The economic landscape of Nigeria, Africa’s largest economy, is populated with a myriad of public companies contributing immensely to its development.
These public companies contribute significantly to Nigeria’s gross domestic product (GDP), attracting both local and international investors with their steady revenue streams and growth potential.
These organizations, spread across various sectors such as telecommunications, oil and gas, banking, food and beverage, construction, and more, continue to boost the nation’s economic growth, create employment opportunities, and stimulate infrastructural development.
This article presents an updated list of public companies in Nigeria for 2024, providing an insightful glimpse into the top 20 companies that are playing a crucial role in Nigeria’s economy.
This list encompasses not only the major players who have long held their ground in Nigeria’s business ecosystem but also highlights the emergent entities gaining rapid momentum.
So, if you’re interested in gaining an understanding of Nigeria’s corporate landscape, or considering investment opportunities, then this exploration into the top public companies in Nigeria will provide invaluable insight.
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What Defines a Public Company?
In Nigeria, a public company, often known as a publicly traded company, is a corporation that is permitted to offer its securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange. This is in contrast to a private company whose ownership is not offered to the public.
According to the Companies and Allied Matters Act (CAMA) of Nigeria, a public company is defined by the following characteristics:
- Limited Liability: Just like any other type of company, the liability of the shareholders of a public company is limited to the amount, if any, unpaid on the shares respectively held by them.
- Share Capital: A share capital is required for a public firm. Its memorandum must state that it is a public company and the amount of share capital with which the company proposes to be registered and divided into shares of a fixed amount.
- Minimum Share Capital: The minimum authorized share capital of a public company in Nigeria is NGN10,000,000 or a higher amount as prescribed in its memorandum.
- Minimum Number of Members: A public company must have a minimum of two members and there is no restriction on the maximum number.
- Number of Directors: A public company must have a minimum of two directors.
- Share Transferability: A public company’s shares are freely transferable. It allows its members the right to transfer their shares without any restrictions.
- Disclosure Requirements: Public companies are subject to strict disclosure requirements from regulatory bodies, like the Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE), etc.
- Public Offer: A public company can invite the public to subscribe to its shares or debentures and can offer its shares for sale through the stock exchange.
Therefore, a company is considered public in Nigeria if it abides by the conditions outlined in the Companies and Allied Matters Act (CAMA). The major benefits of being a public company include greater access to capital, higher valuation, and increased public awareness of the company.
However, public companies also face additional scrutiny from regulatory authorities and are obligated to meet higher transparency standards.
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The Top 20 Public Companies in Nigeria (2024)
As the largest economy in Africa, Nigeria hosts several top public companies playing a crucial role in various industries ranging from oil and gas to telecommunications and banking.
Here will take a look at the top 20 public companies that have made significant contributions to Nigeria’s economy.
1. Dangote Group
Dangote Group is a multi-faceted industrial conglomerate in Nigeria and it’s one of the biggest contributors to the nation’s economy. Owned by Africa’s richest man, Aliko Dangote, it operates in diverse sectors including cement production, sugar refining, and petrochemicals.
It not only provides thousands of direct and indirect job opportunities to Nigerians, but it also attracts foreign direct investments to the country.
Dangote Cement, its subsidiary, is Nigeria’s largest company by market capitalization and is also Africa’s largest cement producer, further solidifying Nigeria’s position in global markets. Through its ongoing industrial activities, Dangote Group significantly boosts the country’s revenue and industrial output.
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2. Nigerian National Petroleum Corporation (NNPC)
Nigerian National Petroleum Corporation (NNPC) is the oil corporation through which the Nigerian government regulates and participates in the country’s petroleum industry. As the backbone of Nigeria’s economy, the oil sector accounts for the lion’s share of the nation’s export earnings, making NNPC’s role vital.
It oversees the exploration, production, and marketing of petroleum and petroleum products. NNPC significantly contributes to the GDP and attracts considerable foreign investments. By promoting research and development, capacity building, and energy security, it propels Nigeria’s socioeconomic development.
Its commitment to environmental conservation also marks it as a responsible player in the industry. NNPC continues to fuel Nigeria’s economy, leveraging its abundant petroleum resources.
