Nigeria

Ease of Doing Business in

Oyo - Nigeria

This page summarizes Subnational Doing Business data for Oyo. 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
26 Jigawa
Topic Rankings Rank among 37 cities in Nigeria Top city in Nigeria
Starting a Business 24 FCT
Dealing with Construction Permits 23 Jigawa
Registering Property 33 Gombe
Enforcing Contracts 20 Katsina

Subnational Data


Starting a Business

Info

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 Oyo 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)
9 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)
31.0 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)
110.2 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) 2 days NGN 200
2 Prepare the requisite incorporation documents and pay the stamp duty 4 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 50
4 Register the company with the Corporate Affairs Commission 15 days NGN 107,000 (NGN 80,000 for legal fees + NGN 20,000 incorporation fees [NGN 10,000 for company whose nominal share capital is NGN 1,000,000 or less + NGN 10,000 for the remaining NGN 546,350 share capital] + 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 with the integrated Tax Office of the Federal Board of Inland Revenue for income tax and VAT 4 days No cost
* 6 Register for personal income tax PAYE at the State Tax Office 2 days No cost
7 Receive an inspection from the Ministry of Commerce and Industry for business premises registration 1 day No cost
8 Pay registration fees for business premises into a government account at a designated bank 1 day NGN 50,000
9 Obtain a business premises permit from the state’s Ministry of Commerce and Industry 3 days No cost
* Takes place simultaneously with another procedure.

Subnational Data


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