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Assessing the risk and reward of doing business in Nigeria in 2023: Leveraging Nigerian diasporans as a bridge for enhanced ease of business

Introduction:

As we are about to welcome the new members of the Nigerian Executive Committee, the participation of the Diasporans should be considered.

When considering the risk and rewards of doing business in Nigeria in 2023, it is crucial to explore the potential advantages of utilizing Nigerian diasporans as a bridge to enhance the ease of doing business in the country. Nigerian diasporans possess unique insights, networks, and cultural understanding that can facilitate market entry, mitigate risks, and unlock numerous opportunities. This article aims to delve into the risk-reward dynamics of doing business in Nigeria while highlighting the advantages of engaging the Nigerian diaspora.

  1. Economic Potential and Business Opportunities:

Nigeria’s vibrant economy, rich in natural resources, offers tremendous business potential. With an expanding middle class and a large consumer market, the opportunities for growth and profitability are abundant. Engaging diasporan populations can provide businesses with valuable insights into consumer preferences, behavior, and emerging market trends, ultimately helping to tailor products and services to local needs more effectively.

  1. Cultural and Market Understanding:

Nigerian diasporans possess a deep understanding of Nigerian culture, customs, and business practices. Their insider perspective can bridge cultural gaps and facilitate smoother business transactions, negotiations, and relationship-building with local partners. By leveraging their familiarity with the local business landscape, diasporans provide a strategic advantage that reduces the learning curve for investors.

  1. Network and Market Entry Support:

The Nigerian diaspora Network like the www.NCBN.CA is well-connected within the global business community, creating a valuable network that can assist investors in navigating the complexities of the Nigerian market. Diasporan networks can provide introductions to potential partners, suppliers, distributors, and customers, opening doors that may otherwise be challenging to access. This Business network support greatly enhances opportunities for market entry and growth.

  1. Trust and Credibility:

Nigerian diasporans often possess a level of trust and credibility within local communities due to their shared cultural heritage and diaspora status. This can be leveraged to build trust with local stakeholders, regulatory bodies, and government agencies. The credibility of diasporans can help overcome skepticism, streamline bureaucratic processes, and foster relationships built on mutual understanding and trust.

  1. Knowledge Transfer and Skills Exchange:

Nigerian diasporans bring with them diverse skill sets, experiences, and expertise gained from their international exposure. This knowledge transfer can be invaluable for local businesses seeking to adopt best practices, innovative strategies, and cutting-edge technologies. By collaborating with diasporan professionals, businesses can enhance their competitiveness, efficiency, and operational effectiveness.

  1. Overcoming Infrastructure and Operational Challenges:

One of the significant risks of doing business in Nigeria relates to infrastructure deficits, bureaucratic hurdles, and operational inefficiencies. However, diasporan entrepreneurs and professionals, who have experienced these challenges firsthand, can share insights, strategies, and innovative solutions to navigate these obstacles. Their experiences in more developed markets can be instrumental in identifying ways to overcome infrastructure gaps and streamline processes, mitigating associated risks.

Conclusion:

Doing business in Nigeria in 2023 presents a mix of risks and rewards. Engaging Nigerian diasporan organizations like the Nigerian and Canadian Business Network as a bridge can provide distinct advantages by leveraging their market knowledge, cultural understanding, networks, and credibility. By recognizing the economic potential, fostering strong collaborations, and tapping into the diasporan pool of talent and expertise, businesses can enhance the ease of doing business in Nigeria, capitalize on opportunities, and navigate risks more effectively. By forging partnerships, sharing knowledge, and ultimately benefiting from the diaspora advantage, businesses can set themselves up for success in Nigeria’s dynamic and evolving market.

King Wale AdeSanya is the National Chairman of the Nigerian and Canadian Business Network www.ncbn.ca in Ottawa, Ontario, Canada. He can be reached at [email protected]

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