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Doing Business in Nigeria

Group 7. Doing Business in Nigeria. Nigeria. http://upload.wikimedia.org/wikipedia/commons/3/30/Nigeria-Pos.png. Business in Nigeria. Pros: Most populous country in Africa Rich in oil Many natural resources Good port facilities Cons: Political instability Regional strife

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Doing Business in Nigeria

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  1. Group 7 Doing Business in Nigeria

  2. Nigeria http://upload.wikimedia.org/wikipedia/commons/3/30/Nigeria-Pos.png

  3. Business in Nigeria • Pros: • Most populous country in Africa • Rich in oil • Many natural resources • Good port facilities • Cons: • Political instability • Regional strife • Massive corruption • Poor infrastructure http://www.usafricaonline.com/wp-content/uploads/2010/11/oil-rig-nigeria-reuters-file-pix12.jpg

  4. Advantages with US/Nigerian Business • Language: English • Muslim and Christian are main religions • Oil is largest export • 5th largest exporter to the US • 2nd highest GDP in Africa • Democracy

  5. Things to Keep in Mind

  6. A Few Do’s and Don'ts • DO remember that favoritism etc is still common. • DO remember to be formal and dress smartly • DO keep in mind there are many cultures that could effect how you do business • DON’T hold eye contact for too long • DON’T confront co-workers in public about an issue • DON’T be irritated when Nigerians insist on being addressed by all their titles.

  7. Relationships in Business • Relationship-based culture • Hierarchical: age is highly valued • Managers take interest in employees’ lives • Micro-managing common http://drupal.in-cdn.net/cdn/article/public/working_in_nigeria_0.jpg

  8. Business Meetings • Start and finish with great deal of social interaction • Often will veer towards personal conversation • Use of honorifics common • Meetings don’t usually start on time

  9. Teamwork • Keep teams together for comfort • Leaders need to clearly define everyone’s roles and responsibilities http://m.gmgrd.co.uk/sbres/704.$plit/C_67_article_2051834_body_articleblock_0_bodyimage.jpg?03%2F06%2F2009%2012%3A58%3A40%3A719

  10. Communication Styles • Respect shown through language and address • Personal life in business conversation is important • Long lingering handshakes is good http://www.napmantronix.com/images/handshake.jpg

  11. Women Managers • Foreign female leaders treated with respect but not usually taken seriously by male colleagues http://blogs.state.gov/images/Dipnote/behind_the_scenes/2010_0728_women_business_m.jpg

  12. Remember! • Many natural resources, people, and good port access • English • Relationships Important • Personal life in business • Watch out for corruption and political/regional conflicts

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