Success tips when doing business in Nigeria in 2023
- Agreeing with people is considered a sign of respect in Nigeria. Business persons will occasionally ‘yes’ when they mean ‘no’ to avoid seeming disrespectful;
- Privacy is not guaranteed for most business appointments. Businessperson should avoid getting aggravated if a meeting is interrupted by phone calls or visits from friends and families;
- When conducting business over a meal, do not eat everything on your plate. Leaving some food indicates that you have had enough and is considered more respectful;
- Nigerians tend to speak to one another from a close distance. Avoid appearing noticeably uncomfortable, even if you feel your personal space is being infringed upon;
- Nigerians pride themselves on their ability to bargain. Expect that you will need to bargain and compromise in the marketplace and at the negotiation table;
- Nigerian owned companies are more likely to take a relaxed attitude towards meeting schedules, with meetings often lasting much longer than initially expected;
- Because Nigerian companies are not all well versed with international trade, we encourage our Clients to consistently use and sign contracts of service.
Interesting facts about Nigeria
- Nigeria is the most populous country in Africa and the 8th most populous country in the world, with more than 160 million people;
- Nigeria is home to over 250 different ethnic groups, though 68% of the population belongs to one of the three largest groups, the Ibo, Hausa-Fulani, and Yoruba;
- The river Niger, the longest river in West Africa at 4,190km long, passes through Nigeria;
- Scientists have found evidence to suggest early human life in Nigeria, with archaeological studies finding specimens from as far back as 9000 BC;
- Nollywood, the colloquial name for the Nigerian movie industry, is the second largest producer of movies in the world, behind Bollywood. Nollywood produces over 200 movies every single week;
- The Third Mainland Bridge, connecting Lagos island to mainland Africa, is the longest bridge in all of Africa at 11.8km;
- Nigeria is the 12th largest producer of crude oil in the world and the 8th largest exporter. Nigeria’s proven reserves of petroleum are also the 10th largest in the world.