Nigeria currently has one of the fastest Internet connections in the world, with many households having access to the web. The country ranks 14th in terms of computer proficiency, according to the 2014 ITU-T Internet Indictor. This is excellent news for entrepreneurs, who could potentially set up shop online and begin generating an income stream right from their homes.
However, not all individuals who have access to the web will make the most of this opportunity. For those looking to make money online in Nigeria, it is imperative to first understand how to do so lawfully and ethically.
How Can You Afford to Own a Computer and Internet Connection in Nigeria?
One of the primary ways of generating an income in Nigeria is through business ownership. Since 2006, over 1.7 million businesses have been started in the country, providing employees with regular incomes, as well as the new entrepreneurs with the means to set up their own companies.
These companies range from small, local cooperatives to large, international organizations, and offer a variety of products and services, from hauling freight to hotels and banks. Local entrepreneurs are also able to develop their own products and services and sell them to businesses and consumers in their area. In 2014, over 2.9 million consumers purchased their goods and services.
Many businesses and entrepreneurs are now able to generate a decent living from home, and for those who are looking for an honest living or just want to be their own boss, there are plenty of opportunities online. However, in order to take advantage of these opportunities, you will need a computer and an Internet connection.
Is Setting Up a Business in Nigeria Allowed?
The fact that over 1.7 million businesses have been started in Nigeria in the last six years means that it is possible to start a business there without needing to seek permission from the government. While the process can be rather tedious, the freedom to operate a business is one of the main draws for those interested in doing so.
According to the 2014 Nigeria Business Guide, a business can be set up relatively easily with minimal costs, employing only one or two individuals, and is suitable for those with little or no previous business experience. The guide goes on to state that the business environment in Nigeria is friendly, with many practical and knowledgeable individuals who are happy to help others.
However, the owner of a registered business must adhere to a code of conduct, which includes adhering to the country’s laws and complying with relevant regulations. They also have to ensure that employees are aware of their legal obligations and responsibilities, as well as provide them with the training and development they need to be effective employees.
Do You Need To Register Your Business In Nigeria?
Just because your business is not state-owned does not mean you do not need to register it with the government. In fact, all businesses in Nigeria, big or small, have to be registered with the Federal Ministry of Commerce. Before you start selling your goods and services online, you will need to register your business with the government.
The good thing about this requirement is that it allows for transparency. When you register your business, you are required to provide information about your company such as its registered name and details about the location of your company. You are also responsible for registering your business with the appropriate agencies, such as the Federal Electoral Commission (FEC) and the National Communications Commission (NCC).
If you are looking to be your own boss and generate an income from a remote location, then you should look into the many business opportunities available in Nigeria. With many tech-savvy individuals, low tax rates, and easy access to capital, you will have no trouble finding the means to take advantage of this opportunity.