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3. MTN Nigeria
MTN Nigeria is a leading telecom company and part of the South Africa-based multinational MTN Group. The company has contributed significantly to Nigeria’s economy through its vast array of telecommunication services. As one of Nigeria’s biggest employers, MTN creates thousands of direct and indirect jobs annually.
Their extensive investments in digital infrastructure have significantly improved internet accessibility and connectivity across the country. Additionally, through its corporate social responsibility initiatives, MTN supports community development in health, education, and economic empowerment.
MTN Nigeria contributes significantly to Nigeria’s GDP and plays an essential role in enhancing the ease of doing business in Nigeria through innovative digital solutions.
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4. Guaranty Trust Bank
Guaranty Trust Bank (GTB) is one of Nigeria’s most prestigious and profitable banks, offering a range of retail and corporate financial services. GTB plays a vital role in Nigeria’s economic growth by facilitating safe and efficient monetary transactions.
As one of Nigeria’s largest commercial banks, GTB aids in improving financial inclusivity by providing banking services to millions of Nigerians. The bank employs thousands of individuals and frequently funds local startups, indirectly supporting many more jobs.
Its investments in technological innovations have pioneered online and mobile banking in Nigeria. Through its social responsibility initiatives, GTB invests in sectors like education, community development, and arts.
This financial powerhouse positively impacts the Nigerian economy through direct economic contribution and by stimulating business growth and entrepreneurship.
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5. Nigerian Breweries
Established in 1946, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company. As a subsidiary of Heineken N.V., it operates with multiple breweries and sales offices spread across the country.
With popular brands like Star Lager, Amstel Malta, and Fayrouz, among others under its belt, Nigerian Breweries significantly contributes to Nigeria’s economy. It creates jobs directly and indirectly via its widespread supply chain.
The company is a leading taxpayer, aiding government revenue. Besides economic contributions, it is also renowned for its Corporate Social Responsibility (CSR) initiatives, investing in education, water, and health infrastructure for the betterment of Nigerian communities. In essence, Nigerian Breweries play a crucial role in economic growth and societal development in Nigeria.
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6. Access Bank
Access Bank Plc, incorporated in 1988, is one of the leading full-service commercial banks in Nigeria. With over 600 branches nationwide, it provides a wide range of financial services to various customers, strengthening Nigeria’s banking sector.
Its contributions to Nigeria’s economy are multifold. Apart from deposit and loan services that fuel personal and business growth, the bank is also a major employer of labor in the country. By investing in digital solutions, Access Bank is boosting financial inclusion, which is pivotal for economic development.
The bank is a prominent taxpayer and partakes in several CSR initiatives, impacting healthcare, education, and environmental sustainability. Hence, Access Bank serves as an economic pillar and an active contributor to socio-economic advancements in Nigeria.
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7. Zenith Bank
Established in 1990, Zenith Bank has evolved to become one of Nigeria’s leading financial institutions. Its strong business operations are spread across corporate, retail banking, and investment services.
Zenith Bank contributes significantly to the Nigerian economy by generating employment, paying taxes, and offering world-class banking services that help boost trade and commerce. Its capacity to provide large loans and underwrite major projects stimulates economic growth and development.
The bank also engages in corporate social responsibility programs focused on education, healthcare, sports, and the environment, thereby contributing to societal well-being and sustainable development goals.
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8. Nestle Nigeria
As part of the multinational Nestle Group, Nestle Nigeria has played an instrumental role in the nation’s food and beverage industry since 1961. With well-known brands like Maggi, Milo, and Golden Morn, Nestle enriches the diets of millions of Nigerians daily.
Its contributions to the economy extend beyond consumer products, creating thousands of direct and indirect employment opportunities. Moreover, the company strengthens Nigeria’s agricultural sector through partnerships with local farmers for raw material sourcing, thereby encouraging self-sufficiency.
It also supports water and environmental sustainability projects as part of its corporate social responsibility. Overall, Nestle Nigeria’s operations enhance the economic stability, health, and well-being of the nation’s populace.
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9. Seplat Petroleum Development Company
Seplat Petroleum Development Company, a Nigerian independent oil and gas company, is playing a critical role in Nigeria’s economy.
Listed on both the London and Nigerian stock exchanges, it operates in the Niger Delta region, a critical area for the country’s oil and gas industry. With an average production rate of 50,000 barrels of oil equivalent per day, it provides a substantial contribution to Nigeria’s national income.
