adminex Nigeria attended the 4th German-African Economic Forum in Dortmund that took place on February 23, 2016.
Nigeria is making a new start. The 2015 elections brought a first time peaceful change of government. The new president Muhammadu Buhari has put diversifying the Nigerian economy. Security and fighting corruption high on his agenda.
That makes Nigeria a large, growing and dynamic economy in transition and thus full of business opportunities for both Nigerian and non-Nigerian entrepreneurs.
Below are the six guidelines discussed to use in exploring business opportunities in Nigeria and Africa in general:
1. Understand the business local culture: this is critical because running business is a product of a social and cultural setting of a people, it reflects their wealth culture and ethnics and act directly on the level of output and more importantly we must avoid the tendency in view Africa as one monolithic entity where business ideal design for one Africa are applicable to all African countries, no, it doesn’t work like this.
2. Effective market research or analysis before venture out, this is where we need academia, trade missions and experts in local solutions, this will help to identify demands and availability.
3. Find a reliable and appropriate local partner, often many private business could not take time to do due diligence before initiate business in the continent.
4. Understand the regulatory framework for doing business in Nigeria or Africa because they differ from country to country, i.e. tax exemptions, tax treaties etc.
5. Appreciate the different level of technological development on the continent.
6. Use the right channel to enter the markets, backdoor entrance is not advisable.