GROUP PROJECT

SPRING 2019
INTERNATIONAL BUSINESS (INB372)
SECTION: 16
GROUP: A

Project Country: Nigeria

PREPARED FOR
MR. SHADMAN SAHIR AHMED (SSA1)
LECTURER
SCHOOL OF BUSINESS & ECONOMICS
NORTH SOUTH UNIVERSITY

PREPARED BY
NAME ID
MD. IBRAHIM SHAHRIAR SHAWON 142 0321 030
MD FAHIMUL HAQUE 172 1143 030
FARDIN ISLAM 171 2458 630
KAZI ASIF AHMED 141 1799 030

DATE OF SUBMISSION: APRIL 19, 2019

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 Acknowledgement

Before we get into thick of things, we would like to add a few words of appreciation for the
people who have been a part of this project right from its inception. The writing of this project
has been one of the significant academic challenges we have faced and without the support,
patience, and guidance of the people involved, this task would not have been completed. It is to
them we owe my deepest gratitude.

We would like to thank our course instructor Mr. Shadman Sahir Ahmed (SSA1) for his very
clear and detailed guidelines about how the report should be. He made things very clear in the
classroom, and if even after that we felt confused about something, He patiently told us how to
do it. We feel very grateful towards her.

We also feel heartiest sense of obligation to our library staff members & mostly former inb372
senior students, who helped us in collection of resource material and also in its processing. The
project is dedicated to all those people, who helped us while doing this project.

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 Table of Contents

Topic Pages
INTRODUCTION 5
LOCATIONS AND RESOURCES 10
ECONOMIC INTEGRATION 19
CULTURE 23
OVERALL ATTRACTIVENESS 29
THE DECISION 30
REFERENCE 33

Work Contribution

Fardin Islam: Introduction and Culture

Md. Ibrahim Shahriar Shawon: Locations and resources

Kazi Asif Ahmed: Economic Integration

Md Fahimul Haque: Overall Attractiveness & The Decision

Executive Summary

We the group members assigned to conduct a report on Nigeria in terms of Investment. To

conduct the report, we have to go through some statistics, websites, and journals about the
Nigeria’s economic condition, culture, market status etc. A key regional player in West Africa,
with a population of approximately 200 million, Nigeria accounts for about 47% of West Africa’s
population, and has one of the largest populations of youth in the world. A federation that
consists of 36 autonomous states, Nigeria is a multi-ethnic and culturally diverse society. With an

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abundance of resources, it is Africa’s biggest oil exporter, and also has the largest natural gas
reserves on the continent. Nigeria continues to represent a large consumer market for investors
and traders. Nigeria’s trade regime remains protectionist in key areas There is also investment
from the United States and other countries in Nigeria’s power, telecommunications, real estate
(commercial and residential), and agricultural sectors. Given the corruption risk associated with
the Nigerian business environment Security remains a concern to investors in Nigeria due to high
rates of violent crime, kidnappings for ransom, and terrorism. Freedom of expression and of the
press remains broadly observed, with the media often engaging in open, lively discussions of
challenges facing Nigeria. We show the whole scenario of Nigeria such as location and
resources, economic integration, and culture in various sections along with chat and diagram. We
analyze the overall attractiveness of its economy such as benefits, costs, risks regarding with
investment.

Finally, we make our decision whether to invest or not with recommending which sector you
should invest and what should be your mode of entry.

Section 1

INTRODUCTION

 What is the most populated city in your country?

Lagos is the most populated city in Nigeria with the population of approximately 17.5 million.

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  What is the capital city? Name 5 cities of your country?

Abuja is the capital city of Nigeria.

Name of 5 cities in Nigeria are:

(i) Lagos
(ii) Enugu
(iii) Zaria
(iv) Warri
(v) Kaduna
 What is the currency called?

Nigerian Naira is the currency of Nigeria.

 What is the population of your country?

Approximately 200 million (as of 2019)

 Who is the president/prime minister/ruler of your country? (What system of

government does your country have?)

