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Are you interested in investing money in Nigeria and thinking of possible ways to do so? Then this article is for you. 

I have highlighted here various platforms where you can invest money in Nigeria legally. Also contained in this article are easy guidelines that should help you key into these investment platforms that can potentially build wealth for you.

What are the various means of investing money in Nigeria?

Some of the means of investing money in Nigeria include:

1. Technology 

Technology in Nigeria is the new gold-mine. About 77 million Nigerians use the internet, either for commercial or personal purposes.

Also, our research shows that as a result of the COVID-19 pandemic, most businesses which used the traditional means of doing business only (that is on-site business) were temporarily or permanently shut-down.

The 2020 pandemic also created a new wave of tech-businesses, as many companies established new means of doing business online by creating websites or applications. 

More so, people use tech tools to manage their business or decide to invest in artificial or other tech related businesses such as e-commerce, FinTech, e-learning, blogging, consultancy, IT support, Internet research companies, etc. This makes it a very attractive sector for investment. 

Start investing in this sector by taking the following steps:

2. Oil and Gas Sector

Investing in Nigeria's petroleum industry is considered as one of the most lucrative means of generating more income as the country is blessed with a large land mass of crude oil reserves.

Below are easy steps to get you started

  1. Establish a company or become a partner with an existing company and start investing in any of the following businesses: 
  1. Register your company with the Corporate Affairs Commission in Nigeria, and Nigerian Social Insurance Trust Fund (NSITF)
  1. Obtain a permit from the Department of Petroleum Resources, this license must be sought for and obtained before you can commence any form of business in this sector. 
  1. It is also necessary for you to register with production companies, such as Shell Petroleum Development Company, Total Nigeria, Nigeria Nation Petroleum Corporation (NNPC) so as to access certain petroleum products.
  1. Setup a gas plant or petroleum station, if you intend to engage in the sale and distribution of oil and gas products.

However, your choice of investment depends on your cash flow. It is important for you to research and analyze the market, that is to know how the business operates before making any decision on the above choices.

3. Real Estate Industry 

Real estate is another means of investment you should consider because of the rapidly growing population of the country and the demand for shelter. 

Also, the influx of people to major cities in Nigeria, like Lagos, Abuja, Port-harcourt and other states, has led to a rapid increase in the purchase of landed properties. 

One of the advantages of investing in real estate is that the value of lands and buildings appreciates steadily over time in Nigeria. 

The following is a kick off guide to start investing:

 It is most advisable to leverage online marketing.

4. FGN Saving Bonds 

This form of investment provides quarterly interest payment and capital payback at maturity. They are debt securities of the Federal Government of Nigeria. 

The FGN savings bonds are mostly directed at retail investors. The purpose is to encourage low-income earners to partake in the debt market. 

It is a means of providing financial support to the Federal Government of Nigeria for a limited time when you purchase the FGN savings bond.

This means of investment is also secured because it has the support of the federal government of Nigeria. 

You can invest in government bonds by purchasing the same from the Debt Management Office (DMO), through primary debt market or secondary debt market.

Primary Debt Market: FGN Bonds Auctions Exercise is carried out by the DMO on a monthly basis. Primary Dealer Market Makers (PDMMs) empaneled by the DMO in 2006, responsible for submitting bids for themselves and on behalf of their clients at the Auctions.

Secondary Debt Market: Trading in FGN Bond is done on a daily basis in the Secondary debt market by licensed broker-dealers (banks and stockbrokers) on the floor of the Nigeria Securities Exchange (NSE) and on FMDQ OTC Securities Exchange. 

The PDMMs are obligated to provide a two-way quote for FGN Bonds. This means that you can buy or sell your FGN Bonds whenever the need arises.

How can I purchase government bonds?

You can purchase government bonds by taking these steps:

You should also understand that the amount of money invested in the bonds and the time frames determines the amount of interest it will yield. 

Visit: to understand the various subscription amounts.

5. Treasury  Bills

This is another means to invest money in Nigeria. It is a short-term security, usually issued by the Central Bank of Nigeria (CBN)

Treasury bills are backed up by the Federation government and they are mostly issued by the government when the need arises to borrow funds for a period, with a maximum maturity period of 365 days.

Follow the steps below and start investing in treasury bills

Some of the banks you can purchase treasury bills from are: Stanbic IBTC Bank, Unity Bank, FCMB Bank, Zenith Bank PLC, Guaranty Trust Bank (GTB), First Bank, Sterling Bank, Access Bank, etc.

More information on bidding rates and returns is provided on:

6. Stock Exchange

This is one of the most secured means of investment in Nigeria. 

Stocks are securities that can be bought from the Nigerian stock exchange market (NSE). Although you must consider the mode of operations of the Nigerian Stock exchange market.

You can purchase stocks from the Nigerian stock exchange market. The NSE market is a public marketplace for issuing and selling stocks that can be traded on the NSE.

This market operates on what is called an automated trading system (ATS) which is a computer program that allows for an effective trading platform.

Stocks can be purchased from either the primary market or the secondary market.

The primary market is where the organisations set up their stock or shares for sales through what is called an initial public offer (IPO). While the secondary market is a place where you can buy stocks that are existing and being traded.

A stockbroker is usually appointed or authorised to execute, buy or sell stocks on an investor's account. 

Start investing in the stock exchange sector by following the steps below:

All transactions with the exchange are executed by your stockbroker. This can happen in one of two ways: either you can send trade instructions to your broker, usually by mail or your broker provides an online trading platform that allows you to execute transactions yourself.

7.  Agricultural Sector

Agriculture is another means of investmenting money in Nigeria. 

It is a fact that the country is blessed with a large mass of fertile land spaces, which makes agriculture not just a lucrative means of investment but also an important sector of the country’s economy with high potentials for food security, poverty reduction and job creation. 

The federal government of Nigeria has put in place policies which are aimed at encouraging more commercial and merchandised farming. 

These policies leverage Nigeria’s agricultural ecosystem to transform the country into a leading agribusiness and Agro allied industrial nation.

The agricultural sector contributes 25% of Nigeria’s gross domestic product (GDP) and accounts for 48% of the labour force, by exporting agricultural products alone.

Some of the ways to invest in this sector include:

Now, let's guide you on how you can start investing

8. Mining Sector

The mining sector is another channel of investment in Nigeria. However, this can be highly volatile, though often makes good long-term returns of investment.

Nigeria is richly blessed with several mineral resources, such as gold, iron ore, limestone, coal, bitumen, tin, marbles, columbites, lithium, etc. This makes the country a mining destination and a great channel for exploration.

You should take advantage of this sector by establishing your own mining company. All you need to do is follow these steps:

9. Manufacturing Industry 

The manufacturing industry has over the years contributed to the nation’s GDP and has grown steadily to an annual average of 15% within the past 5 years. This is because of the growth trajectory led by governmental interventions over the years.

The federal government of Nigeria advocates for higher manufacturing investment, so as to increase the country’s economic growth and provide more employment opportunities. 

Some of the top manufacturing opportunities you can invest money are: 

To key into the system, you should engage in detailed research on the current trends for manufacturing industries. 

This is an exciting opportunity you don't want to miss.

Yes, you can become a manufacturer by taking these steps:

10. Transportation and  Logistics

This is one of the fast-growing channels to invest money in Nigeria. 

The Nigerian transport and logistics industry has currently gained about NGN 300,000,000,000.00 and it accounts for more than 5% of the country’s GDP.

Although just like other investment platforms, it also has its own risk factors, which must be considered before making any investment.

Follow the guidelines below and start investing

11. Waste Management Services

As an investor, it is important for you to recognise the immense potential in waste management and consider steps towards harnessing it. 

This is because the amount of waste products generated in Nigeria is enormous and is continuously increasing as a result of waste management crises, especially in urban areas in the country.

You can start investing now by recycling waste products and turning them into gold mines. All you need is:

12. Health Sector

The Nigerian Health Sector offers a massive investment opportunity to develop the Nigerian health system and bridge the funding gap between planning and providing health facilities to its citizens.

