The Nigeria Market Entry Guide: A Strategic Blueprint for Executives and Investors

1.0 Executive Summary

This report provides a strategic blueprint for multinational companies, investors, and C-level executives considering market entry and expansion into Nigeria. As Africa’s most populous nation and largest economy, Nigeria offers a compelling long-term value proposition anchored by its massive, youthful, and digitally native population. However, the market is characterized by significant volatility and structural challenges that demand a practical, data-driven, and highly localized approach.

The analysis indicates that Nigeria’s market potential is immense. Its population is projected to reach 375 million by 2050, solidifying its position as the world’s third most populous country.¹ This demographic momentum, combined with high mobile penetration and a dense ecosystem of over 28% of Africa’s fintech startups, creates a fertile ground for innovation and market-creating opportunities.² The non-oil sector, particularly in agriculture and services, is a key driver of economic activity and offers diverse avenues for investment.⁴

Navigating the Nigerian market, however, requires a clear-eyed understanding of its complexities. The economy is currently in a period of intense macroeconomic reform, marked by high inflation and a rapidly depreciating currency following the unification of exchange rate windows.⁴ Operational hurdles, including an infrastructure deficit, complex bureaucracy, and a dynamic security landscape, necessitate robust mitigation strategies.⁷

To successfully enter and operate in Nigeria, a strategic and phased approach is recommended. This involves:

• Prioritizing a Phased, Localized Entry: Starting with an asset-light model, such as leveraging third-party distributors or engaging in joint ventures, can minimize initial capital outlay and provide crucial local market intelligence before committing to large-scale, capital-intensive operations.¹⁰
• Actively Hedging Against Currency Volatility: Implementing a multi-pronged strategy that includes financial instruments like forward contracts and operational strategies like natural hedging is essential to protect profit margins against unpredictable exchange rate fluctuations.¹²
• Leveraging Strategic Government Incentives: Foreign investors can gain a competitive advantage by aligning their projects with government priorities, particularly by exploring the tax relief offered through Pioneer Status and the de-risked environment provided by Free Trade Zones.¹⁴

This guide provides a comprehensive framework to navigate these opportunities and risks, equipping executives with the knowledge to build a resilient and profitable presence in Nigeria.

2.0 Macroeconomic Landscape

An accurate assessment of the Nigerian market must begin with a deep understanding of its macroeconomic environment, which is currently undergoing significant, government-led structural reforms. The economic narrative is one of paradoxes: high nominal growth alongside high inflation, and a low debt-to-GDP ratio coupled with an alarming debt-service burden.

2.1 Economic Performance and Projections

In 2023, Nigeria’s real GDP growth decelerated to 2.86%, a 0.39% decline from the previous year’s 3.3%.⁴ This slowdown was primarily attributed to high domestic inflation, weak oil production, and a challenging global economy.⁴ However, recent data on nominal GDP growth paints a different picture, with a notable increase to 18.914% in December 2024 from 17.265% in September 2024.¹⁸

This divergence between nominal and real GDP is a critical indicator for investors, as it reveals the pervasive impact of high inflation on economic activity. While nominal growth may appear robust and signals an expanding market size in local currency, the high inflation rate means the true expansion of the economy is significantly weaker, a crucial distinction that can render high local-currency revenue a vanity metric. It shows that price increases, not actual volume or productivity gains, are the primary drivers of growth. For multinational firms, this suggests that while the market is getting “bigger” in Naira terms, the purchasing power of the average consumer may be weakening, a factor that must be considered when forecasting demand and pricing strategies.

Looking ahead, projections from the African Development Bank and the IMF suggest a modest recovery, with real GDP growth projected to reach 3.2% in 2024 and 3.1% in 2025 as the government’s recent reforms begin to yield positive results.⁴

2.2 Inflation and Currency Dynamics

Inflation is a significant concern for businesses in Nigeria, having reached 24.66% in 2023 ⁵ and soared to 34.8% by mid-2025.³ This rampant inflation is largely a direct result of the government’s bold decision to unify its multiple official exchange rate windows in June 2023.⁴ This policy, designed to create a more transparent, market-driven system and attract foreign currency inflows, had an immediate and severe impact on the value of the Naira, which depreciated by more than 220% from ₦460 per US dollar to ₦1,470 per US dollar at its peak in June 2024.⁴

This period of short-term economic pain is a deliberate policy choice intended to correct deep-seated distortions in the foreign exchange market.⁶ The resulting high inflation is a direct consequence, as businesses reliant on imports for raw materials face soaring procurement costs, which are inevitably passed on to consumers.¹³ The ability to generate profit in Naira is one thing; the ability to convert that profit and repatriate it in a hard currency is a separate and more complex challenge, as evidenced by the Central Bank of Nigeria’s (CBN) directive capping the repatriation of export proceeds for international oil companies.⁶ This dynamic creates a volatile and high-risk environment but is seen as a prerequisite for achieving long-term stability and attracting sustainable foreign investment.⁴