Muhammadu Buhari is the President of Nigeria

Fig: Muhammadu Buhari

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 (President of Nigeria)

Nigeria is a federal republic and its government operates as a representative democracy.

 What type of Economic System does your country follow?

Nigeria operates a mixed economic system. It is a blend of Socialism and Capitalism.

 Which legal system does your country follow?

The Nigerian Legal System (NLS) is based on the English Common Law and legal tradition by
virtue of colonization. Nigeria has its own constitution (established on 29 May 1999). The
Constitution of Nigeria is the Supreme law of the country. There are four distinct legal systems in
Nigeria. They are; English law, Common law, Customary law, and Sharia (Islamic) Law.

 Where do you stand in the Human Development Index?

Nigeria's Human Development Index (HDI) value for 2017 is 0.532. It puts the country in the
low human development category positioning it at 157 out of 189 countries.

 What is your country’s GDP? GDP per capita? Trend in the last five years? Future
projections?

Nigeria’s Gross Domestic Product (GDP) is 375.8 billion USD (according to 2017 estimates)

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GDP per capita is 2412.41 US dollars in 2017

Fig: Nigeria’s GDP Trend in the last five years

Fig: Future projections till 2020

Looking forward, we estimate that the GDP Annual Growth Rate in Nigeria will stand at 3.00 in
12 months’ time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend
around 3.50 percent by the year 2020 according to the econometric models.

 Foreign direct inflow in your country in the last 5 years? From where?

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 Fig: Foreign Direct Investment, Net Inflows (% of GDP)

According to the UNCTAD 2018 World Investment Report (WIR), Nigeria is the third host
economy for FDI in Africa, only falling behind Egypt and Ethiopia. This country is among the
most promising pole of growth in Africa and it attracts numerous investors in the sector of
hydrocarbon, energy, buildings etc. The country undergoes the effects of the oil counter-shock.
According to the UNCTAD, FDI flows to Nigeria dropped by 21% to reach 3,5 billion USD in
the year 2017, under the effects of austerity measures. Estimated at USD 97.6 billion, the total
stock of FDI represents 24.4% of the country's GDP. Some of the main investing countries in
Nigeria include the USA, China, United Kingdom, the Netherlands and France.

 Foreign direct outflow from your country in the last 5 years? To where?

The Foreign Direct Outflow from Nigeria in last 5 years were mainly made in -

 India ($9.1 billion)

 Spain ($4.63 billion)
 South Africa ($4.58 billion)

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  Brazil ($4.14 billion) and
 Netherlands ($3.37 billion)

Fig: Foreign direct investment, net outflows (% of GDP)

 Where do you stand in the Corruption Perception Index (CPI)?

In the Corruption Perception Index (CPI), Nigeria ranks at 144th out of 180 countries
with the score of 27 out of 100.

Section 2

LOCATED IN THE WORLD MAP (NIGERIA)

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Nigeria Located in the West of Africa. It surrounded land borders with 4 countries: Chad, Niger,
Benin, Cameroon. Nigeria covers 923,768 square kilometers of land and 13,000 square
kilometers of water. making it the 32nd largest nation in the world.

The Advantages enjoy Nigeria for their location:

Nigeria has high level of oil reserves and relies on lot of crude oil Exports.
The longest and largest river in the west Africa is the river Niger from where Nigeria
derives her name.
Nigeria has the Mountain Chappal Waddi at 2,419 m (7,936 ft) which is the highest point
in Nigeria.
More than 65% of Nigerians live of nature and depends on the goods., fisheries, Farming
and manufacturing are all examples of this.
Nigeria has the greatest advantages on Tourism. There are several tourist places in
Nigeria. For example; Olumo Rock, Aso Rock, Lekki Conservation Centre, Tarkwa
Bay Beach

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Fig: Lekki Conservation Centre Fig: Olumo Rock

Fig: Aso Rock

Nigeria has 8 Ports. Ports provide facilities for exports and imports.

