It is important to dress well in Nigeria as the way you are dressed will signal your relative level of importance.
Men should wear dark suits and ties and women should wear dark, demure business-style suits.
Remember that Nigeria is a very hot place, so make sure that the clothing you pack is lightweight. It is a good idea to carry an umbrella with you as a precaution against the frequent heavy downpours.
Written and Produced by Keith Warburton
Nigeria’s massive oil reserves can be seen as both a blessing and a curse. The sale of crude oil represents about 70% of government revenue and an incredible 90% of the country’s exports. A blessing when oil prices are high but a real problem when prices fall dramatically. Nigeria needs to diversify away from such over-dependence on the oil industry and it needs external help to achieve this diversification.
Therefore, Nigeria definitely needs foreign investment and know-how. It probably needs what your company is selling – which must make it an attractive potential market. In addition to the country-wide need for investment across a whole range of sectors, Nigeria also has demographics on its side. Over half the population (which will be 200 million before too long) are under the age of 24. That represents a huge new potential consumer market who are aspirational and consumerist.
Is Nigeria an attractive market? Should you be looking at doing business in Nigeria?
The fact is that Nigeria is a difficult market from a number of perspectives. Corruption is often cited as the major barrier to doing business in Nigeria and it is undoubtedly true that corruption is rife in many areas of commercial activity. However, the major stumbling block when entering the Nigerian market could in fact be the local business culture. You would be very unwise the approach the Nigerian market without first trying to get a solid understanding of the way in which business is done locally. It isn’t like ‘back home’. Do some research and arrive in-country as well-informed as possible.
This country profile provides an overview of some of the key aspects of Nigerian business culture in a concise, easy to follow-format. The document includes information on: