Business Opportunities and the Etiquette of the culture

1. ISSUES OF CONCERN
For specific matters, investors are strongly advised to obtain further
information and take professional advice before making any decisions.
Nigeria’s economy has much in common with those of China, Malaysia and
India. Free enterprise is the norm, although there are a number of important
economic sectors like Telecommunication, Electricity and Water that have
been, or continue to be, partially Government owned and controlled. The
Government’s policy is to promote the commercialization, restructuring and
privatization of certain government owned enterprises.
Economic structure
Nigeria has one of the largest free market economies on the African
continent. Most of Nigeria’s economic activity occurs in four main
metropolitan areas, namely Lagos, Abuja, Kano and Port Harcourt.
The country accounts for the highest production of crude oil in Africa.

2. Privatisation
The public sector’s role in Nigeria’s economy has historically been substantial in
comparison with the private sector’s. The Federal Government however, is taking
steps to commercialize, restructure and increase private sector participation in
Government enterprises.
Imports, exports and free trade areas
Most of Nigeria’s exports to industrialized countries consist of primary and
intermediate commodities. A large proportion of exports consist of unprocessed raw
materials, with the oil and gas industry contributing the greatest proportion to the
country’s total exports. Nigeria is a major exporter of crude oil. The country is also
an exporter of Cocoa, Rubber, cashew nut and raw timber.
Imports include mainly capital goods, refined petroleum, and intermediate goods.
International relations and associations
Nigeria has become a significant player on the world’s political stage and plays an
important role in international organizations like the World Bank and in
international affairs generally.
Nigeria is one of the founding members of African Union, successor to the former
Organization for African Unity.

3. Nigeria has become an important international conference centre, and has in recent years hosted a number of
large international conferences like the OAU/AU and the Commonwealth Summits.
The government’s foreign policy principles are to seek to prevent conflicts and promote democratization,
disarmament, and respect for human rights, sustainable development and poverty alleviation.
Nigerian Culture - Key Concepts and Values
Ethnic groups – More than 250 ethnic groups with different languages and cultural costumes can
be found in Nigeria. The largest ethnic groups are the Hausa and Fulani, which adhere to Islam
and the Yoruba and Igbo (Ibo), which adhere to Christianity. Traditional religious beliefs often
mix within the two big religious groups.
Family – Family relations play a very important role in Nigerian culture. Generally, families in
Nigeria have a patriarchical structure. Polygamy amongst members of the Muslim community is
not uncommon. Family bonds help to achieve social status while nepotism is a major issue in
Nigeria even though it is illegal.
Time – The perception of time in Nigeria differs from that in the West. Generally, everything
moves at a more relaxed pace. An individual’s needs are considered more important than
sticking to a schedule. Keep this in mind and be flexible when doing business in Nigeria.
Doing Business in Nigeria © Communicaid Group Ltd. 2009
Communication styles – Communication styles in Nigeria may vary significantly depending on
the individual’s cultural ancestry. Nigerians from the south usually speak in a direct way and use
a louder voice. Many of the people from the South-Western part of Nigeria make use of proverbs
and sayings, thus their communication style is more indirect. In general, Nigerians are a friendly
and outgoing people. Inquiring about a person’s health and wellbeing is essential. A lot of
gestures and facial expressions of empathy are used amongst Nigerians.

4. Working practices in Nigeria
• Due to the Nigerians’ more relaxed attitude to time, schedule business meetings well in
advance, preferably a month or two before the intended visit. Confirm the appointment
by calling the day before.
• Aim to arrive on time for business meetings. However, this may be difficult due to the
rather chaotic traffic in major cities of Nigeria. Being punctual is appreciated.
• Working hours in Nigeria are Monday to Friday, 8-8.30 am to 5pm. In the northern part
of Nigeria, Friday is a holiday for the Muslim community.
o Structure and hierarchy in Nigerian companies
• Senior executives and colleagues expect a degree of respect. Therefore, be prepared for
interruptions by people of a higher rank when in meetings.
• In Nigerian business culture, decisions are typically made by the most senior manager.
Nevertheless, input from employees is rewarded and encouraged.
o Business relationships in Nigeria
• Establishing a personal relationship with your Nigerian counterpart is common practice
before starting to do business. Be prepared to spend the first hour or two of the first
meeting for that purpose only. Don’t try to avoid this practice, as it might affect your
business.
•