Disadvantages

 There are some Trade barriers in Nigeria due to; lack of transport Infrastructure, and
inefficiency, barriers to market access (such as import prohibition), local content
requirements, Delays at Nigeria’s ports because of inefficient border administration and
mismanagement.
 Nigeria Struggling to Cope with Rising Natural Disasters

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  One of the major problems in Nigeria is Desertification, made worse by massive water
restraint and irrigation schemes. Approximately Nigeria is losing 0.6 kilometers of land to
desertification each year. (Kabir, 2019)

Top 5 local companies:

FIG: Top 5 local companies with their business Logo

1. DANGOTE GROUPS: Dangote Groups is owned by the richest person in Africa, Aliko
Dangote. It was founded in 1981. It’s mainly a group of company. It produces, Sugar,
flour, Salt, Steel, Cement, oil and gas as well as packaging materials.

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2. NIGERIAN BREWERIES: It was founded in 16th of November 1946. They are the first
and largest Brewery company in Nigeria.

3. FLOUR MILLS OF NIGERIA: It was founded in 1962. it produces Golden penny

flours. It is very popular amongst bakeries, confectionaries in Nigeria.

4. DUFIL PRIMA FOODS: This company founded in 1995. it is the Nigerians most
consumed food, which is Instant Noodles.

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5. OANDO: It is founded on 1956 in Victoria Island, Lagos, Nigeria. it mainly produces
Oil, Petroleum, Natura l gas, Petrochemical, Fuel, Lubricant.

1. CHEVRON NIGERIA LIMITED: Chevron Nigeria Limited is a subsidiary Company

of Chevron Corporation. It is right now one of the largest oil producers in Nigeria.

2. NESTLÉ: It is public company headquartered in Lagos, Nigeria. Founded 1961; 58

years ago. It produces Baby food, coffee, dairy products, breakfast cereals,
confectionery, bottled water.
3. UNILEVER: It is founded in 1923. Its Headquarters Lagos, Nigeria. It basically
produces consumer products. For instance; Close-Up (toothpaste), Pepsodent
toothpaste, LUX soap, Lifebuoy soap, Rexona, Vaseline lotion and so on.
4. PROCTER AND GAMBLE: In Nigeria PROCTER AND GAMBLE one of the
leading companies for consumer products. It produces Cleaning agents Personal care
products Beauty Care Products Personal Healthcare Products in Nigeria.

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 5. BRITISH AMERICAN TOBACCO: BAT operating their business in Nigeria over
100 years. BAT manufacture and distribute 12 brands in Nigeria. (Yikangha, 2018)

FIG: Top 5 foreign companies with their business Logo

Natural resources are Nigeria rich in:

Natural resources are simply defined as the sources of wealth which appear naturally as well as
used by humans. Non-renewable are the most valuable resources in Nigeria. The resources could
be classified as their use. According to this classification, mineral and agricultural resources are
there.

Mineral resources in Nigeria and their locations

Resources Locations
Oil and gas Akwa Ibom, Abia, Bayelsa, Edo, Delta, Rivers, Imo
Coal Ondo, Enugu
Gold Edo, Ebonyi, Kaduna, Ijesha, Oyo.
Columbite Bauchi, Cross-River, Kaduna, Kwara, Nassarawa.
Lead and zinc Ebonyi, Benue, Ogoja, Kano.
Salt Akwa Ibom, Abia, Ebonyi, Cross River.

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Tin Jos, Bauchi.

Agricultural resources in Nigeria and their locations

Resources Locations
Cocoa Edo, Anambra, Imo, Kwara, Ondo, Ogun, Osun, Oyo.
Coffee Kwara, Bauchi, Osun.
Cotton Katsina, Kano, Niger, Kwara, Sokoto.
Groundnut Ebonyi, Katsina, Sokoto, Kano, Niger.
Kola nut Ogun, Oyo, Osun, Kwara.
Oil palm Akwa Ibom, Imo, Anambra, Oyo, Aba

Utilization:
Nigeria utilizing their Natural Resources for their countries production. How and Where they
utilize it, mentioned below:
Crude oil: Making petroleum the most significant area of the Nigerian economy. Nigeria
produces 2.3 million barrels of Crude petroleum per day. It is Africa's biggest oil producer,
contributing 3% to the worldwide production, and is the world's 6th biggest oil exporter. Nigeria
is the member of Organization of Petroleum Exporting Countries (OPEC).

