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Business Permit And Experience Quota In Nigeria



Business Permit And Experience Quota In Nigeria

Nigeria, as a growing economy, has implemented various regulations and policies to foster economic growth and ensure the smooth operation of businesses. Two key elements in this regard are the Business Permit and Experience Quota systems. These mechanisms aim to regulate business activities, promote investment, and ensure adherence to standards and requirements. This  article provides an in-depth overview of the Business Permit and Experience Quota in Nigeria, their significance, and their impact on the business landscape: “Business Permit And Experience Quota In Nigeria: Facilitating Economic Growth And Regulation.”

Business Permit

A business permit, commonly referred to as a business license, is an official document issued by a government agency that authorizes a person or business to conduct a particular kind of business within a given jurisdiction. It gives the company official permission to operate. to exist and function inside the boundaries that the local government has established.

Nigeria’s system of business permits is intended to control and simplify company activities in a number of industries. It functions as a permit or license given by the appropriate regulatory bodies, allowing one to partake in particular commercial operations or activities. By guaranteeing adherence to legal, regulatory, and environmental requirements, the permit promotes an atmosphere that is favorable for the growth of enterprises.

In order to obtain a business permit, one must typically fulfill a number of requirements, including registering the business, proving compliance with zoning laws, paying fees, obtaining the required clearances or certifications, and abiding by laws and regulations specific to the industry or activity in question.

Purpose of Business Permits

Business permits are important for Nigeria’s regulatory framework by guaranteeing that companies follow the letter and spirit of the law. These licenses have several uses:

  • Legal Compliance: Getting a business permit guarantees that an enterprise runs within the Nigerian government’s established legal parameters. It proves that the company has complied with all regulations and has been given permission to operate.
  • Regulatory Control: Government agencies can regulate and oversee different facets of business operations with the help of business permits. This entails upholding zoning restrictions, environmental laws, health and safety requirements, and other pertinent industry-specific legislation.
  • Revenue Generation: The government uses business permits as a way to collect taxes and make money. The government guarantees that companies are registered and pay the necessary taxes by issuing permits, so to the development and expansion of the nation’s economy.
  • Consumer Protection: Business permits are essential for safeguarding customers’ interests. Businesses that get a permit agree to abide by rules pertaining to fair pricing, quality standards, consumer protection laws, and other matters.
  • Data Collection and Monitoring: The government can collect information about the number and kinds of businesses that are present in the nation thanks to business permits. This data is useful for tracking business trends, evaluating the effects of different industries on the overall economy, and planning the economy.
  • Business Credibility: A company’s credibility is increased by obtaining a business permit. It provides reassurance to clients, associates, and other stakeholders regarding the company’s legitimacy, adherence to applicable laws, and commitment to moral business practices. procedures.

To avoid fines, legal ramifications, or business interruptions, it is critical for companies operating in Nigeria to obtain the required permits and abide by the regulations. Depending on the state or local government where the business is located, there may be differences in the particular requirements and procedures for obtaining business permits.

Experience Quota

“Experience Quota” usually refers to a rule or specification that demands a specific amount of work experience in a given industry in order to be eligible for a given opportunity, job, or position. It is frequently employed to guarantee that people who have amassed a particular level of experience are granted precedence or preference over those who do not fulfill the required experience requirements.

Typically, an experience quota is used to make sure that People with a particular level of knowledge, skill, or expertise are provided with the chance to use their knowledge and skills to contribute to roles that call for a particular degree of proficiency or experience. This can be especially true in fields or occupations where competence and expertise are valued highly or where specific tasks require experience.

Employers, government agencies, professional associations, and regulatory bodies can all set experience quotas. It is commonly incorporated as a prerequisite in job advertisements or application requirements, serving as a standard to evaluate applicants’ fit for a particular position.

The Nigerian Business Permit framework is enhanced by the Experience Quota system. It pertains to specific industries and seeks to guarantee that companies in specialized industries have the skills, background, and knowledge needed to run their operations successfully. Businesses seeking to obtain permits in these sectors may be required to meet regulatory bodies’ quotas or requirements regarding experience and expertise.

An experience quota’s goal can change based on the circumstances, but some typical ones are as follows:

  • Ensuring Quality And Competence: Employers and regulatory bodies use experience quotas to make sure that people in specific roles have the abilities to fulfill the demands and expectations of their jobs and perform well.
  • Promoting Professional Growth: Experience quotas have the potential to motivate people to consistently look for ways to gain pertinent experience and knowledge in their industry. This encourages continued professional growth and lifetime education.
  • Improving Decision-making: People who have worked in a field for a long time are usually thought to have a better understanding of the best practices, obstacles, and industry. Decision-makers prioritize candidates with experience because they hope to gain from their knowledge and experience.

