Nigeria is the biggest economy in Africa with a
Gross Domestic Product (GDP) of $1.121 trillion as well as the largest
population in the continent with over 190 million inhabitants. Hence, it is a
viable and profitable destination for doing business despite the herd of
challenges.
This is reflected in the success stories of not only
indigenous companies but also foreign businesses that started small, weathered
different kinds of storms, became market leaders in their various fields and
are now full-fledged Nigerian or African companies.
To a great degree, there are so many good reasons
why Nigeria is an awesome destination for business. We discuss some of these
reasons.
Over 100 million customers waiting for you
There are over 200 million people resident in Nigeria
and the Nigerian population is predicted to overtake that of the United States
by 2050. Now what this means, in essence, is that the market is big enough to
absorb any legal product, provided enough marketing and awareness is created.
So, you can bring your money to Nigeria and be rest assured that you have
waiting customers.
Nigeria is booming with entrepreneurial energy
If you know anything about the Nigerian business
culture, you know that it is filled with a resilient and entrepreneurial
spirit. Lagos, Nigeria's mega-city, plays an important role in most businesses'
marketing strategy in Nigeria. Lagos' contribution to the continent's GDP makes
it the 7th ranked economy in Africa – higher than the GDP of countries such as
Kenya and Ethiopia. Business owners and entrepreneurs in Nigeria deal with so
many unique challenges while running their Nigerian business that they have
adopted innovative business models to work around potential pitfalls
accordingly. In fact, most foreign nationals who come to Nigeria for business
begin to realize that conducting business in the country is an opportunity to
partake in a very energetic and bustling marketplace.
Lucrative new IT opportunities
Information Technology presents significant growth
opportunities in Nigeria. These possibilities are endless because it is a
relatively new industry literally 'begging' for investment. And with the government
introducing policies to support the ICT industry which is the future, it is a
bottomless pit for any investor willing to take the leap of faith.
Nigeria boasts a young and growing urban population
Of the over 200 million citizens in Nigeria, a large
number of them are less than 30-years-of-age. The fact that the majority of
Nigeria's population is so young presents a lot of opportunities for companies
looking for new markets with receptive customer bases. A youthful population
poses other advantages, such as a larger workforce and a growing consumer
class. Since brand loyalty is an aspect of Nigerian culture, having the opportunity
to appeal to a younger generation in an effort to develop long-term customers
is ideal. Also, with the growing urbanization and increased internet access due
to extensive mobile connectivity, companies will be able to tap into an
emerging consumer base.
Nigeria is a strategic testing ground for businesses
in Africa
For companies looking to perform well in Africa,
prioritizing Nigerian business in their expansion plan has strategic
importance. Nigeria is strategically located in the West of Africa along the
Atlantic coast. Alongside Nigeria's growing economy and strategic location, the
spread of Nigerian culture throughout Africa makes the country a great testing
bed for consumer-goods enterprises. If your product testing is successful in
Nigeria, be rest assured that it will succeed in any part of the continent.
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