Utilization ways:
a) transportation fuel
b) electricity generation
like gas, petrol, and diesel
c) Jet fuel is used in aircraft

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Coal: Nigeria is blessed and abundant with coal rich states especially the Enugu area. which is
known as the “the coal city” because of its extensive coal deposits.

Utilization ways:
a) As fuel for Electricity,
b) In steel and cement
c) industries as a fuel.
d) It’s used in paper, brick,
e) limestone

Lead: Minerals and Lead are with abundant natural resources

in Nigeria, which is the richly blessed country of Africa.

Utilization ways:

a) building construction such as roofing material, cladding

b) in Water pipes and so on

Gold: Gold is a natural resource and mainly found in the Northern part of Nigeria. Though it’s
not dominant in the country as like oil Industry. But it has some very significant usage.

Utilization ways:

a) for jewelry and decoration

b) In medicine, used for
Cancer treatment. (finelib, 2019)

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 Figure: Golds

Section 3
ECONOMIC INTEGRATION

Economic integration is the unification of economic policies between different states.

 ALLY

 There is no specific biggest or closest ally of Nigeria, but it has some good allies like -

 Benin

 Chad

 Cameroon

 Niger

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 TOP EXPORT/IMPORT
 The top export of Nigeria is Crude Petroleum ($35.6B) to
 India
 US
 Spain
 France
 Netherlands and
 Germany

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 TOP EXPORT – CRUDE OIL

 Top import is Industry Supplies from:

 China

 Belgium

 Netherlands

 South Korea

 US and

 India

 TOP IMPORT – INDUSTRY SUPPLY

TRADE BLOC

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 Nigeria is in a regional trade block named ECOWAS (Economic Community of West
African States). ECOWAS has 15-member countries and it’s headquartered is located at
Abuja, Nigeria.

 ECOWAS includes two sub regional blocks –

1) UEMOA
2) WAMZ

 Nigeria is in West African Monetary Zone (WAMZ).

 Currently WAMZ is not an effective trade block similar to that of SAARC. The parent
trade block ECOWAS has a number of objectives but those objectives remained
unearned.

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 Fig: Geographic Area of Wamz & Headquarter of Ecowas Bank

 So, there is no specific economic advantage Nigeria is getting as a result of that trade
block. But it is proposed by WAMZ that it will establish a strong stable currency whose
exchange rate will be tied to that of the Euro and is guaranteed by the French treasury.

 The name of that currency would be ECO

Section 4
CULTURE

 What is the dominant language of your country? Say a few words in that language.

There are approximately 500 languages spoken in Nigeria. The official and the dominant
language of Nigeria is English, it was the former language of colonial British Nigeria. Nigerian
English and Nigerian Pidgin were spoken as second language by 60 million people in Nigeria
according to a report in 2003.
Few words in the dominant language-

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“Imagine a few words in English”

 What is the local cuisine like?

Nigerian cuisine consists of various dishes or food items from the hundreds of ethnic groups that
are comprised in Nigeria. Like the other West African cuisines, it uses spices and herbs with
palm or groundnut oil to create deeply flavored sauces and soups. Nigerian feasts are always
colorful and lavish. Aromatic market and roadside snacks cooked on barbecues or fried in oil are
plentiful and varied.

Some of the most popular Nigerian cuisines are-

 Location of Nigeria
 A yam pottage/porridge dish.
 Varieties of suya.
 Woman selling ponmo (cow skin).
 Maafe.
 Ofada rice served in traditional style with fried plantain and beef.
 Dodo (Fried plantain)
 A Plate of Pounded Yam (Iyan) and Egusi Soup with Tomatoes Stew etc.

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  What music is more popular in your country?

