lagos. Nigeria is blessed with an entrepreneurial population and the manufacturing sector is made up of over 95 per cent Small and Medium Enterprises (SMEs). Business in Lagos is made of the informal and the formal sector. However, most of the economy is in the informal sector. SMEs therefore have a crucial role to play in the development process of the economy as the rapid growth and development of SMEs is required industrial transformation in Nigeria. There is a need to reinforce ongoing efforts to support and empower SMEs and make them globally competitive. With infrastructure in place, SMEs provide tremendous investment opportunities in Nigeria. Already e-business is being promoted and adopted by some SMEs to remain competitive in today's rapidly changing information economy. There are ongoing attempts to diversify the Nigerian economy away from its over dependence on the capital-intensive oil sector.
Learn more about some operators in Nigeria's Manufacturing Industry Learn more about some Business Providers in Lagos here Lagos isn't just an industrial center - Lagos is a city of markets - shopping - buying and selling - trade and commerce. Most of the business activity is in the markets. In fact a significant number of the SMEs mentioned earlier operate in the markets. To truly visit Lagos, you must visit the markets. Major commercial market centres are in all areas of Lagos Some ot the most notable markets include: Oshodi, Idumota, Oyingbo market, Jankara market, Balogun market, Oke Arin market, Alaba market (Alaba International), Sabo market, Mile 2 market, Mile 12 market, Tejuosho market, Alade market, Aswani market, Sand grouse, etc. For the visitor, the general markets which are found in every city offer a wide range of
choices. Generally, in rural and urban markets, prices are not fixed and
to get the best bargains, you must have the ability to haggle on the
pricing - prices are negotiable. It is The merchant shrewd in the art of salemanship usually wins the battle, though most often the prices are reduced and the customer goes away feeling that he has won. The idea is that neither the buyer nor the seller loses face. Shopping hours vary but most shops are open from 9 A.M. to 6 P.M. The
markets sell all manner of foodstuff, Clothing, shoes, fashion wear,
specialty items, accessories, books, jewelry, machines, equipment, spare
parts, children's' items, office equipment, stationery, consumables, household appliances, Electronics, Souvenirs,
etc. Popular Supermarkets, Shopping
malls and Shopping
Complexes include: Park & Shop Discount City Value Mart Goodies Mega Plaza Cash & Carry Silverbird Galleria Palms Shopping Mall, Lekki Falomo Shopping Complex Awolowo Road Shopping axis
Ikeja Alade shopping center, Park & Shop M One Cash & Carry Ikeja shopping axis of Allen Avenue, Opebi Road, Toyin Street, Olowu street and Obafemi Awolowo way
Yaba/Surulere Dominos Adeniran Ogunsanya / Bode Thomas shopping axis Ojuelegba - Itire Road shopping axis
Apapa Goodies
Lagos Island Cash & Carry City Mall, Racecourse Sura Shopping Complex Tafawa Balewa Shopping Complex Marina- Broad street shopping axis
Mails and Postal Systems:
This information is provided strictly for the convenience of those interested in traveling to Nigeria. This information is provided as is without any express or implied warranties. While every attempt has been taken to ensure the accuracy of information contained in this guide, if you have any doubts or are in any way unsure please double check with the nearest Nigerian embassy or consulate. ebusinessnigeria.com assumes no responsibility for errors or omissions,
or for damages for the use of the information contained herein. Link to this Content/Resource We appreciate you notifying other webmasters about our Content and
Resources. You can even link directly to this content article! <a href="http://www.ebusinessnigeria.com/travel/business.html">Business
Information for the Traveler in Nigeria</a><br>
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