Akwa Ibom

Ease of Doing Business in

Akwa Ibom - Nigeria

This page summarizes Subnational Doing Business data for Akwa Ibom. The first table shows its rank among 37 cities/regions in Nigeria. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Sub-Saharan Africa
Income Category Lower middle income
Population 168,833,776
GNI Per Capita (US$) 1,430.00
Ease of Doing Business Rank among 37 cities in Nigeria Top city in Nigeria
20 Jigawa
Topic Rankings Rank among 37 cities in Nigeria Top city in Nigeria
Starting a Business 7 FCT
Dealing with Construction Permits 29 Jigawa
Registering Property 17 Gombe
Enforcing Contracts 28 Katsina

Subnational Data


Starting a Business

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The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

Indicator Akwa Ibom Sub-Saharan Africa OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

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Procedures (number)
8 8 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
34.0 29.7 11.1

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
65.1 67.4 3.6

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

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Paid-in Min. Capital (% of income per capita)
0.0 125.7 10.4
No. Procedure Time to Complete Associated Costs
1 Check the availability of company’s name with the Corporate Affairs Commission (CAC) 4 days NGN 200
2 Prepare the requisite incorporation documents and pay the stamp duty 7 days NGN 13,098 (stamp duty at 0.75% of share capital + NGN 1,000 for extra stamped copy of memorandum and articles of association + NGN 500 for incorporation forms)
3 Declaration of Compliance (Form CAC 4) signed before a Commissioner for Oaths or notary public 1 day NGN 200
* 4 Obtain bank draft from a bank for payment of the registration fees 1 day NGN 27,200 ( NGN 200 for bank draft charges + NGN 20,000 filing fees for company whose share capital is NGN 1,546,353 + NGN 3,000 for certified true copy of memorandum and articles of association + NGN 2,000 for certified true copy of particulars of directors + NGN 2,000 for certified true copy of particulars of shareholders)
5 Register the company with the Corporate Affairs Commission 14 days NGN 50,000 (legal fees)
6 Register with the integrated Tax Office of the Federal Board of Inland Revenue for income tax and VAT 2 days No cost
7 Register for personal income tax PAYE at the State Tax Office 2 days No cost
8 Register business premises with the Ministry of Commerce and Industry 3 days NGN 10,000
* Takes place simultaneously with another procedure.

Subnational Data


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