5. • In the first few business meetings, expect the atmosphere to be rather formal. When
Nigerians’ start to feel comfortable with you as a person and mutual trust has been
established, they will become less formal. Then follow suit..
o Business practices in Nigeria
• Nigerians like to be addressed by Mr/ Mrs/ Ms and their last name. Titles are often
used, as the person having a title sees this as a privilege.
• Shaking hands is the common greeting procedure. Women normally don’t shake
hands. Due to the various cultures and languages prevalent in Nigeria, greeting one
another in English is the most common practice.
• Business dress in Nigeria is smart. Outer appearance is very important, because it’s
an indicator for status. Some Nigerians tend to wear traditional “native dresses”
(colourfully printed long gowns).
1. Patience & Political Uncertainty
2. Safety and Security
3. Uninterrupted Power Supply

6. Nigerian Business Etiquette (Do’s and Don’ts)
DO keep in mind, that even though officially illegal, favouritism and nepotism is still a
common practice in Nigeria.
DO remember, that Nigeria has a long history of colonial and military suppression. This
effects on Nigerian business culture and makes it conservative. Be formal, punctual and dress
smartly.
DO keep in mind, that Nigeria is a multi-religious and multi cultural country. Always
find out which religion or culture the people you are working with belong to.
DON’T hold eye-contact while talking to somebody for too long as this might be
misinterpreted as a threat. Instead try to keep your eyes at forehead or shoulder level.
DON’T confront your Nigerian co-workers in public when you have an issue with them.
Do so directly and openly, but in a private setting so as to not undermine their
credibility.
DON’T be irritated when Nigerians insist on being addressed with all their titles. People are
quite class conscious which relates back to the history of suppression during slavery and
colonialism.

7. • 100% foreign ownership
• 100% income and corporate tax exemption
• 100% Capital & Profit repatriation
• Long term renewable lease
• Strategic location with access to over 1.2 billion consumers
• Transparent laws and regulations
• Promotion centers in Dubai and Abu Dhabi
• Simple and fast application procedures
• State of the art communication facilities
• Excellent Sea port and International Air port facilities
• Easy international Access
• Abundant energy supply
• Marketing support services • Prohibition of strikes' and lock outs
• One stop for all permits and
the business licenses

8. SUMMARY OF LEKKI FREE ZONE PROJECT
A. A preferential policy hi-tech industrial sector, targeted to create a minimum of 2 million jobs
and high efficiency services in:
1. Oil and Gas
2. Petrochemicals
3. Electronics
4. Mechanical - Light and Heavy equipment, machinery and automobiles
5. Pharmaceuticals
6. Textiles
7. Shopping, Warehousing and Transportation
8. Banking and Financial Centre including Insurance services
B. A high-grade residential Zone with first class environment due to the envisioned economic
strength of the Lecky Free Zone, comprising of:
1. High Class residential apartment and villas for investors and employees
2. Shopping Malls & Plazas
3. Specialist Hospitals and Clinics
4. Schools and Research & Development Centers
5. Hotel, Tour & Recreational Centers including Sandy Beach Gardens and bathing, Golf Course,
Gyms and Water Sports sector, all in harmony with environment and nature's green

9. COMPETITIVE ADVANTAGES OF LFTZ
1. LFTZ is located on the southern coast of Nigeria and connected
to the major international waterways via the Atlantic Ocean and
the Gulf of Guinea.
2. LFTZ is located on the southern coast of Nigeria and connected
to the major international waterways via the Atlantic Ocean and
the Gulf of Guinea.
3. Access to the largest consumer market in Africa, with over 500
million potential customers.
4. Access to abundant natural resources such as Oil, Natural gas,
Timber, Rubber, Cocoa, Arabic gum and Sesame seed to name
but a few.
5. Favorable geographical location and ascendant location to
other parts of Africa, Europe, Middle East and the Americas.
6. It has availability of skilled and semi-skilled man power.
7. The social situation of LFTZ with its natural ecosystem,
unpolluted green lands and ecological lakes and lagoon which
together make it ideal for a modern, yet serene city.

