This week, MEF has released an essential guide to doing business in Nigeria, with detailed information on how to make the most of the opportunities in the vibrant market. Here, Miranda Smith outlines what you can expect to find in the guide, and why Nigeria is one of Africa’s most exciting markets for mobile.
MEF has long been supporting its members in Africa since the creation of MEF Africa in 2012. The region remains a key focus for MEF and we are pleased to now share our first ever Market Guide to Nigeria. This comprehensive guide to doing business in Nigeria provides key insights, practical advice and resources to help companies starting to assess the opportunities available within Sub-Saharan Africa, as well as those currently expanding their operations into the region.
The Guide has been developed in partnership with KPMG, MEF Members and our partners Appsafrica.com. We would like to take this opportunity to thank them for their support and for sharing their insights and expertise which has made this Guide possible.
Nigeria boasts the largest population in Sub-Saharan Africa, a significant subscriber base and a young population. Nigerian consumers are becoming ever more sophisticated and as shown in MEF’s Nigeria Country Report 2016, they are using their mobiles for everything, from accessing traditional content, to banking, buying things, helping with school or college work and even diagnosing or treating medical conditions. Some of those surveyed are carrying out activities exclusively via mobile – amongst 16-24 year olds, 24% are banking and 26% learning only via mobile rather than by using a different device or face to face.
There is no doubt that new entrants to the market will face certain challenges, such as gaining entry into a competitive local marketplace and understanding local business culture. The Guide also sets out what is needed when taking those first steps into this new market, navigating regulatory frameworks, understanding local business, licencing, tax and immigration requirements which every foreign investor needs to know.
However, the opportunities available to both foreign investors and local players are enormous. Nigeria’s mobile sector dominates telecoms, in an environment where the fixed line infrastructure is unable to effectively support the expanding consumer subscriber base or the business world.
Policy & Initiatives Projects Manager
We will be discussing MEF’s Market Guide & Nigerian Consumer Report at a workshop / panel on Monday 14 November 2016 at AfricaCom and exploring some key themes on entering the thriving Nigerian Market, such as the different routes to market, where are there gaps & opportunities in the market, regulations and Challenges and Opportunities facing both foreign investors and local players.
MEF Members and non-members alike are invited to download the Guide and contact me for more information about the Guide, MEF’s upcoming activities at AfricaCom in Cape Town in November or about MEF’s general activities in the region.