Sectors With Experience Quota

As part of their hiring and selection procedures, a number of sectors or industries in Nigeria frequently impose experience quotas. Several of these industries include:

  • Civil Service: A minimum number of years of experience in relevant fields, such as public service, engineering, finance, administration, and law, is often required for certain positions in the Nigerian civil service. This is to guarantee that people are aware of and comprehend the rules, policies, and procedures of the government.
  • Oil and Gas Industry: Experience quotas are commonly enforced in Nigeria’s oil and gas industry, particularly for technical positions like petroleum engineers, geologists, chemical engineers, and safety officers. In order to handle the complexities and challenges inherent in the industry, companies frequently look for candidates with a certain number of years of experience.
  • Banking and Financial Services: A large number of Nigerian banks and financial institutions have experience requirements for a range of positions, especially in corporate finance, investment banking, risk management, and credit analysis. The purpose of experience requirements in this field is to guarantee that professionals possess the necessary skills and knowledge to handle the intricacies of the finance sector.
  • Healthcare: Nigeria frequently needs medical professionals, including physicians, nurses, medical laboratory scientists and pharmacists to have a specific amount of experience. This makes it easier to make sure that people have acquired the clinical expertise and knowledge required to deliver high-quality healthcare services.
  • Information Technology: Experience requirements may apply to certain positions in the field, such as project management, network administration, software development, and cybersecurity. These quotas are designed to give preference to applicants with relevant experience because practical experience is highly valued in the IT field, which is always changing.
  • Legal Profession: Before considering attorneys or legal practitioners for senior or specialized roles, Nigerian legal firms and organizations frequently require them to have a particular number of years of experience. This is to guarantee that people have acquired the necessary expertise and understanding in legal practice. within the legal framework of Nigeria.

Implication For Businesses

Experience quotas and business licenses may have both favorable and unfavorable consequences on Nigerian companies. Consider the following implications:

  • Restricted Market Entry: Certain industries frequently need business licenses or permits. Due to their potential difficulty meeting the financial, administrative, and regulatory requirements involved in obtaining permits, small and medium-sized enterprises (SMEs) in particular may find it difficult to enter the market as a result of these legal requirements. This may reduce competition and impede the private sector’s expansion.
  • Quality Control and Professional Standards: Experience quotas can guarantee that companies in specific industries, like engineering and healthcare, employ experts with the necessary training and experience. This supports the upkeep of high standards, enhances customer protection and service delivery. Experience quotas can also be used as a regulatory tool to keep unfit people out of critical or sensitive industries.
  • Talent Shortage and Skills Gap: Establishing experience requirements can make it difficult for companies to hire competent workers, particularly in specialized industries. This may lead to the exclusion of qualified but less experienced candidates from job opportunities, which can exacerbate the skills gap and talent shortage. It might also result in brain drain, when highly qualified people look for employment opportunities in nations with lower experience requirements.
  • Limited Creativity and Innovation: Experience quotas may stifle new viewpoints and creative concepts. Businesses risk missing out on talented individuals who can offer fresh perspectives and solutions to age-old issues if they place a higher value on experience than potential. This may inhibit innovation, impede the development of new technologies, and restrict the expansion of entire industries.
  • Expense Increases: Businesses frequently incur additional costs in order to comply with experience quotas and business permits. They might have to make investments in hiring procedures, training and development initiatives, and continuing experience level tracking. Small firms with limited resources may find these extra expenses burdensome, and this could lead to higher prices for goods and services.
  • Regulatory Compliance and Decreased Informality: Experience quotas and business permits help to formalize the economy. Better tax compliance, enhanced regulatory oversight, and greater transparency are some advantages of this. But, in an effort to cut costs and avoid the difficulties, some businesses may become even more informal as a result of the strict regulations. related to fulfilling experience requirements or getting permits.


The Business Permit and Experience Quota systems in Nigeria play a vital role in regulating business activities, ensuring compliance with laws and standards, and promoting economic growth. By requiring businesses to obtain permits and meet specific quotas, Nigeria aims to maintain quality standards, protect consumer interests, and foster a favorable investment climate. As the government continues to simplify permit processes and enhance transparency, businesses can navigate the regulatory landscape more smoothly, contributing to Nigeria’s economic development and competitiveness on the global stage. See

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Resilient Future: The 2023 West Africa Property Investment Summit



Charting a Resilient Future: Insights from the 2023 West Africa Property Investment Summit

In a significant gathering of real estate influencers, the West Africa Property Investment Summit 2023, which took place on Wednesday, 23rd November, brought together leading figures from Kenya, Ghana, South Africa, and Nigeria. Under the theme “Rewriting the Narrative: Positioning & Strategies for the Future,” the summit served as a vibrant forum for in-depth discussions and strategic planning, aiming to shape the trajectory of West Africa’s real estate landscape: “Industry Leaders Chart Course For Resilient Future At The 2023 West African Property Investment Summit.”

