What Is The Minimum Cost Of Starting A Business In Nigeria
The overall cost of starting a biz in Nigeria of today will cost a minimum of what price?
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The series A investment for Jumia in 2013 was$26M. The total funding for Jumia till date which is currently in round 3 (A, B,C) is $211. When you convert this to Naira, that will give you N84,400,000,000 (N84.4 billion) at the exchange rate of N400 per dollars.
Konga online shopping are currently on $78.5 million round 4 investment from two investors.
If you want to start an eCommerce business similar to Jumia, Konga, and Dealdey as you said, you will need to have a budget of $100,000 minimum. That’s about N40 million.
Without mentioning any business in any capacity, you want people to tell you the minimum cost of starting a business. Well, the minimum cost of starting a business is no cost.
Its the same in Nigeria as it is everywhere else in the world.
Ohh
My bad,
The way i asked was not the best
What i meant was about the registrations and cost of establishing the biz legally
Do they cost differently depending on the nature of your biz?
(To be specific let me let you talk on an online trading store like jumia.) if i wanna open an online store just like the likes of jumia,konga,dealdey etc.?
Thanks man,
Wow thats a lot
Thank you soo much i aprrciate it
You should do enough research. There is no one-cap-fit-all amount for starting a business in Nigeria. It depends on the business location, and cost of production. Legal fees can also vary from one place to the other.
To start a small business, you could start with no capital. However, a good starting point is by registering a Business name with the Corporate Affairs Commission (CAC). That will cost about N25,000. With that you could have a Corporate Account in any Bank. If you need an office and to equip it, that depends on your location and taste. Honestly, with N100,000 or less, you can start something. You can contact me for further advice on this
The business financial requirements for your business depends on a number of things:
1.Your type of business and your business plans
2.Your skill on the business and ability to manage your expenditure
3. The state of the Economy ,government policy and current market prices
4. The competitiveness of your business