Apart from their direct contributions to the economy through tax revenue and export earnings, Seplat also plays a crucial role in employment creation and capacity development, fueling Nigeria’s socio-economic growth and stability.
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10. First Bank of Nigeria
First Bank of Nigeria, a multinational bank, has significantly contributed to Nigeria’s economy through its banking services, employment, and commitment to financial inclusion. Since its establishment in 1894, the bank has consistently played a pivotal role in the Nigerian financial sector.
First Bank of Nigeria has over 750 branches nationwide, serving more than 14 million customer accounts. Through this wide reach, it is making banking services accessible, thereby driving financial inclusion.
The bank’s contributions extend beyond the banking sector to education, health, and infrastructure through its corporate social responsibility projects. First Bank is therefore a vital player in promoting economic development and financial stability in Nigeria.
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11. Flour Mills of Nigeria
Flour Mills of Nigeria is a leading food and agro-allied group in Nigeria, producing popular food brands that are a staple in many households.
They’ve diversified into various sectors like sugar, pasta, and packaging materials, playing an integral role in Nigeria’s food and agriculture industry.
Apart from boosting Nigeria’s industrial and agricultural sectors, they also contribute significantly to employment, creating thousands of direct and indirect jobs.
Flour Mills of Nigeria also positively impacts the economy through various CSR initiatives, focusing on enhancing local communities and contributing towards infrastructural development.
With constant expansion and diversification, Flour Mills of Nigeria continues to strengthen its contribution to Nigeria’s economic growth.
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12. Stanbic IBTC Bank
Stanbic IBTC Bank, a member of Standard Bank Group, is one of the leading financial institutions in Nigeria. It offers a broad range of banking and financial services, from personal and business banking to wealth management and corporate finance.
The bank’s activities stimulate economic growth by facilitating commercial transactions, encouraging entrepreneurship, and supporting various sectors, including energy, mining, telecommunications, and manufacturing.
Stanbic IBTC Bank also invests significantly in technology to digitize banking services, leading to efficiency, customer satisfaction, and financial inclusion.
Its social responsibility efforts in areas like education, health, and economic empowerment further cement its role in promoting social and economic development in Nigeria.
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13. Nigerian Aviation Handling Company (NAHCO)
The Nigerian Aviation Handling Company (NAHCO) is a significant contributor to the Nigerian economy. Founded in 1979, NAHCO is an aviation service company providing services such as passenger handling, cargo handling, and handling of aircraft.
The company has expanded its operations beyond Nigeria, contributing immensely to the growth and development of the aviation sector in West Africa. NAHCO has been instrumental in driving international trade by facilitating the export of Nigerian products and the import of goods from other countries.
It has also created thousands of jobs for Nigerians, reducing the rate of unemployment in the country. Thus, the contribution of NAHCO to the Nigerian economy goes beyond profit-making to facilitating trade and job creation.
14. FBN Holdings
FBN Holdings is a leading diversified financial institution in Nigeria, offering commercial and investment banking services as well as wealth management, insurance, and real estate. Since its inception in 1894, it has played a significant role in fostering economic development in Nigeria.
FBN has significantly influenced the growth of businesses by providing financial support and advice, thus improving Nigeria’s economic productivity. The institution has created a wide range of job opportunities for Nigerians, thereby reducing unemployment in the country.
Its contributions to the government revenue through taxes also boost the nation’s economy. FBN’s commitment to the Nigerian community further portrays its pivotal role in Nigeria’s economic growth and development.
15. United Bank for Africa (UBA)
The United Bank for Africa (UBA) is one of the leading banking corporations in Nigeria. It provides comprehensive banking services and actively supports businesses, which boosts economic activity and encourages economic development.
It supports thousands of small, medium, and large-scale enterprises across Nigeria, contributing significantly to employment creation and economic stimulation.
Besides, it carries out numerous community support and development activities under its Corporate Social Responsibility policy. Its recent expansion across Africa and its innovative online banking platforms have facilitated intercontinental transactions, reinforcing the integration of Nigeria into the global financial market.
16. Lafarge Africa
Lafarge Africa is a leading player in the Nigerian construction industry. A subsidiary of LafargeHolcim, the company’s primary focus is on the production of cement, aggregates, and concrete.
