Mobility - June 2020 - 52

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DESTINATION PROFILE: LAGOS

Doing Business in
Lagos and Nigeria
Nigerian society is hierarchical, with a focus on
collectivism rather than individualism. Building
trust and relationships is critical to business
success, and patience is required to develop
these. Decisiveness is admired. Flexibility, a
sense of humor, and the willingness to improvise
are great assets. Business meetings in Nigeria are
very social occasions, providing the framework
for the creation of solid interpersonal connections. English is the official language for doing
business in Nigeria.
The Nigerian market benefits from a strong
banking sector and the availability of a young,
savvy workforce. The large and growing population creates a demand for products and services.
Strong regional trade relations with other West
African countries also make Nigeria an attractive
market. Nigeria's success, however, is hampered
by inadequate power supply, poor infrastructure,
skills shortages (particularly in management
roles), crime, and corruption.
Nigerians have a less structured relationship with
time, and the pace of business may be slower than in
the West. E-commerce is developing, but most transactions are still carried out in cash. It is essential that
the business strategy of a multinational company be
tailored to speak specifically to this unique market.
A homogeneous "Africa strategy" will likely fail to
translate to a proud Nigerian people.

52 Mobility | June 2020

Nigeria ranked 131st on the World Bank's Doing
Business 2020 index-which assesses the business
environment using various indicators including paying
taxes, trading across borders, starting a business, and
protecting minority investors-up 15 places from 2019.
The present leadership was elected on the promise of dealing with corruption, and it has taken a
tougher stance while trying to encourage investment. Companies should ensure their employees
are aware of applicable local legislation related
to corruption, as well as the U.S. Foreign Corrupt
Practices Act (FCPA) and U.K. Bribery Act (UKBA),
and have policies and procedures in place to mitigate risks.
Other tips for doing business in Nigeria:
* Remember that bribery, corruption, favoritism,
and nepotism are still unfortunate realities.
* Be willing to improvise and to make a real
effort at getting to know Nigerian colleagues.
* Try to remain patient and calm in all situations.
* Be respectful of elders and those in higher positions of authority.
* Don't criticize colleagues in public; instead,
have a private word with them, if necessary.
* Nigeria is an incredibly culturally diverse
nation, and expats should practice cultural
sensitivity rather than stereotyping to try
to understand the nuances of the different
ethnic groups.


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Mobility - June 2020

Table of Contents for the Digital Edition of Mobility - June 2020

Mobility - June 2020 - Cover1
Mobility - June 2020 - Cover2
Mobility - June 2020 - 1
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Mobility - June 2020 - Cover3
Mobility - June 2020 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
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