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Nigeria

Nigeria Flag

Country: Nigeria
Region: Africa
Currency: Nigerian naira (NGN)
Languages: English
Time Zone: UTC +1

Phone Code: +234

Communications: Good

Formation Cost: 5500 - 6500 USD$
Formation Time: 34 - 42 days
Maintenance cost: 0 USD$

Executive Summary: At approximately 1m sq km, Nigeria borders the Gulf of Guinea in West Africa and is Africa’s most populated country with 177m inhabitants. English is the official language, but there are more than 250 ethnic groups in Nigeria speaking over 500 indigenous languages. In 2014, Nigeria emerged as Africa’s largest economy and has grown at rates of 6-8% in recent years. Oil has been the dominant source of government revenues since the 1970s, but production recently began to decline as the economy has diversified, with significant growth seen in the agricultural, telecommunications and services sectors. Nevertheless, Nigeria continues to be held back by poor infrastructure, an inconsistent regulatory environment and corruption. The corporate tax rate for non-oil companies is 30%, but various tax incentives exist for foreign investors.

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Vehicle Types: Private limited companies, public limited companies, sole proprietorships, general partnerships and limited partnerships

Capital primary business districts: Abuja, Lagos

Good Relationships: Brazil, South Africa

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business: Heavy

Tax Burden - Individual: Moderate

Headline tax rates: CIT 30%, PIT 7%-24%, VAT 5%

Treaty Jurisdictions: Belgium, Canada, China, Czech Republic, France, Netherlands, Pakistan, Philippines, Romania, Slovak Republic, South Africa, United Kingdom

TIEA Jurisdictions: None

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Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

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