Nigerian Business Environment: Advantages & Threats


Nigeria has the potential for growth and stability. It is a strong place for the businessmen to flourish their business. The monetary policy of Nigeria is mobilized and in control to manage the supply of money in a way which does not result in excessive appreciation or devaluation of the currency.The country has the fastest growing telecommunication as well as the largest oil and gas sector, which generated over 90% of the foreign exchange earnings towards the country. These sectors are the strengths of the country’s business and provide

The country has the fastest growing telecommunication as well as the largest oil and gas sector, which generated over 90% of the foreign exchange earnings towards the country. These sectors are the strengths of the country’s business and provide platform of investment to the entrepreneurs.The country has a current population of almost 200 million and the rate of

The country has a current population of almost 200 million and the rate of young, active, and mobile population reaches to 40%. This is a positive point when it comes to obtaining labor force for new and existing businesses in the country

Nigeria can take advantage of going global. It has its strong oil and gas sector which can help it earn a lot of foreign exchange in the field of exports. The country has obtained the membership of African Growth and Opportunity Act of the USA.

Under this act, Nigeria and other Sub-Saharan African countries have agreed to export the maximum quantity of their manufactured products to US. This poses a strong competition for the global competitors and would increase Nigeria’s competitiveness in the world market.

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The country can also diversify and expand its existing oil and gas sector. Instead of just producing crude oil and petroleum then selling it, the by-products and oil can also increase the country’s competitiveness and the position of its companies. This strength on global platform will automatically give boost to all other businesses in Nigeria

Nigeria has two biggest problems namely power supply and financial resources which hinder a countries productivity and competitiveness. These problems have been compounding for many years and have forced the manufacturers and businessmen to either close down their businesses or relocate to other foreign countries.The entrepreneurs or businessmen in the country do not possess enough capital to start the business or sufficient funds to keep it running. Also, the government is not able to lend money in the form of loans to every individual living in the country. Even if the financial sector has progressed a lot, it still has to work more in order to maintain the country’s stability.

The entrepreneurs or businessmen in the country do not possess enough capital to start the business or sufficient funds to keep it running. Also, the government is not able to lend money in the form of loans to every individual living in the country. Even if the financial sector has progressed a lot, it still has to work more in order to maintain the country’s stability.

In 2007, the price hike of oil gave the country’s economy great support in the form of quick inflows of money into the country’s economy. That was the year when the GDP of Nigeria rose and the living standards in aggregate economy got better.Nigeria as a country is deficient in her economies and therefore requires foreign assistance and investments to improve and enhance her managerial and capital base. An inadequate internal resource is a big weakness that hampers its productivity and thus, competitiveness locally and on

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Nigeria as a country is deficient in her economies and therefore requires foreign assistance and investments to improve and enhance her managerial and capital base. An inadequate internal resource is a big weakness that hampers its productivity and thus, competitiveness locally and on global platform. In order to globalize its business, the Nigerian company will have to integrate itself by embarking upon harnessing new and advanced technology.To achieve this integration, the country must have a strong scientific and technology base, which it lacks at present. The country mainly relies on the production and exports of oil and gas which dropped the earnings of the country due to

To achieve this integration, the country must have a strong scientific and technology base, which it lacks at present. The country mainly relies on the production and exports of oil and gas which dropped the earnings of the country due to economic boom-and-bust situation in previous years.

 

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