Nigerian music includes many kinds of folk and popular music, some of which are
known worldwide. The styles of the folk musics are related to the multitudes of ethnic
groups in the country, each with their own techniques, instruments, and songs.

Some of the popular genres of music in Nigeria are-

 Gospel
 Raggae
 HipHop
 Highlife
 Afrobeat
 Afropop
 AfroJuju
 Yo-Pop
 Akpala
 Juju
 Fuji
 Waka etc.

 What are the key festivals celebrated in your country? How and why is it celebrated?

There are many kinds of Festivals in Nigeria, some of which date backs to the period before the
arrival of the major religions in this ethnically and culturally diverse society. The main festivals
from Muslim and Christian religions are often celebrated in ways that are unique to Nigeria or

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unique to the people of a locality. The Nigerian Tourism Development Corporation (NTDC) has
been working with the states to upgrade the traditional festivals to increase the sources of
tourism revenue.

Some of the key festivals of Nigeria are-

 The Argungu Fishing Festival

 Ikeji Arondizuogu
 Calabar Carnival
 Carniriv
 Eyo festival
 Igbo New Yam festival
 Igogo Festival
 Nnewi Afiaolu Festival
 Ofala Festival
 Osun festival
 Sango festival
 Sharo / Shadi Festival
 Yam Festivals

The most important festivals of Nigeria are the religious festivals which include the main
Muslim and Christian festivals.

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  What the key holidays enjoyed by the people of your country?

The Christian festivals, Christmas and Easter are celebrated widely, with a distinct West
African flavor, and most of the Christians live in the south. The main Muslim festivals Eid al
Fitri, Eid al Maulud and Eid al Kabir, are also celebrated and are recognized as national
Nigerian holidays.

 Share a cultural fun fact with us?

Fact: More Than 250 Ethnic Groups
Nigeria has more than 250 ethnic groups of which there are 3 dominant tribes. They are: The Ibo
(Igbo), Hausa-Fulano, and Yoruba which make up about 18%, 29%, and 21% respectively.

 Is there anything in particular that a tourist should know before visiting your
country?
Things tourists should know before visiting Nigeria-

 The energy and positivism are contagious in Nigeria

 Nigeria is safe for tourists
 Nigeria is hot
 Everyone in Nigeria speaks English
 Nigerians are warm, friendly and loud

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  Public transportation might be a struggle
 Religion is part and parcel of everyday life
 Take your vaccines & necessary precautions

 If I were to visit your country tomorrow, what would you recommend me to do?
If you’re planning to visit Nigeria, the things I will recommend to you to do are –

 The first thing you should do is meet and hangout with the locals to get engrossed
in the culture.
 Travel to places where tourists usually don’t visit to best know the country and its
culture.
 Go to the various cultural festivals.
 Try the famous cuisines of Nigeria.
 Watch a Nollywood movie with the local audience.
 Visit places such as, Yankari National Park, Lekki Conservation Centre, Zuma
Rock, Olumo Rock, Tarkwa Bay Beach etc.
 Visit the busy cities to know the everyday chaos.

 Evaluate the culture of your country in terms of Hofstede’s Dimension?

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Evaluating the culture of the country in terms of Hofstede’s Dimension:

 Power Distance
Nigeria has a High-Power Distance society where it let the inequalities grow over time into
inequalities of power and wealth.
Allows hierarchical organizational structure & bureaucracy.

 Uncertainty Avoidance
Nigeria has a High Uncertainty Avoidance culture which values rules & regulation,
commitment, job securities and is less entrepreneurial.

 Individualism versus Collectivism

In Nigeria Collectivism is emphasized. Here ties between individuals are tight, people live in
extended families and everyone look after each other, public rights are more important than
individual rights, ingroup and outgroup members are treated differently.

 Masculinity versus Femininity

This dimension looks at the relationship between gender and work roles. Nigeria has a
Masculine culture, where gender roles are sharply differentiated (men and Women have specific
job) and achievement and power are mostly determined by cultural ideals.

Section 5
OVERALL ATTRACTIVENESS

 What are the benefits that I would enjoy from investing in your economy?

