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We do not need official statistics to recognize the strides that Lagos state is taking to change the face of Greater Lagos Area. Other states could be doing greater things but Lagos remains the cynosure of our eyes, perhaps being the commercial hub of Nigeria or because of its enormous population that has bestowed on it a mega city status. Being a mega city in itself is troubling as it suggests that infrastructure has to be enough for the teeming population that call Lagos their home. Further, it has to be attractive enough to retain its commercial hub status and to attract new ones. It is therefore newsworthy to read of several projects embarked upon by the state government to meet with the infrastructure needs of the people in the 21st century. Realizing the weight of the tasks ahead, the state has equally called on the private sector and foreign investors to consider Lagos state for their business, providing opportunities for franchising, concessions and adoption of projects such a...

That Nigeria’s economy would be in a dire strait in 2009 is no longer news; not with the fall in the price of petrol in the international market and the much talked about and already pinching global economic meltdown. Capital flights by foreign investors to bail out parent companies in their ailing economies have not helped matters. According to Dr. Mailafia, former deputy governor of the Central Bank of Nigeria, the global recession will have seven major effects on the Nigerian economy. First, as an immediate consequence, it is likely to aggravate the ongoing stock market crisis. Recently, it was reported that foreign portfolio investors have withdrawn some US$15 billion from our capital markets. Such massive withdrawals compound the crisis of confidence which will further complicate the capital market recovery process. Secondly, dwindling petroleum prices mean a severe reduction in foreign exchange earnings, which, in our case, derive overwhelmingly from the petroleum sector. Some ex...

Nigeria has a bad press, no doubt about it. Nigerians are involved in corrupt business practices, so are others Nigerian cities are unsafe so are other cities; infact, it is in the character of cities, it depends on the reporting. Nigeria is a poor country and half its nationals live below the poverty line, earning less than a dollar or two a day, well according to one of the former presidents, they still have their two square meals and should they choose reverse migration may have three. These are some of the negative perception that have scared away the chicken-hearted from Nigeria…a country that is so unregulated that tax evasion is commonplace even among well known multinational companies and money laundering is largely unchecked. Where else in the World can you walk in and the next day, you are on the phone to a Senator.Welcome to Nigeria, the home of the daring, where a thousand percent return on investment is guaranteed, and thanks to economic liberalization policy of the Govern...

At a time no decent country would touch Nigeria with a long pole, much less taking interest in its economy, no thanks to a debt overhang of $35 billion ( since forgiven ), a rating as one of the most corrupt nations in the World (recently improved rating ); China waved off the risks and took the plunge. The first sign was the upsurge in the number and size of Chinese restaurants springing up at most unusual spots in major cities in the country. Next was China Town’, an unofficial export free zone, providing dump sites (markets) for cheap, but largely substandard textile products from Chinese factories. Before long and in the quest to expand its frontier of business in Nigeria , China moved from the backwaters of the informal sector, and literally invaded the economy, searching for trade and investment opportunities. The plunge has paid off. China in the last nine years has become a strategic player in the Nigerian economy. Placed side by side with new cr...

The country has witnessed an increase in the number of golf courses. This is a positive development as Golf is one game that befits both the old and the young. It is a game that shapes character and defines personality, erroneously thought to be the game of the rich and privileged. These were some of the lines I learnt from Silver Oforgu, the Public Relation Officer, Ibori Golf Course and Club, Asaba when I paid a visit to the emerging city on the river Niger recently. According to him, there are programs designed to encourage the young to cultivate Golf through their youth development program. This three week program comes up shortly before the Governor’s Cup every year. Let us call it the Golf Advantage Program (GAP). In few years as these young ones develop their skills in the sport (gradually gaining recognition as the game that would usher in sports tourism to the country), most of them would end up as members of Ibori Golf Course or other courses playing amateur or professional g...

Having your company or business registered confers some credibility on it. This gives the business a unique identity. Registration of businesses in Nigeria is the responsibility of the Corporate Affairs Commission, which has its head office in Abuja but has branches in most states of the federation. The CAC accredits the following categories of professionals for the registration exercise: the lawyers, chartered accountants and chartered secretaries. You need to engage the service of one those professionals to register your business. It is, however, important you understand the issues involved and the choices you have to make. For instance, you need to decide on a business name, business type, issues relating to membership and ownership of a business etc, to avoid making mistakes. According to CAC, registration is divided into three parts under the Companies and Allied Matters Act. They include registration of business names, incorporation of companies and registration of incorporated ...

For most people in Nigeria, traveling to Cotonou, Benin Republic means smuggling contraband goods, bringing in used vehicles of more than ten years old or as an emergency getaway for wanted coup plotters, human rights activists and corrupt politicians on the run. Well, Benin Republic has assumed a new international status with flurry of business and leisure activities (especially in its commercial city of Cotonou). Relative security and safety of lives coupled with an enabling business environment has contributed to the surge. Now, Nigerians and foreign residents desirous of a quiet and exciting weekend with family drive to Cotonou. Many are locating their offices there too. Most times, these business and getaway trips turn to nightmares as you reach Seme, the border crossing between Nigeria and Benin Republic. A journey that should take an hour becomes three or more hours, as you are questioned by law enforcement agents on both sides. If you want a relatively stress- free crossing, no...