10. Related Investment Opportunities:
- Fish farming opportunities lure investors
-
Unique marine environment perfect location for aquarium
-
Particle board manufacturing: A viable business proposition
-
Lights, camera, action: Invest in the Lagos Film City
-
Invest in Lagos State's healthcare infrastructure

11. Investment Opportunities
Join other multinationals in rice production
Posted on: 21-DEC-09
Local suppliers cannot meet Nigeria's large demand for rice, creating viable opportunities for investment. >> Read more
Investors invited to process cassava into glucose syrup
Posted on: 10-DEC-09
Investors have the opportunity to invest in the processing of cassava into glucose syrup in Kwara State, situated in central Nigeria. >> Read mo
Motel development holds exciting potential
Posted on: 10-DEC-09
Local and foreign investors have the opportunity to invest in the upgrading of the Patigi Motel, situated in central Nigeria. >> Read more
Fruit juice factory to do well in Kwara State
Posted on: 10-DEC-09
The Kwara State Government is calling on interested parties to come forward and invest in the production of fruit juice. >> Read more
Tricks of the trade – invest in skills training
Posted on: 10-DEC-09
The Kwara State Government is looking for investors to invest in the state's education sector by establishing skills training facilities. >> Read
Capitalise on significant demand for ethanol
Posted on: 10-DEC-09
Foreign and local investors have the opportunity to invest in the production of ethanol in Kwara State, situated in central Nigeria. >> Read mo
Invest in the cultivation and processing of maize
Posted on: 10-DEC-09
Investors have the opportunity to capitalise on the current high demand for staple foods by investing in the cultivation and processing of maize in Kwara
State, situated in central Nigeria. >> Read more
Traditional and renewable power companies invited to invest
Posted on: 10-DEC-09
Investors with strong credentials in the energy sector have the opportunity to invest in power generation and distribution in central Nigeria. >>
Mixed-use development open for investment
Posted on: 10-DEC-09
In a bid to further develop Kwara State's tourism industry, the state government is inviting local and foreign investors to invest in a mixed-use
development at Asa Dam. >> Read more
Second commercial agriculture project to take-off soon
Posted on: 10-DEC-09
Following the success of the Shonga commercial agriculture project, the Kwara State Government is now looking at attracting a new group of farmers and
investors to the Commercial Farming II project. >> Read more

12. Investment Opportunities
Cassava processing holds promising potential
Posted on: 19-NOV-09
The industrial processing of cassava in Nigeria holds much potential for successful investment.
The crop is increasingly attracting attention and processing businesses are slowly starting to
spring-up all over the country. >> Read more
Capitalise on agrarian revolution by investing in fertiliser
Posted on: 19-NOV-09
Investors looking to capitalise on Nigeria's growing agriculture sector have the opportunity to
invest in fertiliser manufacturing in Kwara State. >> Read more
Local production of refined sugar doesn't meet demand
Posted on: 19-NOV-09
Nigeria's local sugar suppliers cannot meet the country's demand for the commodity and
investors now have the opportunity to invest in a sugar refining facility in Kwara State, situated
in central Nigeria. >> Read more
Fish farming opportunities lure investors
Posted on: 19-NOV-09
Investors have the opportunity to establish a fish farming business in Kwara State. Nigerians
are large consumers of fish and it remains one of the main products consumed in terms of
animal protein. >> Read more
Opportunity to develop an inland beach resort
Posted on: 19-NOV-09
An opportunity has opened-up to develop an inland beach resort in Kwara State, situated in
central Nigeria. >> Read more

13. investment opportunities
Investors invited to process cassava into glucose syrup
Investors have the opportunity to invest in the processing of cassava into ...
Waste management offers promising b
Lagos State governor, Babatunde Fashola on Tuesday said that there are significant
opportunities in the waste management chain such as recycling and power generation.
Join other multinationals in rice produc
Local suppliers cannot meet Nigeria's large demand for rice, creating viable opportunities
for investment

