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Uniconnex -Nigeria

Uniconnex -Nigeria. Matthew Aaron Castell Abner, III Malcolm Amey Christopher Ard Cara Austin Chenika Beck. Sydney bobbs. Country Overview. Economy GDP Political Environment Inflation Currency Interest Rates Tax Rates. Evaluation of Demographic. Language English (Official )

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Uniconnex -Nigeria

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  1. Uniconnex-Nigeria Matthew Aaron Castell Abner, III Malcolm Amey Christopher Ard Cara Austin Chenika Beck Sydney bobbs

  2. Country Overview • Economy • GDP • Political Environment • Inflation • Currency • Interest Rates • Tax Rates

  3. Evaluation of Demographic • Language • English (Official) • Recognized National Languages: 3 • Recognized Regional Languages: 6 • Income Groups: 2 • 71.5% Below poverty line • Discretionary Income is $0

  4. Quantification of Target Audience • Nigeria’s population: 170,123,740 • Focus on some of the major cities • Target families with steady jobs • Push selling luxury snacks more based on the season and time of year

  5. Quiz 1 • What is Nigeria’s official language of business? Igbo English Yoruba 2. How many people in Nigeria live on less than $1 a day? 50 million 200 million 100 million

  6. Evaluation of Competitive Set • Nigerian consumers believe U.S. products are higher quality • Most preferable to high-income consumers • Increased demand for small-sized consumer-ready food products due to: • Continued rural-urban migration • Increasing female workers • School children and a growing middle class • Many multinational companies have partnered with Nigerian companies to distribute their products • Minimizes the challenges faced from entering a new market • Lower costs • Companies can increase the amount sent to the country

  7. Details of Customer Types and Numbers • Nigeria's exports have been dominated by oil since the 1970's • 95% of Nigeria's earnings  • 1.6 million barrels traded daily • Country does not focus on agriculture, manufacturing, etc. • Technology is ignored • Potential for productions of cocoa and poultry • Nigeria's trade with the U.S • Nigeria's exports to the U.S are much higher than imports • Some imports not recorded by government to avoid tariffs • Nigeria supplies 8% of U.S oil supply • Half of Nigeria's daily supply

  8. Quiz 2 • Nigerian consumers believe U.S. products are higher quality. True False 2. How much of Nigeria’s earnings are oil-related? 95% 15% 50%

  9. Logistical Environment/Challenges

  10. Political and Other Regulatory Challenges • Government suffers from: • Insufficient funding • Lack of a document-processing system • Completing licensing requirements is expensive • 5 times the avg annual income of Nigeria • Most sectors are open to private investment • Nigeria’s business regulations treat domestic and foreign investment equally

  11. Recommendations • Build a cohesive and interactive communication system connecting generations and socioeconomic groups together. • Radio • Social Media (Twitter, Facebook, and Instagram) • Strong increase in the development of communication in Nigeria • Use one core value and us it to drive the business through marketing communication outlets. • High poverty level in the population of Nigeria • Strong family culture • Use their language when conducting business

  12. Conclusion • Overall, Nigeria is not the most optimal location to sell a this product • Challenges • Luxury Sweet is a “luxury” not necessity However,there is a market for this specific niche Proper product placement and marketing will yield results Ultimately, this will not be as profitable as would somewhere else, but it could be successful

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