Transcript Uniconnex-Nigeria

UNICONNEX-NIGERIA
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M AT T H E W A A R O N
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CASTELL ABNER,
• CARA AUSTIN
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• CHENIKA BECK
M A L C O L M • A MS EY YD N E Y B O B B S
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CHRISTOPHER ARD
COUNTRY OVERVIEW
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Economy
GDP
Political Environment
Inflation
Currency
Interest Rates
Tax Rates
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
QUANTIFICATION OF TARGET AUDIENCE
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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
QUIZ 1
1. What is Nigeria’s official language of
business?
a. Igbo
b. English
c. Yoruba
2. How many people in Nigeria live on
less than $1 a day?
a. 50 million
b. 200 million
c. 100 million
EVALUATION OF COMPETITIVE SET
Nigerian consumers believe U.S. products are higher quality
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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
DETAILS OF CUSTOMER TYPES AND NUMBERS
Nigeria's exports have been dominated by oil since the 1970's
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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
QUIZ 2
1. Nigerian consumers believe U.S.
products are higher quality.
a. True
b. False
2. How much of Nigeria’s earnings are
oil-related?
a. 95%
b. 15%
c. 50%
LOGISTICAL ENVIRONMENT/CHALLENGES
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
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
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