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The rise of SMEs grows by the day with over 500,000Â businesses registered by the Corporate Affairs Commission (CAC), in the country. With the rise in the establishment of SMEs in Nigeria, the nation is blessed with several commercial centres. There are a lot of things investors, local business people and entrepreneurs consider before setting up a business. And one of those things they consider is the commercial power of the state of establishment. There are several indicators that point to the commercial power of a city or state. These indicators include population, internally generated revenue, access to goods, transportation system, housing and rent system, cash flow etc. In this article, I’m going to do a rundown of the top five states to do business in Nigeria. This analysis is based on previous research done by African Development Bank and other research institutions, surveys and personal observation.
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Lagos State
‘Lagos is Nigeria’s economic focal point, generating a significant portion of the country’s GDP. Most commercial and financial business is carried out in the central business district situated on the island. This is also where most of the country’s commercial banks, financial institutions, and major corporations are headquartered. Lagos is also the major Information Communications and Telecommunications (ICT) hub of West Africa and potentially, the biggest ICT market in the continent. Lagos has one of the highest standards of living in Nigeria and in Africa.’Aside from this, Lagos is the leading and busiest port in Nigeria and one of the largest in Africa. The port is divided into three operational terminals: Apapa Wharf, Tin Can and Lagos Port. In these ports, goods arrive from all over the world in large containers.
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Anambra State
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The ancient coastal city of Anambra state is sited on the Niger River with a population of 11.499 million people living in the city. Home to the Igbo people who are known for their commercial industry and business acumen, Onitsha is one of the oldest African markets, according to colonial records. As a matter of fact, the city is the home of the Onitsha market, the biggest single market in West Africa. According to Pulse Nigeria:
‘From imported second-hand clothing to jewellery to industrial equipment, Onitsha has it all in its expansive market, considered the biggest market in terms of item availability and land size.’According to observations, foreigners from West African countries such as Mali, Ghana, Togo, and in fact in all of West Africa graces the market every day. The second leading centre, Nnewi, is the home of Nigeria’s richest men, with businesses in manufacturing and industry. The city is the home of electrical appliances and vehicular spare parts. In this sense, Anambra ranks number two in this list.
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Abuja
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Rivers State
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Kano State
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