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Doing Business in Nigeria

Doing Business in Nigeria. Andy Hong Dokeun Kwon Jane Harris Sean Sun Adam Ricketts Erik Swanson. Agenda. Data Sheet Mini-Case Video Case Key Takeaways. Data Sheet. Data Sheet. source: www.gettyimages.com. Mini-Case: Background.

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Doing Business in Nigeria

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  1. Doing Business in Nigeria Andy Hong Dokeun Kwon Jane Harris Sean Sun Adam Ricketts Erik Swanson

  2. Agenda • Data Sheet • Mini-Case • Video Case • Key Takeaways

  3. Data Sheet

  4. Data Sheet source: www.gettyimages.com

  5. Mini-Case: Background • XYZ Company is looking to expand operations into Nigeria • Mr. K.F. MBA, senior brand manager, is tasked with obtaining a permit and putting together a diverse workforce

  6. Mini-Case: Theme 1 • Political Corruption • Focus on Federal vs. Local Politics • Religious and ethnicity differences • Always have a local guide • Bribery • Understand your company’s policy • Do not draw attention; may end up paying higher bribes

  7. Mini-Case: Theme 2 • Nigerian Working Conditions • Low minimum wage, combined with rising inflation, makes it difficult for Nigerians to survive • Increasing trend of using temporary workers • Wage inequality between men and women • Perhaps the most difficult challenge to overcome • Other common challenges: • Sexual harassment • Poor health and safety conditions in some industries • Lack of job security

  8. Video Case – Themes • Key Issues in Nigerian Business Meetings • Greet with a handshake and a warm, welcoming smile; men may place their left hand on the other person’s shoulder while shaking hands • Always wait until invited before using someone’s first name • Nigerians prefer to take the time to develop personal relationships prior to conducting business • Avoid making exaggerated claims when presenting an offer as Nigerians are naturally suspicious of a deal that sounds too good to be true • Present and receive business cards with two hands and make a point of studying a business card you receive before putting it away • Never write on a business card

  9. Video Case

  10. Video Case – Debrief • Where He Went Wrong • Entering meeting on phone and replicating Nigerian’s friendly gesture in a somewhat condescending manner • Attempting to call Nigerian by first name and nickname without permission • Rushing through background and personal information, attempting to get to business without spending time developing personal relationship • Making grandiose claims about how rich he can make the Nigerian, which only serves to make the Nigerian more suspicious • Writing on his business card and failing to study the Nigerian’s business card before stuffing it rudely in his pocket

  11. Project Review • Delegation of Tasks • Divide and conquer • Peer editing • Methods of Communication • One introductory conference call to discuss deliverables, delegation of tasks, project timeline • Mostly email for remainder of project

  12. Project Review • Key Takeaways • Divide and conquer • Leader should summarize tasks, create agenda and enforce timeline to keep everyone on the same page • Importance of e-mail communication • Willingness to be flexible in scheduling

  13. Thank you!Questions?

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