AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A business plan for Nigeria should cover the summary, the problem and product, the market, competition, operations, team, legal and tax set-up, marketing, and three-year financial projections with the funding ask. Build in Nigerian specifics: CAC registration, a Tax ID, the 0% company income tax for small companies with turnover up to ₦100 million and fixed assets up to ₦250 million, VAT at 7.5%, and staff costs that respect the ₦70,000 minimum wage.
The outline (copy and fill in)
| # | Section | What to write (prompts) | Length guide |
|---|---|---|---|
| 1 | Executive summary | What you sell, to whom, where, why now, what you need (amount and use), and the one figure that shows traction | 1 page |
| 2 | Problem and solution | The customer problem in their words; how your product solves it; price | Half a page |
| 3 | Market | Who buys; where (state, city, online); how many; how often; what they spend now. Cite where figures come from | 1 page |
| 4 | Competition | Direct and indirect competitors; their prices; why customers would switch | Half a page, with a table |
| 5 | Business model | How you earn: unit price, margin, repeat purchase, payment terms | Half a page |
| 6 | Operations | Location, suppliers, equipment, licences, power and logistics plan | 1 page |
| 7 | Team | Founders and key staff, experience, gaps you will hire for | Half a page |
| 8 | Legal, tax and compliance | CAC registration, Tax ID, sector licences, VAT position, PAYE and pension for staff | Half a page |
| 9 | Marketing and sales | Channels, cost per customer, first 90 days | 1 page |
| 10 | Financial projections | Monthly for year 1, yearly for years 2–3: revenue, costs, cash flow, break-even | 2 pages |
| 11 | Funding ask | Amount, form (equity, loan, grant), use of funds, milestones | Half a page |
| 12 | Risks | Top five risks and what you will do about each, including exchange rate and power costs | Half a page |
| 13 | Appendices | CAC certificate, Tax ID, licences, quotes, CVs, letters of intent | As needed |
Section 8 in detail: Nigerian legal and tax set-up
Lenders and investors read this section to check you know your obligations. Cover each line:
- Structure. Business name or private limited company; see which to register. Under CAMA 2020 a small company can have a single shareholder and a single director, and small companies need not appoint a company secretary or auditors.
- Tax ID. From 1 January 2026 businesses use a 13-digit Tax ID linked to their CAC number, retrieved from the NRS or JRB portal.
- Company income tax. Under the Nigeria Tax Act 2025 a small company, with gross turnover of ₦100 million or less and total fixed assets not exceeding ₦250 million, pays 0%; other companies pay 30%. See small company tax.
- Development levy. Section 59 applies the levy to companies other than small companies and non-resident companies.
- VAT. 7.5% standard rate where you are a taxable person making taxable supplies.
- Staff. PAYE on the 2026 bands, pension contributions, and pay at or above the ₦70,000 national minimum wage where it applies.
- Records. Books and records must be kept for at least six years under the Tax Administration Act 2025.
Prompts for the market section
- Who exactly is the customer: age, income band, location, or type of business?
- How do they solve the problem today, and what does it cost them?
- How often do they buy, and how do they pay: cash, transfer, card, credit?
- Which official figures support your market size? Name the agency and date, such as an NBS or sector regulator publication.
- What would make a customer leave you for a competitor?
Prompts for the operations section
- Which licences or approvals does your sector need, and what is their status?
- Who are your two main suppliers for each key input, and what are their payment terms?
- How many hours of grid power do you expect, and what is the backup plan?
- What is your capacity per day, and what limits it?
Financial projections template
Example only. Figures for a hypothetical Ibadan bakery to show the layout.
| Line (₦) | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | 18,000,000 | 27,000,000 | 36,000,000 |
| Cost of sales (flour, sugar, packaging) | 9,900,000 | 14,580,000 | 19,080,000 |
| Gross profit | 8,100,000 | 12,420,000 | 16,920,000 |
| Staff costs | 4,200,000 | 5,400,000 | 6,600,000 |
| Rent and service charge | 1,200,000 | 1,320,000 | 1,450,000 |
| Power (grid and generator) | 1,080,000 | 1,300,000 | 1,500,000 |
| Marketing | 600,000 | 700,000 | 800,000 |
| Other overheads | 500,000 | 600,000 | 700,000 |
| Operating profit | 520,000 | 3,100,000 | 5,870,000 |
| Company income tax (small company, 0%) | 0 | 0 | 0 |
| Closing cash | [from cash-flow sheet] | [ ] | [ ] |
Show your assumptions under the table: price per loaf, loaves per day, trading days, and a cost inflation figure with its source. Revenue in this example stays well under the ₦100 million small-company limit; if your projections cross it, show the tax change. Our guide to pricing products in Nigeria helps with the unit economics.
Checks before you send the plan
- Every market figure has a named source and date.
- The funding ask matches the cash-flow shortfall in your projections.
- Revenue assumptions are tied to capacity (ovens, staff hours, seats, rooms).
- Power, transport and exchange-rate costs are shown, not buried in overheads.
- Registration documents in the appendix match the names used in the plan.
- The executive summary still matches the numbers after your last edit.
Where Pryme fits
If your plan relies on customers paying by transfer, a Pryme Business Account offers bank-transfer checkout at 0.5% capped at ₦2,000, and businesses in supported sectors, such as eateries, grocery and retail, schools and salons, can join Spaces to reach customers who hold Loans on Spaces. Saving towards start-up capital first? See saving startup capital.
Questions people ask
How long should a business plan be in Nigeria?
For a bank loan or grant, 10 to 20 pages plus appendices is common. Follow any template the lender or grant provider gives you.
Do I need to register with CAC before writing a business plan?
No, but lenders and most grants require CAC registration and a Tax ID before funding, so show your registration status or timeline.
What is a small company under the Nigeria Tax Act 2025?
A company with gross turnover of ₦100 million or less and total fixed assets not exceeding ₦250 million. It pays 0% company income tax.
Should a business plan include exchange-rate risk?
If you import inputs or price in foreign currency, yes. Show how a weaker naira would change costs and what you would do.
Sources
- Nigeria Tax Act 2025 (text as published) · accessed Oct 2026
- PwC Nigeria, The Nigeria tax reform Acts: top 20 changes to know · accessed Oct 2026
- KPMG Nigeria, The Nigeria Tax Act (NTA), 2025 (newsletter) · accessed Oct 2026
- Mondaq, 20 innovations in the Companies and Allied Matters Act 2020 · accessed Oct 2026
- FCT-IRS, Nigerian Tax ID portal goes live · accessed Oct 2026
- Mondaq, The National Minimum Wage (Amendment) Act 2024: key updates for employers · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.