The reliance on importation of medical supplies has been seen as a threat to the nation’s health security, this was exposed during the COVID-19 pandemic. 

Also, due to the high demand for proper health services in Nigeria, the long-term prospects for private health services are very promising, as it will lead to a lesser number of persons seeking medical attention outside the country. 

The following are ways you can key in this sector:

You can also engage in an online medi-care.

13. Education

Educational sector is another attractive means for investment because it is recognised as a veritable and a strategic pivotal to Nigeria's economic growth. 

The result from my recent analysis shows that this sector is highly under-funded, especially at the basic and secondary school level. 

However, the Nigerian government in its bid to meet its financial projections in developing this sector, has taken steps to collaborate with private investors, by creating a Public Private Partnership (PPP) initiative to enable private investors to contribute in the development of the educational system.

What are the steps to take?

You can embrace this investment opportunity by partnering with the Nigerian government through PPP. or establish a private school

Below are simple steps to guide you on how to establish a private school:

14. Fixed Deposits: 

This is a tenure-based investment system where profits on investment only accrue within an agreed period, that is, after your investment has become matured within a minimum of 30 days and maximum of 180 days, with an opening balance of NGN 100,000.00.

All banks in Nigeria offer fixed deposit opportunities to their customers with different interest rates. 

Here is an easy step for you

This process is also provided online by most banks in Nigeria. 

15. Money Market Funds

This is also described as a short-term debt fund. It is a form of investment with a low risk. 

It mostly comprises of monetary instruments like treasury bills, certificate of deposit or CD, commercial papers, etc. It also provides high liquidity preservation of capital and moderate income generation. 

Here are easy steps to start investment 

Firstly, you need to compare the interest rates offered by different banks in Nigeria 

Then you can open a money market account, just like opening a savings account, 

Fill the form provided by the bank, submit your application and fund the account.

16. Crypto-currency 

This is another lucrative form of investment. It is one of the unlimited means of investment in Nigeria, although with a high level of risk.

Cryptocurrency is a digitalized asset which increases or decreases in value with time. It is a digital coin used to carry out exchange services and functions as an asset.

Some of the leading crypto investment platforms include: 

What are you waiting for? Follow these guidelines and start investing.

Firstly, Identify your choice of crypto investment 

Have an extensive understanding of its operations.

Have an investment or business plan

Ensure that your identified crypto investment has been registered and its operations are authorised by the Federation government in Nigeria.

Know the laws or policies that regulate it.

If you will establish or manage any of the above crypto investments, ensure it is registered, obtain a license to run the business.

Finally, have a marketing strategy that will create the required traffic of clients.

17. Pure Water Production 

Water is a basic necessity for any living thing and that makes it a very promising means of investment. However, this form of investment requires hard-work, dedication and passion as there are a lot of competitors in the business.

Follow these simple steps and start investing

18. Haulage Services

This type of investment is usually in high demand, as a lot of people relocate from one place to another in Nigeria and definitely need the services of haulage companies to ease the stress of carrying weighty luggage from one place to another.

Most entrepreneurs also require the services of haulage companies to move large amounts of goods from one place to another.

This is a very simple business to set up, all that is required are:

19. Fashion Design Services

This is another trending means of investments. Investing your money in the fashion industry is very profitable in Nigeria, especially if you are an investor with a great sense of fashion or with a keen interest in fashion.

To start investing in this sector you have to think like an entrepreneur, 

More so, there are some key factors that could impact the price of your fashion investment, such as the brand of fashion line, authenticity, storage and having a good understanding of the quality of your fashion wears or accessories. 

20. Fitness and Training Services 

This is another means of investment in high demand, especially for middle aged or elderly persons who require the services of a fitness or gym instructor or a fully equipped fitness centre to keep fit and stay strong.

If you are an expert in this field or can engage the services of an expert, then this is a good place for you to invest your money in Nigeria. 

Following these simple steps and start investing

21. Event Planning and Management 

This is one of the most profitable means of investment in Nigeria because it guarantees a daily or weekly return of profits due to the high demand. 

Most people in Nigeria love to celebrate for different occasions and definitely need the services of an event planner to manage the occasions and ease them of the stress of planning or organising such events. 

Some of the most celebrated occasions are birthday celebrations, wedding parties, car or house dedication, baby dedication, festivals, etc.

It is very easy to invest in this platform as no form license is required. However, you need to be able to manage an event effectively, know your clients and ensure your clients are satisfied. 

Here are basic some steps to get you started:

22. Online Investment 

This form of investment allows you to generate more profits for your money in Nigeria. It can be accessed through various applications on your gadget such as android or iOS phones , tablets, laptops, etc. 

However, there are a few licensed applications where you can invest money in Nigeria. They include:

Here are a few steps to guide you on how to start investing money in any of the above:

Investment is a very lucrative means to generate more income in Nigeria. You can invest in one or more of the above means of investments and create great value for your money.

Generally, it is important to do a detailed search on any investment platform, analyze the risk factors associated with it before making any investment, register the business with the required government agency and obtain the relevant permits. You should also seek a  proper business guide from our counseal experts before engaging in any of the above means of investment.

In Nigeria, Christmas gift hampers business is always in high demand between December and mid-February of the next year. It's a lucrative venture that guarantees good profit during the festive season. So, if you're thinking of a good business during Christmas and New year celebrations this season, you've just got a profitable one!

Let's walk through the steps you need to take to start your Christmas gift hamper business in Nigeria.

Research the market

It is easy to assume that the Christmas gift hamper business is very common and needs no knowledge. However, a thorough research of the gift market will help you understand your competition and your prospective customers. 

In your research, you want to know the common practices and what you can improve. For instance, using a more attractive wrap and basket will attract customers because it's not what they are used to. Research will open you up to more possibilities.

The beauty of a hamper often draws buyers/users of gift hampers before going further to check the content. So learning how you can be artful with your package comes handy.

Some factors to consider in your research are pricing, packaging, client base, business location, hamper content, etc.

Design a business plan

Christmas gift hamper market in Nigeria is porous, so you need a solid plan that will set your business apart from others. This will provide you with strategies to penetrate the market and win customers over.

A Nigeria-focused business plan will also help you carve a niche for your Christmas hamper business. For example, you could decide to sell to businesses (B2B) or individuals (B2C). You could also choose to have an online-only, onsite-only Christmas hamper store or both.

You will also decide what kind of structure you want your Christmas gift hamper business to take with a business plan. Read our article on how to structure your business in Nigeria to learn more.

A good business plan for a Christmas gift hamper business contains

We have seasoned experts that are ready to help you design your business plan. Book a session on Counseal to discuss your business plan with one of them.

Raise your capital 

A medium scale Christmas gift hampers business with 2-3 workers requires between N400,000 and N1,000,000.  A larger scale one requires N 1,000,000 and above. Hence, having a sure source of funds is crucial.

There are a few ways to raise money for this business. 

  1. Possessing some cash of your own put away for the business is a good way to start. It gives you full ownership of your returns. This also fosters quick execution on decisions. But, if you don't, getting funds is still possible…
  2. You could take a loan from the bank or seek funding from investors with your designed business plan.  Now, taking a loan will attract some interest in paying back while funds from investors will only give you partial ownership of the business. Either way, you get to start your business.
  3. There is also friends and family investment. Your business plan will also be needed here. It will help them see the potential of your business and invest with their own savings.

Have your business plan in both hard and soft copy; you never know who would ask you to send your business plan on the spot.

That’s another reason you need a convincing business plan. Don't forget to book a session with our experts.

Create a Unique Brand

The gift hamper business in Nigeria is large, but yours could stand out with unique branding. You shouldn't make the mistake of going with the flow. From choosing your business name down to your logo, colour and graphics, your Christmas gift hamper business should be attractively different from others.

Think about what you want your customers to feel when they hear your business name, see your logo, or see your brand colour. Let these three words guide you: attractive, distinct, enduring. For instance, you could choose to use customized baskets and wrappers for your gift hampers. Give your customers an experience that can only be found with you.

