🇳🇬 Annual Compliance — Nigeria

Not planning for infrastructure costs beyond rent and salaries

Fix: Budget for diesel generators (power outages are frequent), backup internet (at least two ISPs), private security, and potentially water supply. These "hidden" costs can add 20–40% to baseline operating expenses. Visit Lagos or your target city before finalising your budget.

Assuming easy access to foreign exchange for cross-border payments

Fix: The CBN's forex policies have made accessing USD/EUR through official banking channels unpredictable. Plan for currency hedging, maintain offshore accounts for foreign obligations where legally permitted, and work with banks experienced in forex transactions for corporate clients.

Incorporating without NIPC registration for foreign-owned companies

Fix: All companies with foreign participation should register with the Nigerian Investment Promotion Commission (NIPC). This unlocks investment incentives, dispute resolution mechanisms under bilateral investment treaties, and facilitates capital importation documentation needed for profit repatriation.

Treating Nigeria as a single market when each state has different regulations

Fix: Nigeria operates a federal system where states have significant regulatory autonomy. Tax administration, land use charges, business permits, and employment regulations vary across the 36 states. What works in Lagos may not apply in Abuja or Port Harcourt. Research state-level requirements for your specific operating locations.