GET DOWN TO BUSINESS
In general, business hours are Monday to Friday from 8.30 am to 5.00pm. Government offices are open weekdays from 7.30 am to 5.00 p.m. Banking hours are Monday to Thursday from 8.00am to 3,00pm and Friday until 1.00pm. Due to the Muslim holy day on Fridays many offices and businesses reduce staff or close early on Friday afternoons.
Business and Investment Information
Abuja Chamber of Commerce, Industry and Agriculture
Zone 3, Wuse
P. O.Box 86 Garki, Abuja
The Chamber is a non-governmental organisation that disseminates information about industry, commerce, agriculture, mines legislation etc. affecting businesses in Nigeria. The Chamber organizes an annual Trade Fair in October.
Abuja Investment and Property Development Company
Plot 77o Central Business District
(Opposite the National District)
Tel: 09 532 352-284
Fax: 09 532 352-92
Established by the FCDA and the Ministry of the Federal Capital Territory (MFCT) to stimulate and promote industrial, commercial and property development in the FCT. It provides information to potential investors and is also itself an investor in wholly owned and joint ventures projects.
Banks and banking
There is a plethora of banks in Nigeria. Check with friends and colleagues for recommendations. There is a tendency for some smaller banks to become “distressed” and close their doors. Reputable banks will require the following documentation to establish an account.
1. 2 passport photos
2. Form of identification (e.g. national I.D Card, passport)
3. Alien card or resident permit
4. Official letter from the employer introducing the client
5. Reference from an existing account holder introducing the client 6. Tenancy agreement or utility bill establishing proof of residency. Many banks now offer debit schemes where you can deposit a sum of money and use a “value Card” to pay for goods.
The spread between the official and the black market rates has been closing. However, it is still a widespread practice to change money on the parallel market. Money changers can be found near the Sheraton Hotel on Ladi Kwali. Customers can be drive up and conduct business from the vehicle. There are also a number of Bureaux de changes in that area that provide comparable rates. The best rate is provided for $100 bills (only the new ones with the big heads are accepted). The denomination of the notes for the Pound and the Euro do not matter and are also commonly exchanged.