Your customer relationship also creates an intangible image of your brand. According to the Corporate eye, customer service and brand image change in direct proportion to one another. That is, if your customers feel good, your brand image is good and vice versa. For instance, timely delivery of gift hampers  will make your customers feel valued. A Forrester research found that 71% of customers say that valuing their time is the most important thing a brand can do to provide good customer service. 

Advertise and sell your hampers

Both onsite and online gift hamper business require aggressive marketing. Though advertising methods change with time and trend, there are basic strategies for it. There are 5 common factors you should consider when choosing a marketing strategy for your Christmas gift hamper business:

The first four factors will help you determine the best way to promote or market your Christmas gift hamper business. The traditional way would be through word of mouth, print media, TV and radio adverts. However, we are in a digital age and there are vast opportunities for you to advertise your business. Some are:

The list is endless, but the goal remains making profitable sales. You only need to use the 5 factors above to determine what strategy fits your niche. Then, be consistent and creative with it.

And that's how you start a Christmas gift hamper business in Nigeria.

The Christmas gift hamper business is a seasonal but profitable business in Nigeria. To start a Christmas gift hamper business in Nigeria this holiday season, our experts at Counseal can help you create a solid business plan and develop a customer-oriented branding strategy that will bring in good returns. Book a session with us today to get started!.

Annually, an average of 5. 5 million metric tonnes of rice is consumed in Nigeria. Between 2021 and 2022 this increased to almost 7 million metric tonnes, and it's expected to keep increasing.

The Big Opportunity for you

According to reports from USDA and the Thai Rice Exporters Association (TREA), Nigeria has produced between 4.4 million metric tonnes to 5 million metric tonnes of rice between 2018 and 2022. This leaves a deficit of  2 million metric tonnes of rice.. According to projections by MSMEs today, the rice consumption deficit will increase by 4% by 2029.

Here is an open window for you to make good money in Nigeria. There are 9 states in Nigeria where your rice farm can thrive. You can make money from just farming or doing it with milling and packaging/distribution. In whatever capacity, rice is a cash crop that will bring you profit.

With the ban of rice importation by the federal government of Nigeria through the land borders, very few importers are licensed to import through the sea borders.

This creates good business opportunities for you,  a local rice producer.

Let's see the steps you need to take to make good cash from the Rice farming business in Nigeria.

Step 1: Research and train yourself 

To start, here are the key items you need to know:


In Nigeria, rice seeds are categorized according to where they are planted, i.e., lowland and upland. The  seeds planted on the lowland are Faro 44, Faro 52, and Faro 57. For upland the seed varieties are, Nerica 1, Nerica 2, Nerica 4, Nerica 7, Nerica 8.

You can get these seeds from research institutes such as IITA, seed companies, designated government ministries and accredited Agro dealers.

Soil/land type: 

Rice planting requires specific types of soil, which are  clay, clay-loam or loamy soil. This is because rice loves lots of water, so water holding soil is ideal. 

Weed control: 

Weed controls are applied before and after planting. Research the best herbicides to use for both stages. For instance, most farmers use glyphosate herbicide at the pre-plant stage and quintrione after planting and transplanting.


You need to learn different fertilizers for rice at different stages. This means that rice needs different nutrients for different stages, hence you need a pedologist. They will advise you on what you need at what stage and what quantity to apply.

Pest control: 

There are different ways to control pests. Some of them are integrated pest management (IPM), crop rotation, etc. This is an important aspect of your research that you need to understand so your investment doesn't go to waste.


To make more money from rice farming, you will need to get involved in rice milling and processing. This involves pre-cleaning, de-husking, de-stoning, polishing, whitening, sifting, grading and packaging your harvested rice.Yes, you will have employed professionals to handle this, but when handling people, you need to know a little of everything, hence a little training in rice milling or processing.


 As much as rice farming/production is labour intensive, there are tools you also cannot do without. So, you need to research them and know what to use them for and how to use them. Some of these tools and machineries for planting and processing are:

Step 2: Choose your business base


There are currently 9 states in Nigeria where rice farming  thrives. These 9 states are Kano, Gombe, Niger, Kebbi, Ebonyi, Anambra, Nassarawa, Ogun, and Ekiti. Choose one of these states.

Milling and bagging of rice in one of these states makes it easier to attract other farmers who do not have rice mills, which translates into better profits.


An important factor when choosing your business base is accessibility. 

Your location must be motorable. If transportation isn't easy,  it will discourage most customers from patronizing you. It will also cost you more money as your transports will be at risk of constant damage. Hence, your location must be motorable.

Step 3: Design a plan and register your business 

Register your brand

The first stage of your registration should be with the Corporate Affairs Commission (CAC). You can book a session with our experts to help with your CAC registration after reading this article.

You are also required to register with the Federal Ministry of Agriculture and rural development as a farmer. This will open you up to any benefits from the Federal government for farmers. Benefits such as grants, loans, free seeds, etc 

Other organizations you need to register with are the National Agency for Food and Drug Administration and control (NAFDAC), the Rice Farmers Association of Nigeria (RIFAN), National Rice Millers Association of Nigeria (NRMAN) and other associations that might be beneficial to your business.

Your Business plan is a guide

A business plan will help you in ways you might never imagine. The business plan is what an investor, grant organization or a loan institution will ask for before giving you money. It is very  vital that it could determine how good your business might turn out. So, it is imperative that you prepare a professional business plan. 

If you need help with your business plan, one of our experts who will help you design a standard business plan.

Step 4: Funding

There are different channels through which you can fund your rice farming business in Nigeria. Some of these are personal funding, Loans, Grants, crowdfunding, investments. However, whichever channel you choose, you need an understanding of what you need the funds for.

See the table below:

Table 1

Please note that the costs in table 1 are subject to changes. Our experts will help you with the current prices when preparing your business plan.

Step 5: Planting and harvesting plan

You have now come to the stage, where the actual work is done. In this stage you are required to plan your pre-plant, planting and post planting stages, as well as harvesting, depending on where your base is.

In the Northern part of Nigeria, rice is planted between mid-May to mid-June while it is planted between March to mid-April in the south. Hence, your planning should align.

Rice can be harvested between 3 to 4 months after planting once the plant changes  from green to brown.

You need a crop expert on your team to handle the planting and harvesting planning and execution.

Step 6: Marketing and sale of your harvest

You only need to sell your harvested rice to milling companies if you have focused on rice farming alone. Though it sounds simple, this also requires some aggressive marketing because you have other farmers to compete with.

If you decide to go bigger by having a rice milling arm to your business, you need a full team to handle this. You need a marketing team that includes graphic designers, brand manager, social media handlers, business development personnel, etc.

In fact, you need a massive brand awareness,  as you are not coming into a new market. According to The Guardian, as of January 2022, there are over 68 rice mills in Nigeria. So, you have all the almost 100 rice mills to compete with. You therefore need to focus on convincing your potential customers that you have a better rice mill through pricing, branding, attractive packaging, promotions, bonanzas, customer focused  visual and audio outreaches, etc.


Though labour and capital intensive, rice farming in Nigeria is profitable. With the increase in the daily demand and the high export potential , it is a business that can yield a significant investment return. Book an expert consulting session on Counseal to discuss how we can help you start your rice farm.

There has been a movement for a law to regulate and create a conducive environment for tech startups—the Startup Act (the Act). The Nigerian presidency initiated it in May 2021 in collaboration with relevant government bodies and some leaders in the tech world. The President recently assented to the bill for the Act.  

The Act has bridged the gap between startups and government agencies. There are provisions for tax incentives as well as a fund of ₦10 billion that will be set up specifically for startups. There will be funding for research programs, training, workspaces, and so much more.

Let’s look at how the Act affects you.

Overview of Key Benefits

The Act applies to startups registered under the Companies and Allied Matters Act; which includes companies, sole proprietorships, and partnerships. 

This Act creates a council (the National Council for Digital Innovation and Entrepreneurship (the council)). The council and other government agencies will implement the Act. The Act empowers them to delegate some responsibilities to subcommittees.