Its operations have played a critical role in Nigeria’s infrastructure development, with its products being essential to the construction of houses, roads, bridges, and other critical infrastructure. This aids the country’s urbanization process and supports job creation, boosting the overall economy.
Lafarge Africa also prioritizes sustainable construction solutions and ecological responsibility, setting standards for environmental conservation in the industry. Additionally, its Corporate Social Responsibility programs aim at developing the local communities in which it operates.
17. Total Nigeria
Total Nigeria, a leading oil and gas company, plays a critical role in Nigeria’s economy. It has operated in the Nigerian hydrocarbon sector for more than fifty years, contributing immensely to the nation’s revenue generation.
Its operations range from exploration, production, and distribution of petroleum products to marketing and services. Additionally, Total Nigeria’s strong commitment to Corporate Social Responsibility initiatives greatly aids local community development, creating job opportunities and driving capacity building.
Through continuous investment in infrastructure, the company not only meets the growing energy demand of Nigerians but also fuels economic growth and sustainability.
18. Fidelity Bank
Fidelity Bank, a fully-fledged commercial bank operating in Nigeria, is crucial to Nigeria’s economic fabric. It offers a broad range of innovative products and services tailored to individuals, SMEs, and corporate clients.
Since its inception in 1988, it has steadily grown its balance sheet, aiding capital availability, facilitating trade, and thus promoting economic growth. With its dedication to growing Nigerian businesses, it has notably spurred job creation and boosted foreign exchange earnings.
Its initiatives, such as export-oriented SME funding, demonstrate its commitment to strengthening Nigeria’s economy. Furthermore, the bank’s sustainable banking approach supports environmental conservation, further evidencing its significant socio-economic contribution.
19. Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is one of the leading publicly-traded conglomerates, with a portfolio of investments in strategic sectors of the Nigerian economy including energy, hospitality, agribusiness, and real estate.
The company plays a crucial role in contributing to the economy through its power sector operations under Transcorp Power Ltd, which is Nigeria’s largest power generator.
Transcorp Hotels, another key subsidiary, supports the tourism sector and contributes significantly to foreign exchange earnings. Its agribusiness venture, Teragro, supports food security in the country.
Furthermore, Transcorp also creates numerous job opportunities, stimulates growth in its host communities, and supports government revenue through taxes.
20. Oando
Oando Plc is a major indigenous energy company in Nigeria, involved in the upstream, midstream, and downstream operations in the oil and gas sector. With a track record of successful exploration and production, Oando contributes significantly to Nigeria’s petroleum production and energy supply, aiding the economic stability of the country.
The company’s retail network and downstream distribution capabilities play a critical role in ensuring the availability of petroleum products nationwide.
Oando is also known for its commitment to sustainability and community development, funding numerous social investment programs. Additionally, it provides thousands of direct and indirect job opportunities, contributes to GDP, and plays a significant role in driving the country’s efforts toward becoming a gas-driven economy.
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What Factors Determine Rankings?
Several factors come into play when ranking public companies in Nigeria. The performance and stability of public companies significantly influence their rankings on the Nigeria Stock Exchange and in various reports and publications.
Here are some of the main factors that determine these rankings.
1. Financial Performance
This is usually the first and most important factor in determining company rankings. Companies are evaluated based on their annual financial reports, with a focus on revenue, net income, and earnings per share, among others. Companies that report consistent financial growth over time usually receive higher rankings.
2. Market Capitalization
This is the total value of all a company’s shares of stock. It is computed by multiplying the number of outstanding shares of a corporation by the current market price of one share.
The companies with the largest market capitalization are often the most influential in Nigeria’s economy and are typically ranked higher.
3. Sector Performance
The industry or sector where the company operates is another critical factor. Some sectors, like oil and gas or banking, have a more significant impact on Nigeria’s economy. Companies in these sectors may rank higher, especially if they are industry leaders.
4. Corporate Governance
The structure and practices by which a company is directed and controlled significantly impact its ranking. Good corporate governance, which ensures accountability, fairness, and transparency, is viewed favorably.
5. Innovation and Technology Adoption
In the digital age, the ability of a company to innovate and integrate technology into its operations plays a significant role in its competitiveness. Companies that embrace technology and innovation tend to rank higher than those that don’t.
