Success tips when doing business in Nigeria in 2024

business ethics in Nigeria

  1. Agreeing with people is considered a sign of respect in Nigeria. Business persons will occasionally ‘yes’ when they mean ‘no’ to avoid seeming disrespectful;
  2. 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;
  3. 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;
  4. 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;
  5. 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;
  6. Nigerian owned companies are more likely to take a relaxed attitude towards meeting schedules, with meetings often lasting much longer than initially expected;
  7. 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

  1. Nigeria is the most populous country in Africa and the 8th most populous country in the world, with more than 160 million people;
  2. 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;
  3. The river Niger, the longest river in West Africa at 4,190km long, passes through Nigeria;
  4. Scientists have found evidence to suggest early human life in Nigeria, with archaeological studies finding specimens from as far back as 9000 BC;
  5. 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;
  6. The Third Mainland Bridge, connecting Lagos island to mainland Africa, is the longest bridge in all of Africa at 11.8km;
  7. 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.

Contact us

For additional information on our company registration services in Nigeria, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal
Central bank of Nigeria Nigeria customs service (NCS) Financial services regulation coordinating committee (FSRCC) in Nigeria The lagos chamber of commerce and industry Federal ministry of finance in Nigeria