The National Information Technology Development Agency (NITDA) will serve as the secretariat for the council. It is also responsible for carrying out the ease of access processes for startups. Among these processes are:

Establishment of the Startup Consultative Forum

This forum will be set up by the secretariat. The forum will enhance collaboration in the Nigerian startup ecosystem. It will be made up of:

Startup Label: a certificate issued to startups registered through the Startup portal

The secretariat issues the certificate. They issue it to startups. This certificate opens you up to all the benefits under the Act.  

To qualify for the label, you must fulfil the following requirements:

How do you get the Startup label?

If you have complied with all requirements, you will get the certificate.

What are your obligations as a labelled startup?

What happens if you don’t comply?

This will ultimately lead to the label being withdrawn. You won't be able to access the benefits of the Act.

If you rectify all your defaults, you can re-apply to the coordinator for the certificate.

Startup Portal: this is an all-in-one website to specifically meet the needs of startups

This will be an online platform. You can register and interact with the relevant government agencies on this platform. 

What does the Startup Portal do?

Startup Investment Seed Fund and the Nigeria Sovereign Investment Authority (NSIA)

The Act provides for a Startup Investment Seed Fund (the fund) of ₦10 billion. The main purpose of the fund is to provide financial help and fund the incentives provided under the Act for labelled startups. The NSIA manages the fund.

How will the Fund be applied?

Training, Capacity building, and Talent Development

The secretariat will design and implement this scheme for startups. 

What can you gain from this scheme?

Tax, Grants, and Fiscal Incentives 

Pioneer Status

You can apply for pioneer status if, as a labelled startup, you fall under the industries supported by the Pioneer Status Incentive Scheme. You should apply for this status through the Nigerian Investment Promotion Commission (NIPC).

Exemption from Payment of Income Tax and other Taxes

For four years, you will be exempt from paying income tax. The exemption will start from the date they issued the startup label.

You will also enjoy income tax relief on 5% of your assessable profits in a year. If;

This will apply if your employees meet these criteria within the assessment period. This tax relief will be available for five years and its non-renewable.

Access to Export Facilities, Incentives and Financial help

This applies to exports of products and services that are eligible under the Export (Incentives and Miscellaneous Provisions) Act. The Export Development Fund, Export Expansion Fund, and Export Adjustment Scheme Fund will fund it.

Access to Government Grants, Loans and Facilities

You will be qualified to access all financial facilities available to small and medium-scale enterprises and entrepreneurs. To learn more about grants, check here and here for government loans.

Establishment of a Credit Guarantee Scheme

It will provide financial help to labelled startups. It will also oversee the use of the funds by startups.

Incentives and Reliefs for Investors Investing in a Startup

Tax Incentives for Employees

Your employees will be exempt from paying 35% of Personal Income Tax (PIT) on their income for two years after employment. 

The secretariat and the Joint Tax Board will determine the eligibility of the employee.

Tax Incentives for External Service Providers

Foreign companies that provide you with services as a labelled startup will pay only 5% withholding tax (WHT) on income derived from the service.

If the company is not resident in Nigeria, the 5% WHT will qualify as the final tax payable.

You can learn more about the tax system in Nigeria here.

Support with Regulators

Corporate Affairs Commission (CAC)

It will have a separate section on the startup portal. This is to enable labelled startups to conduct transactions with the CAC.   

Nigerian Copyright Commission and the Trademarks, Patent and Design Registries

There will be a collaboration with these agencies to help holders of Intellectual Property (IP) rights. This will be a drive towards making the rights commercial and international.

It will also have a section on the portal to ease all processes relating to IP rights of labelled startups.

Securities and Exchange Commission (SEC)

The SEC will create the legal framework for hassle-free crowdfunding. The council will be involved.

The council will work with labelled startups that desire to be listed on the Nigerian Exchange to ensure they meet all requirements. These include granting incentives that will aid a startup’s development.

National Office for Technology Acquisition and Promotion (NOTAP)

The secretariat will work with NOTAP to: 

Central Bank of Nigeria (CBN)

This is especially for Financial Technology (FinTech) companies. 

The secretariat will work with the SEC. 

The Council will work with the CBN and SEC. This is to ensure that:

The CBN and other regulatory agencies will also permit FinTech startups to take part in a regulatory sandbox. 

Accelerators and Incubators

An accelerator is a fixed-term, cohort-based program that provides a startup with mentorship and educational help to aid its growth.

An Incubator includes a company, partnership, non-governmental organisation or limited liability partnership, who solely provides support for the establishment and development of a startup, promotes innovation, and other related activities through the offer of dedicated physical spaces and services;

The Act provides incentives for accelerators and incubators. To qualify for the incentives, they have to be involved actively in providing goods, services, or finance to support the operation and growth of startups.

Clusters, Hubs, Innovation Parks and Technology Development Zones

The council will establish these parks. They will serve the purpose of:

  1. connecting startups and large companies, encouraging collaboration, and creating business opportunities
  2. collating expertise, suggestions, and perspectives 
  3. providing a startup with access to resources and expert services 
  4. encouraging startups to work together and innovate

Apart from the roles listed above, they will also provide:

The Secretariat will collaborate with the Nigeria Export Processing Zones Authority to establish a Technology Development Zone (“Zone”) in Nigeria to spur the growth and development of startups, accelerators, and incubators. 

The Zone will grant a licence to a startup, accelerator, or incubator before it can begin an approved activity. 

A startup, accelerator, or incubator, carrying out an approved activity in a zone will be entitled to existing incentives provided under the Nigeria Export Processing Zones Act.

Key Takeaways

The Startup Act 2022 is a giant stride in the right direction for tech startups in Nigeria. The Act is to ensure ease of doing business for you as a startup. You can book a free consultation with a Counseal expert if you need help. 

According to researchers at CSIRO, production of poultry meats and eggs only meets 30% of the demand. Hence, it's one of the most lucrative ventures in the country. 

In this article, we guide you through how to set up your poultry farm, employ expert hands and market your produce. 

Let's dive into the 5 step guide to starting your own poultry business in Nigeria.

1. Conduct series of surveys

A survey or research will help you build a solid foundation for your poultry business. As profitable as poultry farming is, it is a delicate venture that you do not want to go into without knowing it well. So we have outlined below the items you need to conduct your survey on:

Research type of birds and supplier

We will focus on chicken and turkey in this guide as they have the highest demand in Nigeria. Below is a chart that helps you understand the types and breeds of chicken and turkey:

              Table 1. Note: Cockerels are male chickens, so there are no Cockerels that are layers.

This table helps you to ask appropriate questions during your survey. You won't look or sound ignorant and won't get exploited. 

Taking online poultry courses to understand birds will also be helpful. Some people even go as far as understudying an operating farm. You can try this too. The end goal is that you are grounded before you start your own poultry farm.

Carve a niche

It is important that you focus on a particular sector of poultry farming. You cannot be everywhere. You could choose between rearing chicken or turkey, or both. Whatever your choice is, you still need to choose either of the following:

Here, you will gain the benefits of knowing about birds. You'll be able to decide if you want to focus on layers only, broilers only, or both. You might also not be interested in eggs or meat, so you could just focus on breeding the birds. As mentioned earlier, demand for poultry products in Nigeria is very high, hence any sector you choose is profitable.

Know your shelter options

One thing to also note during your survey is the type of housing you want to give your birds. Shelter in poultry is very important for productivity. There are 4 main shelter types for poultry farming: the free-range shelter, the semi-intensive shelter, the intensive shelter, and the folding unit shelter.

Of these 4 shelters, the intensive shelter system is the ideal for commercial farming. The following are the main types of intensive poultry shelter:

Consider your poultry feed

For every stage of growth, the feed for poultry birds differ, so your survey should include knowing about the different types of feed. Poultry feeds are classified as:

We have listed below some of the common chicken feed brands in Nigeria ( note that these chicken feeds are the same for turkeys):

Each brand has its own ration or category of feeds for different birds and growth stages. So, be sure to understand which feed is for what stage when you choose a brand.

Do a market survey

This is the point in your survey where you have to think about your brand. Remember, we talked about competition earlier? Now you need to study them deeply. Look at who does what you want to do well and who doesn't. What makes them better or worse and how you can leverage their strengths and weaknesses to become a better brand in the poultry industry.

