Before you invest in Nigeria: Here are 3 top things you should know
Investing in Nigeria: What you should know!
Covid 19 is a game-changer. A lot of things happened that might make the brightest minds question their very own judgement: we moved from traditional work plans, to a work from home arrangement, Let me tell you the truth it took me some time to start getting used to; however, amid the trouble global brands like Microsoft, Stripe, Facebook and many more are still investing hefty sums into the Nigeria startup Eco-space.
You might be asking yourself the question, just what does John and Patrick Collison of stripe and Mark Zukerberg see in Nigeria that you are not seeing?
Is investing in Nigeria despite all its challenges at the moment a wise decision?
How do I get-in, without getting my hands burnt?
While we have packaged this into a white paper, we shall like to just give you a little heads up. Here are three of the most important steps you must be willing to take if you are thinking about investing in Nigeria or Africa as a whole.
- Keep an Open mind: This is perhaps the most important of all steps which is why I will state it as the first step. No matter what you have read, about the country, you will run into a loss if you base your decision on your fears. It’s like thinking all Americans shoot for no reasons because you have seen a couple of Hollywood’s action movies
- Get a Partner: Getting a “credible” partner with a track record of helping clients gain market entry will take you further than most, reduce your stress and overhead cost in the long run by helping you cut through the most challenging issues in the interim while also taking time to help you navigate the murky waters of tax and so on. My team at Penexus Consulting has a wide network you can leverage on.
- Take action: It’s the end of a year, the beginning of a new year or the middle of the year. The times only counts for action takers. Like Guy Kawasaki puts it in his book “The art of the start”- You could spend all your days learning and not doing; Doing, not just learning to do is the only thing that guarantees success.
Whatever effect Covid-19 has had on your business, expanding your frontiers into the new market may be the solution to generating more revenue. Take a look at the demand curve for your product in your current market. Is it still growing? Has it reached its plateau? Or is it on a decline? Whatever the stage your growth is, there is no better time to break into the African market than now. It’s time to fly