14. Hidden Treasures: Untapped mining opportunities in
central Nigeria
A host of opportunities exist in the mining and processing of solid minerals in Kwara State, situated in central Nigeria.
Investment Opportunities
Nigeria's preoccupation with its oil industry has resulted in a grossly underdeveloped solid minerals industry. The present
administration of Kwara State is actively promoting investment in the sector and is committed to create a favourable environment
for investors.
Currently there are few significant mining activities in the state and most miners only operate on a small scale. The Kwara State
Government is advising prospective investors to partner with local miners already in possession of mining licenses.
Minerals found in the state include:
•Gold
•Limestone
•Tantalite
•Columbite
•Cassiterite
•Silica sand
•Talc
•Tourmaline
•Mica
•Garnet
Incentives
The Kwara State Government is committed to create an enabling environment for investors.
Investors will be assisted in the following areas:
•Acquisition of land
•Financing
•Adequate security at the facility
•Electricity supply
•Infrastructure
Contact Details Investors interested in this opportunity should contact Segun Olanipekun, Special Assistant to the Executive
Governor, Kwara State (Investments) at segunolanipekun@kwarastate.gov.ng

15. Related Investment Opportunities:
-
Agriculture project: Follow in the footsteps of Zim farmers
- Produce cut flowers for European market
-
Cement production: Feasibility study shows good potential
- Mixed-use development open for investment
-
-
$400 million poultry farm starting operations at end of year
High Food Prices: Cash in by investing in maize production
- Nigerian cement industry set for period of major growth
- Zim farmers making progress in Nigeria

16. • Develop and operate an oil palm processing facility
• Rich deposits of phosphate rock found in northern Nigeria
• Capitalise on agrarian revolution by investing in fertiliser
• Light your Fire: Opportunity to resucitate match manufacturing company
• Mining opportunity: High demand for gypsum in Nigeria
• Lekki Free Trade Zone offers opportunities in a range of sectors
• Sokoto State encouraging investment in agri-processing
• Invest in the processing of manure
• Good market potential for leather products
• Rice processing opportunities in Sokoto State
• Investors sought to invest in the world's 'wonder tree'
• Sokoto State well-suited for clay-based industries
• Lekki FTZ offers excellent incentives for manufacturers
• Attractive incentives available for glass production
• Local production of refined sugar doesn't meet demand
• Motor vehicle assembly plant needed in Kwara
• Inject new life into dormant textile factory
• High demand for motorcycles offers business opportunities
• Jatropha business has potential to thrive in northern Nigeria
• Cement production: Feasibility study shows good potential
• Paint manufacturing industry: Good incentives available
• Mineral Wealth: Opportunity to run a marble processing factory
• Solid future for cement producers in Nigeria
• Investors needed for kerosene and gas stove manufacturing
• Construction materials industry planned for Kwara State
• Kwara borehole and drilling industry needs investment

17. 1. Manufacturer of welding electrode manufacturing plants seeks buyers in Nigeria
2. Company looking to export plate glass sheets to Nigeria
3. Manufacturer of wire nails making machinery is looking for buyers in Nigeria
4. Nigerian agents wanted for waste compaction equipment
5. For sale: Textile machinery
6. Provider of CNC machine tools seeks agent in Nigeria
7. Manufacturer of freezing equipment seeks buyers/distributors
8. Solar panel manufacturer seeks energy JV partner
9. Bearing manufacturer looking to export to Nigeria
10. Irrigation products and services offered
11. Manufacturer of safety equipment seeks Nigerian clients
12. Company looking to import canola, corn and soybean oil
13. Plastics manufacturer seeks Nigerian buyers
14. Optical goods manufacturer looking for partner
15. Manufacturer of bedding looking for buyers
• Ball bearing trader looking for buyers
1. Indian producer of heavy industrial gears proposes exports
2. Manufacturer and exporter in India looking for a business partner
3. Manufacturer and exporter in India looking for a business partner

18. ORIENTED INDUSTRIES:
Domestic and overseas businessmen and women are encouraged and welcome to LFTZ to invest
solely or jointly in the projects as follows:
1.Manufacturing of home appliances and electronics, textiles and garments, light industry, building
materials, agricultural products processing, machinery manufacturing, motor vehicles and parts
manufacturing, etc.
2.Oil, natural gas and chemical industry, transport and logistics, R&D of science and technology, etc.
3.Commercial, real estate, tourism and leisure industries, supermarkets, shopping malls, hotels,
schools, hospitals, tourist resorts, and golf courses.
4.Infrastructure: ports, power plants, water plants, sewage treatment plants, liquefied petroleum gas
pipeline project, and transportation construction projects.
The invested projects in the zone must be in compliance with Nigeria's industrial policy, in line with
the overall planning of LFTZ, and meet the requirements of environmental protection