You want your customers to know you are new but better than the existing businesses. So, you also need to study who your customers are. Know what they want, how they want it, what they see in other poultry farms that make them go there. You could conduct a survey for this.

Some of the things to consider in branding are pricing, promos, adverts (PR), business portfolio (logo, brand colour, brand font, slogan etc.). You should build a unique selling point. We will delve more into this later, but if you need help with building your brand, you can speak with one of our business experts.

2. Source Your Funding

We are excited for you if you already have some funds set apart for the poultry farm. However, if you don't, this is not a reason for you to back down on your dreams. The Nigerian government has different programs in place to encourage farming in Nigeria. There are also non-governmental and international aids that could help. 

Some ways you  can fund  your business are:

It is worthy of note here that, for most grant applications, you will be required to have a registered business name at least.

For any of the funding categories, you will need a business plan that shows how much you need to start your business. Table 2 below shows how much you need to set up your business:

Table 2

You should note that because of the inflation rate in Nigeria, currently the costs above are subject to changes depending on the economic shifts. Also, the land costs are subject to obtainable costs in different locations.

3. Manage the location of your poultry

The site of your poultry is very essential to the success of your business on more than 1 level. Apart from deciding on leasing or buying, there are factors to consider in picking a location:

The size of your poultry farmland will be determined by the scale of your farm. 

4. Farm management is key

A poultry farm requires professional management as well as competence. This is because poultry birds (in this article, chicken and turkey) require regular cleaning, feeding management, water management, litter management, medications, etc. Hence, you need trusted hands on your farm.

Your poultry farm team should include:

5. Marketing and sales determines your profitability

It is important that the operational section of your poultry farm does not engross you, but you also need to be active with the marketing and sales aspect. After all, your end goal is to be able to make a good profit from this venture. Let's see some important marketing strategies that will help you make good sales:

Build your brand: 

We mentioned earlier that you need to have a brand that sets you apart. When building a brand, every tiny detail counts. Things as mundane as colour or your brand's font can determine if your business will stand out in the large marketing or not.

First thing to have when setting up a poultry farm is a logo and letterhead. Then you can tease your target customers with:

You also need to invest in customer support. This will help you build a strong customer base. Don't forget your aim is to let them know you are new but better, so they need to experience what really makes you better than others.

Determine where to sell:  

This will take a lot of ' being on people's faces' because you are new. The sector you have chosen will determine where you should pitch your business. 

For instance, if you choose to have a hatchery, you'll have to pitch to other poultries that major in meat or egg production. If you decide to produce meat and eggs, then you'll have to pitch to restaurants, hotels, event planners, caterers, etc.

Moreover, you could choose to be a seasonal poultry farmer. This means that you harvest your birds for meat in a particular season such as Christmas season, EID season, New year's, etc. Demand for poultry meat during certain seasons is usually high, so this could be your niche in sales.

Another profitable idea is to harvest your birds to sell as frozen foods. You will need another section of your business that kills, cleans and freezes the birds in preparation for sales.

We have finally come to the end of the guide, to starting your own poultry farm in Nigeria. All you need do now is for you to start your business. I hope you enjoyed this guide but if you still have questions on starting your own poultry farm in Nigeria, book a session with our experts now.

Non-Governmental Organizations (NGOs) play a vital role in Nigerian society. They are specifically set up to achieve a goal in society or to be formed as a group to actualize their objectives. They are mostly tax-exempt and derive profits from donations, contributions, or community outreach which is channeled back to their objectives to make a greater impact in terms of their public purpose.

Although most operate simply as charity organizations without registering, they will however lack the benefits it confers on registering with the Corporate Affairs Commission (C.A.C) as it confers: credibility, corporate legal identity and access to Government and International fundings/ grants.

Registering an NGO in Nigeria with the CAC might seem challenging as to; how to get it done properly, the documents involved, the duration it will take, and the general requirements for registering one.

In this article, we will share a practical approach to how you can achieve this and guide you on this big step.

What are NGOs in Nigeria?

NGOs or simply put non-profit organizations are set up by business operators or individuals to carry out acts of charity, social clubs, associations, or for religious purposes.

In Nigeria, an NGO is a body or association of persons, registered under Section 823 Part F of the Companies and Allied Matters Act (C.A.M.A) 2020 known as Incorporated Trustees (I.T) and its best suited for:

Below are the steps you will take on how to register your NGO through an accredited solicitor of the Corporate Affairs Commission (C.A.C)

Step 1: Name Search and Availability.

In order to register any business entity or non-business entity, a public search is to be done on the Corporate Affairs Commission (C.A.C) pre-incorporation site: the link will appear with the site as pictured below:

The purpose of having the name search and availability is to enable you to pick out a unique name to rule out any similarity in pronunciation or spelling to any already in existence.

As a non-governmental organization registering under incorporated trustees, the name should reflect the object which it stands to do. 

Example: “Music Elder’s forum”,

“Global Resolve For Peace”, 

“Harvest Field Foundation’, 

"Youths For Democracy And Positive Change", 

"Brilliant Minds Educational Foundation", 

"Network Of Nigerian Women In Politics", 

"Mega Champions Football Club", 

"Jesus Christ Apostolic Ministries", 

"Money-Givers Trust Foundation", 

"Amalgamated Union Of Market Leaders And Traders", 

"Business Ceos Roundtable", 

"All United Sports Club", 

"Foundation Against Trafficking In Persons And Slavery", 

"Scientific Scholars And Inventors Forum", 

"Climate-Change Advocacy Roundtable", 

"International Motor-Bikers Club".

The above listed are examples of NGOs in Nigeria. Just like their name implies, they captured their objects and what they do in the name choice or style.

Step 2: Application for Consent of the Registrar General (R. G.) To Register the Proposed Name.

After the name search has been done and suitable names picked out with no similarity to any registered, proceed to apply for the availability and consent code of the R.G.on the CAC website (also noting that the R.G. has the exclusive right to approve or disapprove the names subject to his discretion). 

The Incorporated Trustee (I.T.) form is self-explanatory and asks for information like:

As a mandatory requirement, In Section 826 Of The Companies And Allied Matters Act (C.A.M.A) 2020 kindly note:

After filling out the above details, make payments for the filing fees through the remitta portal on the CAC website.

Step 3: Name Publication in The National Daily Newspapers.

Following a successful application, a notice of availability report and consent code of the R.G sent with the approved name, its approved board of trustees, aims and objectives. The next step, as part of its requirements in the Section 828 of C.A.M.A 2020, is to publish a public notice of an intention to register an NGO in two National dailies. The publication should highlight:

We see an example of a newspaper publication in the image below:

Step 4: The Registration Process after the Name Publication.

After the publication of the names in the newspapers, fill in other details on the form, namely;

Step 5: Uploading of All Relevant Documents and Downloading of the Certificate and Registration Documents.

Finally, after filling all the necessary details, upload other accompanying documents for the registration, which are:

Below, we see a sample of the upload portal for all necessary documents 

After the upload is complete and all fees paid, approval of the registration takes 1-2 weeks, subsequently, a notice sent to the accredited mail approving the registration of the NGO, thereafter, its certificate, Status report, and constitution made available for download on the portal. 

We see a sample of the CAC certificate below:

Step 6: Getting a SCUMML (A Special Control Unit against Money Laundry) Certificate.

A SCUMML certificate is proof that the bank account for the NGO is not being used for money laundering activities and it is monitored closely for money trails to assist criminal investigations. It’s a requirement under the Money Laundering (Prohibition) Act 2011 for all NGO to have when opening a bank account. 

Following a successful registration, we apply for a SCUMML Certificate to the scumml portal with the following documents:

Step 7: Bank Account Opening in The Name Of the NGO. 

This is most important because opening a bank account in the NGO's name shows credibility to the society and the organization is ready to get financial support from the public and receive donations. 

To open a bank account, you will need:


Registering your NGO is the right step as this confers many benefits, e.g., corporate legal identity, tax exemption being a non-profit organization, and funding from international and governmental bodies.