Resilience in the Face of Macroeconomic Challenges

One of the key speakers, Mr Tola Akinhanmi, the Head of Real Estate Finance at Stanbic IBTC, took centre stage to address the challenges posed by the current macroeconomic environment. Despite grappling with inflation, exchange rate volatility, and fluctuating interest rates, Akinhanmi’s message was one of resilience. He underscored the real estate sector’s intrinsic strength, characterizing it as a long-term asset class that provides essential business infrastructure supporting people’s livelihoods, work, and recreation. Akinhanmi highlighted Stanbic IBTC’s commitment to working closely with sponsors, understanding assets, and structuring solutions that ensure stability, allowing these assets to remain relevant through various economic cycles.

Optimism for 2024: A Balanced Outlook

Oladapo Runsewe, the Projects and City Reports Lead at Estate Intel provided a positive outlook for 2024. Citing statistics from the Nigerian Bureau of Statistics that indicated an increase in the real construction sector’s contributions to the GDP in the last quarter, Runsewe foresaw a balanced and positive effect on the market. He emphasized the inevitability of construction and development continuing, driven by the ongoing demand for housing and real estate investments. However, Runsewe highlighted the imperative for collaboration, urging industry participants and the government to join forces on a larger scale to address the substantial housing deficit, particularly in urban centres like Lagos.

Sustainability as a Driving Force

Temilola Shonola, Head of the Edge Program at the International Finance Corporation (IFC), brought attention to the importance of sustainable building practices. Shonola urged developers to embrace green building, dispelling the misconception that it is an expensive endeavour. She introduced the IFC’s free App designed to simplify the green certification process, making it accessible for builders looking to contribute to environmental sustainability. Shonola stressed that more of the market need to adopt green building practices, not only for environmental reasons but also as a means to reduce utility costs and ensure long-term impact.

Navigating the Commercial Real Estate Cycle

Pepler Sandri, the Director of Capital Markets at JLL, delved into the complexities of the commercial real estate cycle. Acknowledging the sector’s challenges and the impact of the global COVID-19 pandemic, Sandri painted a picture of recovery and resilience. He noted that Nigeria, like many other countries, faced unique macro issues affecting its recovery. Looking ahead, Sandri expressed optimism as interest rates stabilize, predicting a potential recovery in the next 6-12 months in global developed markets. However, he cautioned that Nigeria might experience a longer recovery period, echoing sentiments from Stanbic’s chief economist, who suggested a year or two before a strong trajectory toward recovery becomes evident.

Conclusion: A Call for Collaboration and Sustainable Growth

The West Africa Property Investment Summit 2023 provided an invaluable platform for industry leaders to share insights, strategies, and collaborative approaches to propel the real estate sector forward. As the summit concluded, attendees were left with a renewed sense of optimism and determination to navigate the ever-evolving landscape of West Africa’s property market. The resounding message from the summit echoed the need for collaboration, sustainability, and strategic planning to ensure a resilient and prosperous future for the region’s real estate industry. Read More

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How Kora Payment Link Helps Online Businesses To Grow




How Kora Payment Link Helps Online Businesses To Grow

The advent of technology with the COVID-19 pandemic has increased the adoption and popularity of online businesses. This is owed to the ability to operate small and medium-sized businesses from anywhere across the globe – which alludes to the fact that the world is now a global village: How Kora Payment Link Helps Online Businesses To Grow.”

Therefore, there has been a meteoric increase in the number of online shoppers seeking products or services from the available businesses in the digital space.

This is evident in the emergence of e-commerce platforms that operate as an online marketplace for both buyers and sellers. It is also playing out in social commerce through the use of platforms like Facebook, Instagram, or X (Twitter) that people continuously use for their shopping experience.

By and large, online business is today a thriving venture that continues to generate a staggering income for businesses and the local economy.

One of the major perks of online businesses is the flexibility of their payments, such that merchants can offer a range of payment methods. The most common options are bank transfers or card payments, in which businesses provide their customers with bank account details to pay.

But as innovation continues to meet the evolution of online businesses, Kora is making payment strategy seamless for both merchants and their customers. This is through the Kora Payment Link.

What Is Kora Payment Link?

A Kora Payment Link is a clickable link that enables business customers to complete a purchase. This is offered as a digital link, which can be used across various social media platforms, websites, or other messaging tools.

How this works is that a customer is directed to a merchant’s online checkout page to complete their transaction anytime they use the Kora Payment Link. This link can be used for both a single transaction, as in a customer invoice and for multiple transactions, as a buy button on social media platforms.

