Doing Business with Nigeria
|Religion||Muslims – 50%, Christians – 40%|
|State system||Federative presidential republic|
|Head of State||Muhammadu Buhari|
|Head of government||Muhammadu Buhari|
|Currency name||naira – NGN|
|Time shift||0 h (in summer -1 h)|
|Nominal GDP (billion USD)||1,154.00|
|Economic growth (%)||3|
Nigeria is currently one of the richest countries in Africa. The backbone of the economy (at least in terms of foreign exchange earnings) is the oil industry. The Czech Republic is perceived as a traditional partner and a friendly country that does not take advantage of opportunities. Within sub-Saharan Africa, Nigeria has long remained the second most important trade partner of the Czech Republic after the Republic of South Africa (2nd highest export). Since the slump of 2009, when Nigeria reduced imports as a result of the global economic crisis, our exports to this country have been growing and hovering around $70-80 million.
Practical telephone numbers (emergency services, police, firemen, information lines, etc.)
Czech citizens can use the services of private clinics, which are of a very good standard. Medical care is paid, travel insurance and its conditions must be agreed with the relevant insurance company in the Czech Republic. Quality travel insurance with the possibility of repatriation to Europe is recommended. Among the best hospitals in Lagos is Reddington Hospital. In Abuja we recommend St. Francis Hospital, Abuja National Hospital, Zankli Medical Center or the newly opened Turkish hospital Nizamiye Hospital.
Hospital: · St. Francis Medical Centre, Plot No. 501, Bangui Street, Wuse II, Abuja, Tel.: +234-9-5236282, 5236967
- Zankli Medical Centre, Plot 1021, B5 Shehu Yar´Adua Way, Abuja, Tel. 0152236854
- St. Francis Medical Centre, 22 Keffi Street, SWIkoyi, Lagos, Tel.: +234-1-7742818, 7730377
Other important numbers:
- Fire Brigade: 999 · Traffic Police (not central number): Abuja 4134683 · MOPOL: +234-8125150054
Addresses of important local authorities: · addresses of federal ministries Nigerian Investment Promotion Commission NIPC Plot 1181 Aguiyi Ironsi Street Maitama District, PMB 381 Garki, Abuja, Nigeria Tel: +234-9-4134380, +234-9-4131403, Email: info@nipc -nigeria.org, [email protected], [email protected] Website: www.nipc.gov.ng
Important web links and contacts
- www.nigeria.gov.ng official government website
- www.cac.gov.ng commercial register
- www.nigeriadailynews.com current information
- www.thisdayonline.com most widely distributed daily
- http://businessdayonline.com business and economic information
- http://businessworldng.com/new/ business and economic information
- www.cenbank.org Central Bank · http://allafrica.com · www.soncap.com registration of goods upon importation
- www.worldskip.com/nigeria db.eiu.com
The Ten Commandments for Doing Business with Nigeria
The PaulSourcing agency has prepared ten recommendations for doing business with Nigeria for Czech entrepreneurs interested in business relations with Nigeria. In 2020, it was supplemented with 4 current tips.
4 recommendations for entering the Nigerian market during the coronavirus pandemic situation:
or service applicability The first step is to realize whether your product or service is applicable in the Nigerian market. The market here is 89% purely pro-import and most things are imported from abroad. It is important to remember that the market is very price sensitive. A lot of goods are imported from China, which you cannot compete with, but there are a lot of companies that are rich and prefer quality.
- Selection of business partners The second step is the selection of suitable clients. Nigerians are a very proud nation and like to pretend they want everything and in a big way. But the reality is that behind this mask they hide the fact that they are not rich enough to buy your product. The choice of a partner is absolutely key here and can bring you either the expected profit or great difficulties. Here, the Foreign Office (FCO) Lagos fulfills a vital function, as it has knowledge of the local environment and knows who to turn to.
- Finding a business partner
The third step is to find a partner (client) with whom you can do business. There are no quality paid databases in Nigeria and most of the companies listed in various search engines are not working. 99% of business here is done through acquaintances. If the company writes to you “send an official letter or e-mail”, then you already know that they will not talk to you. Personal contact is completely irreplaceable here. With its network of contacts, ZK Lagos acts as your sales representative and searches, calls and visits all potential clients, finds references and checks the company. He will then recommend a company that is interested in doing business with you, but is also financially strong enough for you to do business with.
- Practical things
Nigerians are a proud nation and therefore it is not good to acquiesce in everything when dealing with them. Price is important and always comes first. It is not a good idea to increase the price extremely and then negotiate. Because with a final price that is 25% or more lower, the client will feel, and rightly so, that you wanted to cheat him. It is also important to realize that most letters where someone claims to work for ECOWAS or is interested in your product, without further specification, is a scam. Don’t waste your time with these companies. ZK Lagos will help you either screen the applicant or assess the suitability of your product for the local market and then find a suitable partner.
Ten Commandments for Doing Business with Nigeria
- English is sufficient English is sufficient for negotiations.
- Pay attention to holidays and days off Plan your trip outside the Christmas and Ramadan periods.
- Be Forgiving and Careful Keep in mind the country’s ethnic, cultural and religious differences. A very common and frequent phenomenon in Nigeria is general indiscipline and punctuality. Perceive what is happening around you, be cautious, be careful with your property, take care of your safety and avoid risky situations.
- Check your partner Find out who your business partner is with whom you cooperate. You absolutely cannot do without a quality local partner who will open the door to customers.
- Prepare to be assertive Nigerians are very confident and assertive in business dealings. Negotiations can be preceded by a long, informal prelude, during which the client gladly boasts about his achievements. Rich or influential Nigerians like to flamboyantly display their wealth (influence), including perfect clothes and cars.
- Present yourself well Be politely confident and self-assured, especially about the product you are offering. Above all, present yourself well.
- Dress appropriately for the situation Trousers and a jacket are required clothing during the meeting. You don’t have to wear a tie.
- Don’t make the first impression Don’t be swayed by the initial impression that the client wants everything and in bulk. Nigerians are masters of manipulation and like to create the impression that a deal is already done during the first meeting.
- Expect changes Prepare for unexpected delays and changes in the entry of requirements from the Nigerian side.
- Take care of your payments Secure your payment instruments very well. Most often, a confirmed irrevocable letter of credit (L/C) is used with the simplest possible terms to avoid payment delays. Try to have most of your payments cleared and in your account before shipping.