It is, however, strongly advised that the above guide serves as a general guide on how to register an NGO in Nigeria and it is not intended to substitute for proper client counseling. For further steps and an apt consultation, kindly consult an accredited solicitor of the CAC to formulate and address key issues related to the governance structure and internal affairs of your NGO.

Agriculture is one lucrative sector of the economy that a diaspora investor is certain to get returns on investment. Agricultural business in Nigeria, although once on the brink of collapse and neglect, is growing into a lucrative sector because of government investments and incentives granted to this sector. The incentives granted to this sector are aimed at encouraging local, diaspora and foreign investments. This article provides a guide on the most lucrative agricultural business in Nigeria that a diaspora can invest in.    

Agricultural Business a Diaspora can Invest In. 

The key to investing in agricultural business in Nigeria is knowing the most lucrative to invest in. The following are the most lucrative agricultural businesses in Nigeria to invest in: 

Maize/ Corn Farming: 

Investing in maize farming is one agriculture business in Nigeria that is quite lucrative. With irrigation farming, maize is planted at any time of the year and can be harvested within 2-3 months after planting.
Because of its popularity and demand for food consumption, starch, and beer making, maize farming on a commercial level is highly profitable. Intending diaspora investors can obtain low interest agricultural loans from CBN to invest in this business. These low-interest loans are offered by the government to encourage investments in the agricultural sector. The CBN also offers access to foreign exchange to investors intending to export maize grain outside the country.
Investment in maize farming can be done by investing in a maize farm or via an agricultural investment platform. Returns on investment in maize farming are projected at a minimum of 50%. 

Rice Farming 

Investments in this agriculture business in Nigeria has become very popular among diasporan investors due to its lucrativeness. Rice production in Nigeria has boomed due to government policy and investments to encourage investment in this sector. Rice production grew from 5.8 million metric tonnes in 2015 to almost 9-million metric tonnes in 2021. This was because of the government ban on the importation of rice.
Further, because of this ban, Nigeria became the largest producer of rice in Africa, hence making rice farming on a commercial level very profitable. An investment in rice farming takes 12 months to harvest and if done properly guarantees up to 25% return on investment. Investment in rice farming can be done by investing in a commercial-scale rice farm or via an agricultural investment platform.    

Poultry Farming  

Poultry farming is the rearing of domestic birds such as chickens, geese, ducks, guinea fowls, turkeys, etc. for their meat and eggs. Investing in this agriculture business in Nigeria is highly lucrative due to the high consumption of poultry meat and eggs. Recent statistics show that current production only meets 30% demand of eggs and meat in Nigeria for an industry valued at NGN 1.6 trillion.  

To encourage investment in this sector, the government has banned the importation of frozen poultry products and the CBN offers low-interest loans to investors. A diasporan looking for a short-term investment can invest in this agricultural business and get a minimum of 30% returns on investment within 3-6 months. 

Fish Farming:  

Fish farming in Nigeria has evolved from traditional methods of harvesting fish to rearing fish in a water tank on land. World Bank statistics shows that 3.4 million metric tonnes of fish are consumed in Nigeria and current local production meets only 40% of consumption demand.  Because of the gap in meeting local consumption demand, diasporas are encouraged to invest in this agriculture business in Nigeria. To encourage investments, the government banned the importation of fish in Nigeria and offer low interest loans to intending investors.   
Further, by-products of fish such as dry fish, fish oil, liver oil, etc are steadily developing an international market.  Access to foreign exchange is also available to investors intending to export these by-products outside Nigeria. 
Investing in fish farming includes investing in a commercial fish farm or via an agriculture investment platform or renting farmlands for fish farms for a fee based on the profit made. The return on investment is projected at a minimum of 22% returns on investment depending on the money invested.     

Snail Farming: 

Snail farming is a low capital-intensive agriculture business in Nigeria, valued at $12 billion dollars. Anyone including a diasporan investor can invest in this agricultural business. Its lucrativeness can be attributed to the 100% guarantee on investment returns. Snail meat is considered a rich diet in Nigeria and when harvested and sold during the dry season can make large profits. As snail meat is scarce during the dry season. Most state governments offer capital to diaspora investors intending to invest in this agriculture business. Investment in snail farming can be done by partnering with a snail farmer to establish a snail farm. 

Sugarcane Farming: 

This agriculture business in Nigeria has a lot of untapped potential. Sugarcane farming on a commercial level is very profitable as there is a domestic market for sugar cane and its fibre by sugar factories, biofuel, paper, beer, renewable energy and building companies. To reduce the importation of sugarcane and to encourage investment in sugar cane farming, a 5 years tax holiday is granted to sugar cane farmers.
Further, low-interest loans are offered to sugarcane farmers and investors by CBN as well as educating them on the best way of cultivating sugarcane to boost production.   

The return on investment is projected at a minimum of 25% depending on the money invested and the period of investment. Investment can be done by investing in a sugarcane commercial farm or via an agricultural platform.       

Palm Oil Farming: 

Investments in this agriculture business in Nigeria is popular among diasporan investors. This is because of its lucrativeness from profits made in exporting palm kernel oil which is produced from palm oil farming to international markets. Further, local consumption of palm kernel oil is very high as it is used in the production of vegetable oil, soaps, detergents, cosmetics, etc.  

To encourage investments in this agricultural business, tax holidays of a minimum of two years are granted to palm oil farmers. Additionally, low-interest rate agricultural loans and access to foreign exchange are granted to diaspora investors intending to export palm kernel oil.

Investing in palm oil farming is a long-term investment as a palm tree has a life expectancy of 25-50 years and can produce palm kernel oil throughout that life span. A diaspora investor can invest in a commercial palm tree plantation or partner with a local palm oil farmer. Returns on investment is projected at a minimum of 40% depending on the money and the time length of the investment.     

Cassava Farming: 

Cassava farming is known for its low input and high output nature. It is widely practiced in Nigeria as cassava is one of the widely consumed staple foods in Nigeria. Cassava farming on a commercial level is very profitable due to Nigeria's large domestic cassava market.
Further, Nigeria's international market for exporting processed cassava products has grown steadily, leaving room for more investments to meet both local and international markets' consumption demand. 

Diasporan investors are encouraged to invest in this agriculture business in Nigeria to meet both local and international consumption demand. To encourage investments, state and federal governments offer low-interest loans to investors and easy access to foreign exchange for cassava farmers intending to export cassava. Additionally, low import duties are levied on the importation of raw materials used in making local fertiliser which boosts cassava production.   

Returns on investment is projected at a minimum of 22% depending on the period and money invested. Investments can be done via agricultural investment platforms or by investing in cassava commercial farms.   

Plantain Farming: 

This is another lucrative agriculture business in Nigeria. Its lucrativeness is because of local and international demand for plantain and its processed products such as starch. Plantain farming done on a commercial level can be used to meet both local and international demand. To encourage investment in this sector, the government provides access to low-interest agricultural loans and tax incentives to investors and farmers alike. Additionally, low import duties on raw materials used in local production of fertilizer are used to boost plantain production.

A diasporan investor can invest by investing in a commercial plantain plantation or via an agricultural investment platform or partner with a plantain farmer to build a plantain plantation. The minimum projected return on investment is 20% depending on the money and the length of the investment.   

Pig Farming: 

Pig Farming is also known as piggery. It is the rearing of pigs for its meats and its products. This agriculture business in Nigeria is very lucrative due to the quick and huge yields within a short period of time.  Additionally, there is a domestic market demand for pig meat and lard which is used in the production of insecticides, plastics, oil polishes, rubber, cosmetics, etc.

Pig farming is capital intensive, therefore little investments are done in this business despite its lucrativeness. To encourage investments in this business, the government offers incentives for investors interested in pig farming. These incentives include low interests agricultural loans for purchasing farmlands, feed, and equipment for rearing pigs. The minimum projected return on investment is 40% depending on the amount of money invested. Investment in this business can be done by investing in a commercial pig farm or via an agricultural investment platform.       

As a diaspora seeking to invest in any of the listed agricultural businesses in Nigeria is recession-proof. This is because Nigerians would still eat even during an economic recession. Additionally, population growth in Nigeria is inevitable.  Hence, the increase in demand of more agricultural products to sustain the needs of the ever-growing Nigerian economy. 

