Companies in Nigeria Insight – Manufacturing, Finance, Entertainment and Telecoms

Presently, there are quite a number of companies in Nigeria. These companies render different services to Nigerians. What is clearly obvious is the over saturation of particular types of companies in particular locations in Nigeria. Having this in mind, if you are looking for companies in Nigeria, you might want to know what the company is about and where they have their administrative head office. Read on

Types of Companies in Nigeria

Manufacturing Companies:

Unfortunately for people like us that want Nigeria to be a manufacturing giant in Africa, the Nigerian economy is largely dependent on importation; about 90% import based. What this simply means is that there are very few manufacturing companies in Nigeria. Also unfortunate is the fact that 80% of the few manufacturing companies in Nigeria would rather brand their products after foreign names in order to make sales. According to these productive individuals and companies, if they were to brand the products with local Nigerian names, those products wont sell because the buying public would rather pay high amounts of money buying the presumably better imported brands.

Some manufacturing companies are owned by Nigerians but it is important you know that most of them are owned and manned by the Chinese, Indians and Lebanese. They manufacture such items as fabrics, clothing, poly/plastics, beverage bottled drinks, instant noodles, compact discs and digital video discs etc. The have their factory stations all over Lagos state, Onitsha in Anambra state and Aba in Abia state. There are quite a few manufacturing companies in Ogun state. Ogun state is the closest state to Lagos and since Lagos is the commercial focal point of Nigeria, Ogun state is benefiting from Lagos’ proximity / spill-over effect.

Some of the leading manufacturing factories and companies in Nigeria include:

  • Dangote Group, makers of dangote cement, sugar, rice, noodles, fruit juices etc
  • Classic Beverages, makers of la’casera
  • De United Foods, makers of indomies instant noodles
  • Chi Industries, makers of chivita fruit drinks etc
  • CVL Technologies (Contech Ventures Limited), makers of compact discs and DVDs

Dangote Group and CVL Technologies are owned by Nigerians and they manufacture excellent products!

Mr. Dangote has registered so much success for himself and for Nigeria that every well meaning Nigerian respects him. I personally respect him so much. Well done Sir!

Finance Companies:

In Nigeria, financial institutions and companies comprise largely of commercial banks; then there are mortgage companies, micro finance companies, insurance companies, property leasing companies, building societies, cooperative schemes, and the local community contributions (popularly called ajor).

From my personal observation, the local community contributions (ajor) works well for low income earners living in rural areas of Nigeria; they all seem to be very satisfied with the local way of saving money and retrieving it from the person running the contribution enterprise when needed.

As for commercial banks like First Bank of Nigeria PLC, Oceanic Bank etc, they have not really done much in terms of rendering true banking services. As a matter of fact, the services most of these commercial banks are rendering right now are laughable. Only a very few commercial banks in Nigeria would score average on my rating for now, except if I see changes in the nearest future, Nigerian commercial only know how to collect customers money and use it for their (the banks) own profits. To some extent, First Bank of Nigeria PLC (FBN PLC) is manageable. Oceanic bank on the other hand is a mess. My mum happens to be a customer with Oceanic Bank and now, she has withdrawn all her money in search of a better bank to bank with. In my next article, I will extensively describe my experience with some banks I have used in Nigeria, listing their names.

As for insurance companies, Nigerians are very religious people. They believe in God for protection and so they don’t buy insurance. Insurance companies in Nigeria are mere shadows of what they should be under the right conditions. Also, the failure of credit system in Nigeria has made it impossible for commercial banks to encourage insurance as a means of securing capital loans and loaned properties. If not for the fact that buying insurance for cars is a must, am sure 95% of car owners in Nigeria will be driving without insurance.

Entertainment Companies:

Entertainment in Nigeria is unique in a way because the entertainment companies are actually the individual owners. Its funny but it seems like every musician in Nigeria right now is a record company; even up and coming musicians have their own labels and production suites. As for the movie makers, alaba international market rules; a collection of traders known to be the kings and rulers of the popular and over-rated NOLLYWOOD. To a large extent, this has affected the output quality of the entertainment industry.

On the other hand, companies like the Silverbird Group are doing an excellent work. Gradually, they are remodeling the entertainment industry in Nigeria. I personally admire the great minds of the Bruce’s, especially that of Mr. Ben Bruce. Well done Sir!

Also, Kennis Music have done very well. They pioneered the push when the situation seemed hopeless for up and coming talented Nigerian musicians. The Duo of Mr. Keke Ogungbe and Mr. Dayo Adeneye really believed in the raw musical talents exhibited by young Nigerians and so they invested in them and recorded great success. Well done Mr. Keke Ogungbe and Mr. Dayo Adeneye.

Telecommunications Companies:

Apart from the Nigerian Telecommunication Company (NITEL), there have been an increased influx of telecommunication providers and companies in Nigeria. Right now, we have four major GSM networks and operators in Nigeria: MTN Nigeria, Glo Nigeria, Airtel Nigeria and Etisalat Nigeria. There are some other CDMA network operators like Starcomms, Visafone, Multi-links etc. I will give extensive and detailed reviews of these companies individually in my next article on telecom operators in Nigeria so be on the look out for it.

Some of these telecoms companies have not done much in providing quality service, but it is important you know that they have all done well, one way or the other, in promoting development in Nigeria. More Interesting Facts to be Published Soon..

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