GLOBALIZATION NATIONAL DIFFERENCES IN NIGERIA POLITICAL ECONOMY

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• GLOBALIZATION NATIONAL DIFFERENCES IN NIGERIA
  POLITICAL ECONOMY
•   
• DEPARTMENT OF BUSINESS MANAGEMENT
• DECEMBER, 2022.

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Description

• Nigeria is ?a large country on the west coast of
  Africa. It was a British colony from 1914 and has
  been a member of the Commonwealth since becoming
  independent in 1960. comprising 36 states and the
  Federal Capital Territory, where the capital,
  Abuja, is located. It covers an area of 923,769
  square kilometres (356,669 sq mi), and with a
  population of over 225 million, it is the most
  populous country in Africa. Nigeria is a
  multi-ethnic and culturally diverse federation of
  36 autonomous states and the Federal Capital
  Territory, divided roughly in half between
  Muslims, who live mostly in the north, and
  Christians, who live mostly in the south
  indigenous religions, such as those native to the
  Igbo and Yoruba ethnicities, are in the minority.
  The Economy of Nigeria is a middle-income, mixed
  economy and emerging market, with expanding
  manufacturing, financial, service,
  communications, technology, and entertainment
  sectors. Source https//projectandmaterials.com/

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Nigeria Map

• Nigeria is bordered to the north by Niger, to the
  east by Chad and Cameroon, to the south by the
  Gulf of Guinea of the Atlantic Ocean, and to the
  west by Benin. Nigeria is not only large in
  arealarger than the U.S. state of Texasbut also
  Africas most populous country.

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Business culture

• Generally speaking, business in Nigeria is very
  relationship-based and face-to-face meetings are
  the norm. You should also expect to spend a lot
  of time getting to know your new business contact
  as you attempt to understand your mutual business
  priorities. The keys to successful business
  interactions in Nigeria are adaptability,
  flexibility and patience. Establishing personal
  relationships. Source https//projectandmaterials
  .com/

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• Cultural taboos In many cultures of Nigeria, it
  is forbidden to give or receive anything with
  your left hand.
• Business communication rules Handshakes are the
  most common greeting, although you must wait for
  a woman to extend her hand first. Titles are
  extremely important business associates should
  be addressed by their honorific, academic or
  professional titles followed by their surnames.
• Business etiquette Many Nigerian professionals
  are very casual about meeting times, and sticking
  to a previously agreed-upon meeting time in
  Nigeria is rare.
• business meeting etiquette Depending on your
  relationship with the person you are having a
  meeting with, keep the meeting professional and
  respectful.
• Business meeting tips Be generous and patient in
  your project planning and dont expect fast
  negotiations and decision making. Dont criticize
  in front of someone else and choose your words
  carefully and wisely. Source https//projectandma
  terials.com/

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Business environment

• The business environment dependent on the type of
  business you are in. Typically, youd want to
  start in the major hubs and cities Lagos, Kano,
  Port Harcourt, Abuja, Kaduna, or Ibadan. You can
  then leverage your presence in one of these hubs
  to build your business and expand into the
  surrounding areas. A good point of entry is
  usually Lagos. Lagos is the commercial hub of
  Nigeria located in the southwest of the country
  along the Atlantic coast. With a population of 22
  million inhabitants and the largest port in the
  country Lagos accounts close to 16 of
  Nigerias 36-State GDP. Lagos economic
  contribution makes it the 7th largest economy in
  Africa. Source https//projectandmaterials.com/

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• Nigeria Gross National Product (GNP) was reported
  at 444.048 USD bn in Dec 2021.
• This records an increase from the previous number
  of 412.818 USD bn for Dec 2020.

Nigeria GNP - Historical Data Nigeria GNP - Historical Data Nigeria GNP - Historical Data Nigeria GNP - Historical Data
Year GNP Per Capita Growth Rate
2021 444.04B 2,100 3.12
2020 412.81B 2,000 -2.32
2019 407.59B 2,030 3.48
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• level of inflation Nigeria's inflation rate
  surged to 20.77 in September 2022, up from
  20.52 recorded in the previous month.
• The national gross income per capita in Nigeria
  increased by 100 U.S. dollars (5) in 2021. In
  total, the national gross income amounted to
  2,100 U.S. dollars in 2021.
• GDP in Nigeria is expected to reach 445.00 USD
  Billion by the end of 2022, according to Trading
  Economics global macro models and analysts
  expectations. In the long-term, the Nigeria GDP
  is projected to trend around 445.00 USD Billion
  in 2023 and 450.00 USD Billion in 2024.

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Advantages disadvantages
Advantages Disadvantages
High Population Growth is one of the advantage of doing business in Nigeria because A country with a growing population of over 170 million citizens with little available means of sustaining her demands is definitely a place for you to do business. Nigerian businesses are at risk of global currency fluctuation. The Naira, Nigerias currency, is highly influenced by Nigerias main source of revenue exported crude oil.
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Major Threats of Nigeria's Business Environment. 
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• However, efforts are being made at various levels
  to contain these threats for instance, UNCTAD
  (2009) points out that the return of democratic
  governance in Nigeria in 1999 was accompanied by
  a fundamental re-orientation of economic policy
  in the country"s home-grown NEEDS ideology
  following which, the government is gradually
  withdrawing from direct conduct of commercial
  activity with the aim to embrace a private-sector
  led growth strategy.

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Conclusions

• Nigeria is Africas largest market and most
  populous country. The challenges in its business
  environment, in general, are quite similar to
  challenges that youd experience in other African
  countries. As a business looking to succeed in
  Nigerias business environment, keep an eye on
  Nigerias currency fluctuation and have a sense
  of global oil prices, along with the
  inter-country management of national revenue that
  influence this fluctuation. Source
  https//projectandmaterials.com/

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Reference

• Aaker, D. A. 2008, Strategic Market
  Management, Hoboken, NJ John Wiley and Sons,
  Inc.
• African Development Bank (2022). Nigeria Economic
  Outlook Recent macroeconomic and financial
  developments . Retrieved 20th November, 2022 from
  https//www.afdb.org/en/countries-west-africa-nige
  ria/nigeria-econoJJmic-outlook.
• Edoho F.M. (2001) Management challenges for
  Africa in the twenty-first century Theoretical
  and applied perspectives. Westport, CT Praeger.
• JUDE.O (2017) Improving the Business Enabling
  Environment in Nigeria to Create Jobs and Boost
  Inclusive Growth
• Olufemi , S (2020), The impact of government
  policies on Nigeria economic growth
• ZAINAB .U .(2019). Economic Diversification in
  Nigeria The Politics of Building a Post-Oil
  Economy.
• Kevin Shillington (2005) Encyclopedia of African
  History Fitzroy Dearborn, Taylor Francis
  Group New York