However, it is important to point out that this article is only intended to serve as a guide and not to replace proper legal advice on investing in agriculture business in Nigeria.  

If you have further questions about investing in any agriculture business in Nigeria, book a free session with an expert.

In Nigeria, the federal government offers loans to encourage innovation and entrepreneurship with the overall goal of improving the Nigerian economy.

Government loans are funds given directly by the government or made by private lenders, like banks, and backed by the government. The loans are for a specific purpose and, in most cases, monitored for effective use.

Different government agencies facilitate federal government loans to provide support for small, medium, and large businesses. 

Which Federal Government Agencies in Nigeria Support Business Owners?

58 Federal Government loans you can access and how to get it

The primary goal of the government in granting loans is to improve the economy, especially the underperforming sectors. 

We will categorise the loans into the different sectors of the economy, so you can easily pick yours.

Micro, Small, Medium, and Large Enterprises 

The size of a business is classified by the number of employees it has, among other factors. In Nigeria, microbusinesses have 1-9 employees. Small businesses have 9-49 employees. Medium businesses have 50-249 employees. Large businesses have 250+ employees. 

Let’s look into the loans available to them:



Next to oil, agriculture is without a doubt the most significant sub-sector in the Nigerian economy. To foster the growth of this sector, the government is facilitating several loan schemes. They are:


Trade is one sector that dominates the Nigerian economy, at 16.86% of the GDP. This includes export, wholesale, and retail trade. The Nigerian government is especially promoting the export of locally made goods to grow the Naira. These are the loan facilities available for the trade sector, especially exports:

Real Estate

Private developers dominate the real estate sector.

The government is not vested in this sector as it is “self-sufficient”. The developers get the most funding from commercial banks, which accept real estate investment as collateral.

A few of the government facilities are:

Entertainment services

The Nigerian entertainment industry (Nollywood) is a fast-emerging and important sector of the economy.

To encourage its growth, the government put in place some facilities, which are:

Information Technology

This is a green area in the Nigerian economy. It has, however, been on the rise in Nigeria, just like in other parts of the world. The facilities that are available for now are:


This is an important sector of the Nigerian economy. It creates employment and fuels the economy through its activities. The loan facilities available are:


Nigeria’s healthcare is a critical sector that has received as little attention as it should. There is, however, some movement to grow it. The few facilities available are:


Nigeria’s fashion industry is very important to the country’s culture and economy.

It includes everything from the production of raw materials to the creation of fashion items by designers and manufacturers.

It also includes retail sales, advertising, and promotion.

How Can I Access the Federal Government Sponsored Loans?

Different federal government agencies implement the loans. You can access the loans either through the agency directly or through the designated bank (commercial or microfinance). 

You can view the specific requirements of each loan through the links provided above. There are, however, some requirements that are basic and common to all.

There are also some SME loans you can only access through clusters. That is a group of small business owners who are in the same industry. It could also be a co-operative society or an association.

This is a comprehensive list, but it is important to always research to weigh the options available to you. While researching, you might be lucky enough to access better options like grants or interest-free loans from non-governmental organisations. Overall, a federal government loan will ease your growth or expansion plans. You should not hesitate to apply. If you have questions about the loan application and its requirements, book a free consultation with our Counseal expert

In Nigeria, associations are formed by a group of people for a common goal. The Corporate Affairs Commission (CAC) registers them as Corporate societies, cultural associations, political parties, professional associations, social clubs, trade unions, or pressure groups to perform a variety of services or humanitarian activities. Upon registration, they are conferred with benefits like corporate legal identity and mostly tax-exempt, as they are set up for nonprofit, thus making them best suited from other business entities. 

They carry out charitable roles, human rights, and religious activities and also serve as political pressure groups in the society and because of this, registering an association with the CAC can be rigid, as it is the most regulated form of business entity.

In this article, we will highlight a practical approach to how you can achieve this and guide you on this big step.

How Are Associations Defined in Nigeria

In the Companies and Allied Matters Act (C.A.M.A) 2020 an association is a body of persons, registered under Section 823 of Part F of the Act known as Incorporated Trustees (I.T.) and its best suited for:

Registering an association is similar to all other forms of entities under the Incorporated Trustees as it is registered through an accredited solicitor of the CAC, but before you proceed, you should have the accurate amount of members willing to be formed with the association as a board of trustees and a chairman at the hem of affairs.

After you have decided the board and its chairman, here are the key steps to registering an association::

Step 1: Name Search and Availability.

In order to register any business entity or non-business entity, a public search is to be done on the Corporate Affairs Commission (C.A.C) pre-incorporation site: the link will appear with the site as pictured below:

The purpose of having the name search and availability is to enable you to pick out a unique name to rule out any similarity in pronunciation or spelling to any already in existence.

As an association registering under incorporated trustees, the name should reflect the object which it stands to do.

Example: “Association of Commodity market Women and Men of Nigeria”

“Academic Staff Union of Universities (A.S.U.U)”

“Nigerian Bar Association (N.B.A)

“Music Elder’s forum”,

"Network Of Nigerian Women In Politics",

"Amalgamated Union Of Market Leaders And Traders",

"Business Ceos Roundtable",

"Scientific Scholars And Inventors Forum",

"Climate-Change Advocacy Roundtable",

"International Motor-Bikers Club".

The above listed are examples of Associations in Nigeria. Just like their name implies, they captured their objects and what they do in the name choice or style.

Step 2: Application for Consent of the Registrar General (R. G.) To Register the Proposed Name.

After you’ve picked an acceptable name, you apply for the availability and consent code of the R.G. on the CAC website (also noting that the R.G. has the exclusive right to approve or disapprove the names subject to his discretion).

The Incorporated Trustee (I.T.) form asks for information like:

●     3 Proposed names of the Association

●     Address and LGA of the Association

●     ‌Brief description of the aims and objectives of the Association

●  Details of the board of trustees: full names, address, L.G.A, occupation, phone numbers, and valid means of identification.

As a mandatory requirement, In Section 826 Of The Companies And Allied Matters Act (C.A.M.A) 2020 kindly note:

● You should fill in a minimum of 2 trustees.

● The trustees to be registered must be 18 years of age and above; or of unsound mind; or not bankrupt; never convicted of an offence involving fraud or dishonesty within 5 years of his proposed appointment.

After you have filled out the above details, make payments for the filing fees through the remitta portal on the CAC website.

Step 3: Name Publication in The National Daily Newspapers.

If your application was successful, you will receive a notice of availability report and consent code of the R.G showing the approved name, its approved board of trustees, aims, and objectives. The next step, as part of its requirements in the Section 828 of C.A.M.A 2020, is for you to publish a public notice of an intention to register an Association in two National daily newspapers. 

The publication should highlight:

We see an example of a newspaper publication in the image below:

Step 4: The Registration Process after the Name Publication.

After the publication of the names in the newspapers, you fill in other details on the registration portal, namely;

Step 5: Uploading of All Relevant Documents and Downloading of the Certificate and Registration Documents.

Finally, after filling all necessary details in the registration portal, you upload other accompanying documents for the registration, which are:

Below, we see a sample of the upload portal for all necessary documents

After your upload is complete and you have paid the cost of N35,000 (the total cost of registering an association), you wait for the approval of the registration. This takes 1-2 weeks, subsequently, a notice will be sent to the accredited mail approving the registration of the Association, thereafter, its certificate, Status report, and constitution made available for download on the portal.

We see a sample of the CAC certificate below:

Step 6: Getting a SCUMML (A Special Control Unit against Money Laundry) Certificate.

A SCUMML certificate is proof that the bank account for the Association is not being used for money laundering activities and it is monitored closely for money trails to assist criminal investigations. It’s a requirement under the Money Laundering (Prohibition) Act 2011 for all Association to have when opening a bank account.

Following a successful registration, we apply for a SCUMML Certificate to the scumml portal with the following documents:

Step 7: Bank Account Opening in the Association's Name.

