Ten practical tips from Tech Nigeria Advocates for anyone building a startup or investing in Nigeria. It covers foreign ownership, visas, the dual currency rate and fast-moving regulation, plus how business relationships and communication actually work on the ground.
Although officially no longer a thing, Nigeria has a dual currency exchange rate. Careful consideration is needed about which rate to report your financials at, as it has serious ramifications for revenue value and business valuation.
02
Regulation moves fast
Regulation changes quite frequently at both federal and state level, and sometimes in a very short timeframe. It is essential to be constantly aware of changes in the regulatory landscape to prevent being caught short by them.
03
Partnerships open the market
The best way to enter the market is through strategic partnerships. Foreign investors should look for co-investors, but do extensive due diligence before entering into any partnership.
04
The Naija factor
Probably the most important point, and a term best described by Mitchell Aghatise when he said "To the non-Nigerian, the Nigerian (or Naija) factor defies explanation, it must be experienced". If you are building a business or investing in Nigeria, get on the plane and go spend some time there: months, not weeks.