6. Public Perception and Brand Reputation
A company’s reputation is determined by its actions, product or service quality, customer service, social responsibility initiatives, and communication with stakeholders. Companies with positive reputations generally rank higher than their counterparts.
7. Social Responsibility
Companies that prioritize environmental protection, social welfare, and ethical conduct generally have a better reputation among stakeholders and may be ranked higher.
8. Debt Ratio
Companies with lower debt ratios are generally considered more financially stable and often have higher rankings. The debt ratio is a measure of a company’s financial leverage and indicates what portion of the business’s assets is funded by debt.
9. Dividend Payout
Regular and growing dividend payouts indicate a financially healthy company that generates enough profit to share with shareholders. Companies that have a good record of paying dividends rank higher in investment circles.
10. Quality of Management
Effective management contributes to the smooth running of the company and increases its ability to meet its goals and objectives. Companies with effective management teams usually have higher rankings.
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Who Regulates Public Companies in Nigeria?
The regulation of public companies in Nigeria falls under the responsibility of several entities, each with distinct roles to ensure the transparency, accountability, and ethical business conduct of these organizations. Here are some of them:
1. The Securities and Exchange Commission (SEC)
SEC is the apex regulatory authority in the Nigerian capital market. The Commission is tasked with the responsibility of overseeing the operation of the capital market to ensure that investors are adequately protected. The body regulates all offerings of securities by public companies and imposes penalties and sanctions for violations of the capital market laws.
2. The Nigerian Stock Exchange (NSE)
The NSE has the authority to list public companies for trading and also delist them for non-compliance. It enforces listing requirements, sets corporate governance standards, and undertakes periodic company reviews to ensure compliance.
3. The Corporate Affairs Commission (CAC)
This is the body in charge of the registration of companies in Nigeria. CAC maintains a registry of all companies in the country, ensures compliance with the Companies and Allied Matters Act, and manages matters related to company winding up and bankruptcy.
4. The Financial Reporting Council of Nigeria (FRCN)
The FRCN regulates accounting, auditing, and financial reporting standards in Nigeria. They ensure that public companies provide accurate and up-to-date financial information.
5. The Central Bank of Nigeria (CBN)
This is Nigeria’s monetary authority. The CBN has regulatory oversight over the nation’s financial system and regulates public companies that operate within the banking, financial services, and insurance sectors.
6. National Insurance Commission (NAICOM)
This agency supervises and regulates the insurance industry in Nigeria. Public companies in the insurance sector must meet NAICOM’s regulatory requirements.
These entities ensure that public companies in Nigeria operate within set guidelines and regulations. Their main objective is to maintain an atmosphere of trust, fairness, and transparency within the public sector while ensuring the interests of the shareholders and potential investors are protected.
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How Do Economic Factors Impact Public Companies in Nigeria?
Economic factors significantly impact public companies in Nigeria. Various factors, including the rate of inflation, unemployment rates, Gross Domestic Product (GDP), consumer purchasing power, and exchange rates, affect public companies’ performances.
Let’s examine how these economic factors impact the operational processes and profitability of public companies in Nigeria.
1. Inflation Rate
Nigeria often experiences high inflation rates, which means that the general price of goods and services is continuously rising. This reduces the value of money and impacts consumer purchasing power.
In a period of high inflation, public companies will experience an increase in their operating costs, resulting in reduced profits. Moreover, as consumers have less purchasing power, demand for goods and services decreases, causing companies to sell less.
2. Unemployment Rates
A high unemployment rate often implies less disposable income for consumers, which reduces consumer spending. This scenario affects public companies as it could lead to reduced revenue and, consequently, a decline in their profit margin.
However, in the other aspect, high unemployment can be advantageous for companies as it might lead to a decrease in wages and salary, thus reducing companies’ expenses.
3. Gross Domestic Product (GDP)
The GDP is an indicator of economic health, representing the total value of all goods and services produced within a country in a specific period.
If Nigeria’s GDP is rising, this suggests a growing economy, which is usually beneficial for public companies as it translates to increased consumer spending. Conversely, a declining GDP might signify a sluggish economy, resulting in lower sales for companies.
4. Exchange Rates
Most public companies in Nigeria engage in international trade, making them vulnerable to fluctuations in exchange rates. When the value of the Naira (Nigeria’s currency) drops against other currencies, it results in increased costs for imported goods and services.