This is most important because opening a bank account in the Association's name shows credibility to the society and the organization is ready to get financial support from the public and receive donations.

To open a bank account, you will need:


Registering your Association is the right step as this confers many benefits, e.g., 

It is, however, strongly advised that the above guide serves as a general guide on how to register an Association in Nigeria and it is not intended to substitute for proper client counseling.

For further steps and an apt consultation, kindly consult an accredited solicitor of the CAC to formulate and address key issues related to the governance structure and internal affairs of your Association.

The Nigeria social insurance trust fund (NSITF) is an institution established by the Nigerian government to provide financial and insurance services to employees in Nigeria. 

It is a proactive and employee-dedicated government institution, committed to the welfare of employees, in the event of work-related accidents, injuries, or other employees related contingencies.

Let's take it further:

A Brief History of the Nigeria Social Insurance Trust Fund (NSITF)

The NSITF was established in 1961 as the National Provident Fund (NPF) to provide a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO). 

The scheme is targeted at protecting private sector employees (whose employers were then mostly multinationals) from financial difficulties in the event of either old age, cessation of employment, invalidity, or death since most employers then did not have such provisions in their employment policies. In a way, the provident fund scheme was a compulsory savings scheme.

However, because of the defects of the NPF the federal government of Nigeria promulgated the NSITF to succeed the defunct NPF to reflect the objectives it seeks to accomplish. The NSITF has evolved from a Provident Fund Scheme to a Social Insurance Scheme and currently the Employees’ Compensation Scheme.

Also, in 1993, the government of the Federal Republic of Nigeria established the NSITF to cater for the welfare of employees, in the event of work-related accidents or injuries and to address its findings that some employers do not provide for a well-structured working condition, health benefits or security for their employees.

It is important for you to note that the NSITF is the only governmental institution backed up by law to ensure that all employers of labour adhere to the employees' compensation scheme.

The NSITF board regulates the scheme to ensure the protection of all employees.

What are the laws regulating NSITF?

The law which controls the enforceability and administrative activities of the NSITF is the Nigeria Social Insurance Trust Fund Act 1993.

Some of the laws which gives statutory backing to the NSITF are:

  1. The Pension Reform Act (PRA) (2014)

By the enactment of the PRA, NSITF relinquished its pension's business. In compliance with the Section 42 of the PRA 2004, NSITF incorporated a subsidiary company, Trust-fund Pensions Plc in partnership with other stakeholders viz: Mainstreet Bank (Afribank Plc), Denham Management Limited, Nigeria Employers Consultative Association, Nigeria Labour Congress and Trade Union Congress in 2004. 

Also, the NSITF owns majority shares of Trust Fund Pensions Plc which was licensed by the National Pension Commission in December 2005 and began operation in January 2006 having transferred assets over NGN54 Billion to the Trust Fund Pension Plc.

However, the Pension Reform Act 2014 (Section 84(2&3) redefined the mandate of the NSITF to provide for “Social Security Insurances services other than pension.”

  1. Employees Compensation Act (2010)

The Employees Compensation Act was passed into Law in December 2010, to give statutory backing to the mandate given by section 84(2&3) of the PRA 2014 to NSITF for the provision of Social Security Insurance Services by operating the ECS.

Furthermore, the transition between the NSITF Scheme and the commencement of the Employees Compensation Scheme in 2011 was a period that was devoted to mainly strategizing and ensuring that the Employees Compensation Scheme became a reality.

Some objectives the Act sought to achieve are:

The above objectives have been achieved as there are cases of industrial accidents, injuries and diseases being promptly treated as they are reported, in full compliance with the provisions of the ECA and to the satisfaction of stakeholders.

It is also important for you to understand that the NSITF scheme is a defined benefit scheme which enables you as a contributor to enjoy pension and grants far beyond your contributions. It is from the cumulative contribution that the cost of administering the Fund (NSITF) is funded from the resources generated and the surplus is invested in safe, liquid and profitable investment to generate income for the payment of benefits. 

It is important to note that as a registered member; you are entitled to receive pension and grants as benefits upon reaching the retirement age of 60 (or 55), invalidity or death. These benefits would be paid to you or your survivors, as the case may be.

The NSITF in order to deliver on this mandate, has the operational autonomy to carry out the following task:

Persons required to register with the NSITF

The NSITF act provides that all employers of labour in the private sector, registered under the Companies and Allied Matters Act (CAMA)  2020 are to register with the NSITF. The act further provides as follows, individual or companies that are required to register with the NSITF:

Are some people exempted from registering with the NSITF?

Yes, the Act exempts the following people from registering with the Fund:

Requirements for registering your company with the NSITF

What are the objectives of the NSITF? 

The following objectives or functions of the NSITF

It is important to note that the objectives of the NSITF are similar to those stated under the ECA above, as the ECA empowers the functionality of the NSITF.

How does the NSITF administer its functions?

The NSITF scheme was funded with contributions from the registered members of the scheme. The cost of administration of the scheme (capital and recurrent) is borne by the Fund, as the scheme plan allowed between 5-25% of contributions received to meet administrative costs (normally higher at inception of scheme and progressively lower as the scheme matures). 

NSITF is also empowered under the Act to carry on business of a profitable nature, investment, etc. This is stated in the financial provisions of the NSITF Act (Sections  27 & 23)

What is the funding scheme of the NSITF?

The funding of the scheme is based on 1% of your payroll as an employer, which should be remitted to the Fund. It comprises of the total emoluments, excluding pension contributions, bonuses, overtime payments, 13th month income. 

The NSITF in achieving the above will perform a risk assessment to clarify contributions on workers' exposure and estimate the appropriate payments. 

The NSITF has begun the process of putting in place the infrastructures to implement social security benefits of aged, unemployed persons welfare and physically challenged. It has also put in place the means of collecting and collating data of those listed in Act that are entitled to social security benefits. 

Categories of contributions covered by the above scheme.

You should know that the above scheme applies to contributions payable by you as an employer on behalf of your employees against the contingencies of retirement, pension, death, invalidity, emigration, or contributions against other contingencies of employees in private companies. (Provided in section 12 of the NSITF Act). 

It is important to note that the deduction is not from the employees salary rather; it is a statutory payroll contribution from you. The NSITF states that an employer who deducts from an employee's salary is subject to sanction (provided in section 20 subsection 2b and section 16 of the NSITF Act).

In addition, the Fund covers only social security insurance services except for pension, in accordance to section 84 of the Pension Reform Act, 2014, and the NSITF act 1993.

How to calculate the contribution of a company to NSITF

The total emolument is defined as the summation of basic salary, transport, and housing allowances. For example, let’s assume that Mr. John's organisation' payroll breakdown is contained in the table below:

The above will give us a total of NGN 26,500,000

Therefore, the company will only contribute:

Basic (N5,000,000) + Housing (N2,000,000) + Transport (N1,000,000) × 1% = N80,000. 

What are your benefits as a contributor who satisfies the requirements of the NSITF?

The following are the benefits payable to you as a contributor for satisfying the applicable conditions prescribed by regulations made under the NSITF act:

Due date for your company to remit employees' contribution to NSITF

As an employer, you must pay the contributions provided under the NSITF act on a monthly basis, precisely on the last day of the month. It is usually computed by reference to the wages of the employees concerned.

What is the penalty for failure to remit contribution to NSITF?

The Act provides that if any of the above stated contributions has not being paid within the time prescribed above, a sum equal to 5% of the amount unpaid, shall be added for each month or part of the month after the date when payment should have been made but was not paid and any amount added will be recoverable as a debt owed to the NSITF Board by the employer (provided in section 14 of Act).

What are the procedures for registering a company with NSITF? 

The following are the steps for NSITF employee Registration


If you own a private company, incorporated under the Companies and Allied Matters Act (CAMA) in Nigeria, with not less than five employees, you should register your employees with the NSITF to affirm compliance with Employees Compensation Act 2010 

This is important as it enables you as an employer to contribute to employees compensation scheme, to secure your employees against work-related injuries or diseases or against other work related contingencies, as stated under the NSITF Act.

For more guidance on how to register with the NSITF, consult a legal expert.

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