It should be noted that the Kora Payment Link facilitates simple online payments as it does not require a website or code to create and use the link. Therefore, online businesses can easily create a payment link that takes customers directly to the online checkout page of the merchant.

Furthermore, the Kora Payment Link can be used for fundraising, donation, and subscription purposes.

Benefits Of Kora Payment Link To Online Businesses

  • Accept Payments Anywhere

You can receive payments from your customers across the globe through the payment link that you can easily share on social platforms or websites. This is also a “call to action” strategy to compel your customers to complete their purchase with you without delay.

  •  Keep Payments Simple

Customers do not have to log into a mobile app or website before paying. This is because they can easily click the link anytime and from anywhere to take them to the checkout page to complete their purchase.

  • Flexible Payment Options

Kora Payment Link provides online businesses various payment options tailored to their preferences. This can be bank transfers, payment cards, or other digital payment methods like Apple Pay or Google Pay.

Therefore, it is the volition of online businesses to design their payment links towards their preferred payment options. Hence attracting customers to complete their purchase with the knowledge that they can use certain payment gateway.

How Online Businesses Can Use Kora Payment Link

Here is a quick step for using the Kora Payment Link:

  • Create a Kora account and log in.
  • Navigate to “Payment Link.”
  • Enter your details and customize your link with certain preferences.
  • Preview your link and activate it.
  • Share your Kora Payment Link on social media platforms and other messaging tools.
  • Start receiving payments.


We can not overemphasize the importance of having a sustainable payment strategy for online businesses to attract more customers who would complete purchases with them. That is why Kora introduced a payment link which merchants can easily share with their customers for transactions.

Kora Payment Link is easy and free to use, and you can get started by creating a Kora account now. [site]


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How Kora Improves Cross-Border Transactions For Businesses




How Kora Improves Cross-Border Transactions For Businesses

Cross-border transactions are increasingly becoming popular without the concern of waiting days or transfer fees. This is due to the emergence of a fintech company like Kora, which makes cross-border payments simple, cheaper, faster, and easily accessible for businesses: How Kora Improves Cross-Border Transactions For Businesses.”

A BCC Research of January 2023 revealed that the global cross-border payments market is expected to grow from $176.5 billion in 2021 to over $238.9 billion by 2027. The vehicle for this growth is fintech disruptors like Kora, which offers a digital platform and innovative messaging and settlement layers to improve cross-border business transactions.

Ways Kora Is Changing Cross-Border Transactions For Businesses

  • Improved Convenience

Kora enables you to make transactions fully on its platform, unlike the traditional method of visiting physical branches. This allows you to use the platform anytime and from anywhere without a glitch.

A simple user interface and streamlined onboarding characterize this platform to simplify cross-border transactions. It means you can use Kora to receive funds from your customers or transfer with its bulk payout, multicurrency payout, or mobile money options.

  • Speed And Efficiency

Kora enables instant or same-day cross-border transactions, which is in the converse of the traditional settlement layers that can take days. Therefore, businesses can complete their transactions in less than one hour on this platform. You do not experience any form of delay in sending or receiving funds on this platform, irrespective of the amount. This is due to its high scalability and optimization of Kora.

  • Lower Fees

This platform eliminates the meddlesome of third parties like banks and agents in the cross-border transfer chain. As such, it offers a relatively low transaction fee, which is often less than 1% of the transfer amount. This is a major perk of Kora compared to its contemporaries.

  • Enhanced Transparency

Kora offers an advanced tracking dashboard that provides real-time access to your funds and the estimated delivery timelines. This is because the platform has state-of-the-art blockchain technology that provides complete transparency in the tracking of your funds. It helps to reconcile your income with expenses.

  • Security And Compliance

Kora employs features like two-factor authentication (2FA) and other security measures to add extra security layers and protect user transactions and funds. This platform is in total adherence to global compliance standards to protect users’ funds and data.

  • Reduced Foreign Exchange (FX) Risk

Cross-border transactions often involve multiple banks and currencies whose operations result in significant foreign exchange fees and currency volatility that create discrepancies between transferred and received funds.

This is largely the case when businesses in a particular country receive payments from another country.

However, Kora reduces foreign exchange risks that are associated with cross-border transactions by routing funds efficiently at the best exchange rate. On the other hand, Kora users can avoid foreign exchange concerns by using the multicurrency account on the platform that allows them to receive payments in currencies other than their local currency.


Cross-border payment is important to businesses as it enables their growth in the global market. But as digital payments continue to gain traction, there is a need for businesses to know how to leverage the technology to boost sales.

One major platform you can use for your cross-border transactions with your customers is Kora. This is due to the simplicity and scalability it offers you.

You can also start making cross-border transactions seamlessly when you create a Kora account now. [site]

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