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.
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). Patience & Political Uncertainty 2. Safety and Security 3. UninterruptedPowerSupply
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 PROJECTA. A preferential policy hi-tech industrial sector, targeted to create a minimum of 2 million jobs and high efficiency services in:1. Oil and Gas2. Petrochemicals3. Electronics 4. Mechanical - Light and Heavy equipment, machinery and automobiles 5. Pharmaceuticals6. Textiles7. Shopping, Warehousing and Transportation8. Banking and Financial Centre including Insurance servicesB. 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 employees2. Shopping Malls & Plazas3. Specialist Hospitals and Clinics4. Schools and Research & Development Centers5. 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
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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 syrupInvestors have the opportunity to invest in the processing of cassava into ... Waste management offers promising business opportunitiesLagos 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 productionLocal suppliers cannot meet Nigeria's large demand for rice, creating viable opportunities for investment
27. 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
28. 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- High Food Prices: Cash in by investing in maize production - $400 million poultry farm starting operations at end of year - Nigerian cement industry set for period of major growth- Zim farmers making progress in Nigeria
55. ORIENTED INDUSTRIES: Domestic and overseas businessmen and women are encouraged and welcome to LFTZ to invest solely or jointly in the projects as follows: Manufacturing of home appliances and electronics, textiles and garments, light industry, building materials, agricultural products processing, machinery manufacturing, motor vehicles and parts manufacturing, etc. Oil, natural gas and chemical industry, transport and logistics, R&D of science and technology, etc. Commercial, real estate, tourism and leisure industries, supermarkets, shopping malls, hotels, schools, hospitals, tourist resorts, and golf courses. 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
Editor's Notes
PatienceSafety and SecurityUninterrupted Power Supply