FRAMEWORK FOR ENTERING THE NIGERIAN MARKET (Focus on the Agricultural sector)
ABSTRACT
The aim of the research was to provide a Framework on how Finnish company can enter into Nigeria market, with analysis on the Agricultural sector, overview background of Nigeria, typical Finnish product and risk peculiar to Nigeria, and strategy to use in penetrating the Market.
The author’s objective is to create a framework document that can acts as guide for any Finnish company intending to go into Nigeria market and to provide detailed information needed to effectively operate in the market.
The research was written based on information extracted from updated public sources, as well as personal experience in respect to the researcher’s knowledge. Quantitative research methodology was selected; secondary data collection was selected for collect data and information.
The conclusion is drawn out from the general summary of all the chapters and holistic conclusion that links all the ideas together.
1 INTRODUCTION
Nigeria is a nation of over 180 million people, which means it is blessed with arable land, forests, wa-ter, oil and gas, solid minerals, livestock and great tourist potentials. Many of these economic sectors have been barely exploited, which signifies there is tremendous potential for investment in Nigeria. The economy of Nigeria is experiencing challenging times as a result of the fall in oil price, it acts as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity.
One of the major focus of the new government in diversifying the economy is on agriculture through their policy of Agricultural Promotion Policy (APP) with priority in the improvement in domestic pro-duction of rice, wheat, maize, fish, dairy milk and soya beans. To achieve this goal, the government is willing to partner with and support willing private investors by creating an environment that is stable, safe and competitive. Due to this need highlighted by the government, I decided to create a framework on how a Finnish company could enter the market.
Objectives, relevance and research questions
The objective of the research is neither to conduct a market evaluation nor to point out the importance and future relevance of Nigeria in the world economy. In fact, this work is a theoretical study on mar-ket strategy, which can serve as a reference for Finnish agricultural manufacturing firms that wants to enter the Nigerian market. Furthermore, the research attempts to deliver a comprehensive picture of this market, with intention of elaborating on whether it is nice to invest in Nigeria. Yet, the focus lies on the framework for strategy formulation and the proposals will be made afterwards.
Agricultural machinery is highly needed by farmers to achieve the desired need of domestic produc-tion; Finnish companies are known for quality and this serves as a trust for individuals and even farms. The need for machinery is on the upward trend as ability to achieve the production domestically can only be attained with the use of machinery.