Benefits:

 Nigeria has a large consumer market for investors and traders

 Growing economy (GDP, National Income)
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  Attractive diversified culture and society (The country has approximately 250
different ethnic groups, and different religious people making it one of the most
diverse societies in the world.)
 Easy oil excess
 Cheap labor cost

 What are the costs that I would incur from investing in your economy?
Costs:

 Corruption is extremely high

 Lack of skilled and educated people
 Weak Infrastructure (Road network is messed up, railway transportation network for
commodity transport does not exist, power grid is unstable.)
 An inefficient judicial system and unreliable dispute settlement mechanisms
 A high tax burden (among some sectors).

 What are the risks associated if I were to invest in your economy?

Risks:

 Political clash
 Security concern to investors
 Unrest economy
 vulnerable to variation in crude oil prices and production level

Section 6
THE DECISION
 Is your country a viable location to invest in based on the findings of the previous
sections?

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  Though Nigeria has some issue like many other countries, it is a viable country to
invest (depends on the sector where you invest). It has a big population which helps
you to employ workers with low labor cost results of low production cost.
 It has a big consumer market with middle income citizens, which indicates more
selling and earns more profits.
 It has very enriched and diversified cultural society which provides you a more
diversified consumer market
 Factories need natural resources for production. Nigeria is a country with full of
important hydrocarbon resources and natural resources mainly crude oil. You can get
comparatively low-priced oil which facilities your production.
 After a period of recession in 2016, Nigeria’s economy is growing more than 5% and
growing economy is always amicable foe investment.
 High agricultural potential.

 If yes, where should I invest in?

First choice: (Manufacturing sector)

 Nigeria’s population suggests a massive potential workforce as well as a consumer

base. For a manufacturer this is an ideal scenario, not only do you have potential
customers, but you also have potential employees.

 The Nigerian government is eager to expand the manufacturing capability in the

country, and to that end, they are offering incentives for manufacturers that are able to
locally source their raw materials, for example, agro-allied manufacturers processing
foodstuffs such as fruit juices and vegetable oils.

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  Any manufacturing industry that provides multiplier effect solutions for the economy
is also looked upon favorably. An example of this would be machine tools, flat sheet
metal, and spare parts manufacturing.

Second choice: (Information and communication technology services)

 Nigeria is one of the fastest growing internet users in the world. According to
Statistics, there are approximately 76.2 million Nigerian internet users as of 2017.
This is an increase of nearly 50 percent from the 2013 figure of 51.8 million.

 There are millions of Nigerians who are interested in involving themselves in

Information Communications and Technology Services (ICTS).

 Its growing economy does not require someone to be in a specific location to provide
the service needed, rather they can be located anywhere in the world.

 Leading Sub-Sectors: Smart devices such as smartphones, tablets, laptops, point of

sale and point of payment systems have a large and fast-growing market in Nigeria.

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 What should be my mode of entry? And why?

 If the investing company invests in the manufacturing sector than we recommend

acquiring an established enterprise will be the best mode of entry. Acquisition will be
much better when well-established competitors or global competitors interested in
expanding.
 One of the most significant advantages of acquisition is quick execution. By
acquiring an established enterprise, a firm can rapidly build its presents in the target
foreign market.
 When the German automobile company Daimler-Benz decided it needs bigger
position in U.S automobile market, it did not increase that presence by building new
factories to serve the United States, a process that would have taken years. Instead, it
acquired the third largest company U.S automobile company called Chrysler.
 Acquire an enterprise is less risky than established a wholly new owned subsidiary
(greenfield venture). It generates profits faster than Greenfield venture.
 When a firm makes an acquisition, it not only acquires a set of tangible assets but also
acquires valuable intangible assets, including local brand name managers’ knowledge
of the business environment in the nation. Such knowledge can reduce the risk of
mistakes caused by ignorance of the nation culture.
 BY acquiring, the investment company also preempts their competitors. The need for
preemption is particularly great in market that are rapidly globalizing.

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