This might erode companies’ profitability, particularly those that rely heavily on imports. On the other hand, a weak Naira could also benefit companies that primarily export goods, as their products become more competitively priced on the global market.
5. Government Policies
Economic policies implemented by the Nigerian government can significantly impact public companies. Policies such as changes in tax rates, subsidies, interest rates, and import/export regulations can affect companies’ operating costs, sales, and profitability.
Public companies need to stay abreast of these policy changes and plan strategically to mitigate any adverse effects.
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Challenges and Opportunities Public Companies Face in Nigeria
Despite being one of Africa’s largest economies, doing business in Nigeria presents a set of unique challenges for public companies.
Yet, amid the complexity, there are countless growth opportunities. Understanding this landscape is crucial for thriving in Nigeria’s dynamic business environment.
Challenges Faced By Public Companies in Nigeria
- Regulatory Constraints: A myriad of regulatory barriers can make operations cumbersome for public companies. Strict regulatory measures from bodies like the Central Bank of Nigeria (CBN) or the Nigerian Stock Exchange (NSE) often mean increased compliance costs and can sometimes restrict company operations.
- Infrastructure Deficiencies: Infrastructure problems such as power outages, lack of good road networks, inadequate water supply, and poor internet connectivity affect company operations, resulting in additional operating costs.
- Corruption and Unethical Practices: Despite attempts to curtail it, corruption remains rampant in Nigeria. This dishonest practice complicates business dealings and sometimes discourages foreign investment.
- Political Instability: The recurring issue of political instability in Nigeria poses a threat to businesses. This uncertainty often influences investment decisions and business planning, consequently hindering growth.
- High Level of Business Risks: The security crisis in several parts of Nigeria contributes significantly to the risk factor in the business landscape, influencing the cost of insurance and overall business security.
Opportunities for Growth in Nigeria
Despite these challenges, the Nigerian business landscape is replete with potential.
- Market Size: With over 200 million people, Nigeria provides a vast consumer base. This demographic advantage translates to a massive market opportunity for businesses across all sectors.
- Natural Resources: As an oil-rich nation, Nigeria provides significant opportunities in the energy sector. Also, the nation’s diverse mineral resources are yet to be fully harnessed, leaving room for tremendous potential growth in the mining and agricultural sectors.
- Investment Incentives: The Nigerian government provides a series of incentives to attract foreign and local investments in certain sectors. Such incentives include tax holidays, duty-free imports of some items, and various grants.
- Tech Innovation: The surge of tech innovation in Nigeria provides tremendous opportunities for growth. Companies that can leverage digital technologies can increase their operational efficiency, extend their reach, and increase profitability.
- Expansion of Infrastructure: As the government aims to improve infrastructure, public companies involved in construction, civil engineering, and related industries can capitalize on this growth potential.
For public companies willing to navigate its intricate business terrain, understanding these elements is a necessary step.
It involves engaging local knowledge, creating innovative solutions to the challenges, and positioning their businesses to seize growth opportunities. This is how to unlock Nigeria’s massive market potential and reap substantial benefits.
Frequently Asked Questions
Can a foreigner own a public company in Nigeria?
Yes, foreigners can own a public company in Nigeria, however, there may be restrictions in some sectors such as broadcasting, advertising, aviation, shipping, and oil and gas.
How are public companies in Nigeria taxed?
Corporate tax in Nigeria is 30% for large companies (i.e., companies with gross turnover greater than N100 million), and these include most of the public companies. There is also Value Added Tax (VAT) which is currently at 7.5%.
What happens when a public company in Nigeria goes bankrupt?
When a public company in Nigeria goes bankrupt, the company may be liquidated. This involves selling the company’s assets to pay off creditors. Any remaining funds are then distributed to shareholders. This process is overseen by a court-appointed official known as a liquidator.
Conclusion
Public companies play a crucial role in Nigeria’s economic landscape. Despite the challenges they face, including mismanagement and corruption, these firms drive job creation, and infrastructural development, and contribute significantly to the GDP.
Efforts to strengthen corporate governance and improve regulatory frameworks could potentially elevate their performance, positively impacting Nigeria’s economic growth.
Therefore, fostering a conducive environment for these entities’ operations should be a strategic priority for Nigeria, the most populous African country.