2.3 Fiscal and Trade Position

Nigeria’s fiscal position presents a paradox. While public debt remains relatively low at 40% of GDP as of December 2023, the Federal Government’s debt-service-to-revenue ratio was an alarmingly high 111% in the same year.⁴ This disproportionate burden on the country’s revenue reveals a fundamental weakness in domestic resource mobilization, not its debt load. The unsustainable nature of this situation has directly prompted the government to implement aggressive fiscal reforms. The recent Tax Reform Acts of 2025, which introduce a Development Levy and a Minimum Effective Tax Rate for large companies, are a logical and top-down response to this crisis.⁴

On the trade front, Nigeria recorded a surplus of $1,027.6 million in September 2024, with total exports of $3,738.1 million exceeding imports of $2,989.3 million.¹⁸ However, the country remains a net food importer, with a significant agricultural trade deficit.²⁰ This deficit, along with low oil production due to insecurity and illegal bunkering, highlights a continued vulnerability to global commodity price fluctuations and underscores the urgent need for a more diversified, self-sufficient economy.⁴

2.4 Demographic and Urbanization Trends

Nigeria’s population, currently over 200 million, is a central pillar of its market potential. Projections indicate it will reach 375 million by 2050, positioning it as the world’s third most populous country.¹ This demographic dividend is characterized by a predominantly youthful population and a rapidly urbanizing landscape. More than 54% of Nigerians are urban dwellers, and the urban population grew by 3.57% in 2023.¹

This rapid urbanization, however, has occurred without commensurate increases in social amenities and infrastructure, creating both challenges and unparalleled market opportunities.¹ The gaps in last-mile logistics, housing, and essential services are not merely problems; they are market signals for companies that can innovate around these issues. This phenomenon has fueled the growth of the Nigerian tech ecosystem, where local companies have developed agile, asset-light business models to overcome infrastructural deficits.¹¹ The concentration of consumers in major urban centers also simplifies distribution and marketing for businesses that can effectively navigate these operational challenges.

3.0 Regulatory & Legal Environment

Foreign companies must navigate a complex regulatory and legal framework to establish and operate in Nigeria. While the government has made recent strides to streamline processes, a thorough understanding of the requirements is essential to ensure compliance and mitigate risk.

3.1 Company Registration and Corporate Governance

The Companies and Allied Matters Act (CAMA) 2020 governs company registration in Nigeria, stipulating that foreign companies must incorporate a local presence to conduct business.²³ The process is managed by the Corporate Affairs Commission (CAC) and can be completed online within approximately one week.²⁵ A key requirement for foreign-owned companies is a minimum authorized share capital of ₦10 million, and a minimum of two directors is required if foreign nationals are involved.²⁵

The Nigerian Code of Corporate Governance (NCCG) 2018 adopts a principle-based approach, requiring companies to “Apply and Explain” how they implement governance standards.²⁷ This is a sophisticated regulatory tool that moves beyond rigid “box-ticking” and allows companies to tailor their governance to their specific size and industry, fostering a more mature business ecosystem. It signals the government’s desire for a flexible, trust-based regulatory environment.²⁷

3.2 Foreign Investment Laws and Profit Repatriation

Nigeria has a legally enshrined “free entry, free exit” policy for foreign investment, guaranteed by key legislation such as the Nigerian Investment Promotion Commission (NIPC) Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.²⁸ This framework guarantees the unrestricted repatriation of investment capital and profits, provided the initial investment was brought into the country under a Certificate of Capital Importation (CCI).²⁸ The CCI, an electronic document issued by an authorized dealer on behalf of the CBN, is not mandatory but is highly recommended as it guarantees repatriation at the official market rate.²⁸

However, despite these legal guarantees, the practical reality of profit repatriation is subject to the Central Bank’s management of foreign exchange in a stressed market.²⁸ In times of FX scarcity, the CBN can, and has, directed authorized dealers to ration the disbursement of foreign currency and prioritize certain industries.²⁸ The recent CBN directive capping the repatriation of export proceeds for international oil companies at 50% for the first 90 days is a clear example of the government prioritizing foreign currency inflows to stabilize the market over a strict adherence to free-market principles in a time of crisis.⁶ This introduces a significant policy risk where legal guarantees on paper may not translate to a smooth, unhindered process in practice.

3.3 Taxation Framework

Nigeria’s tax landscape is set for a significant overhaul with the signing of four landmark Tax Reform Acts on June 26, 2025, scheduled to take effect on January 1, 2026.¹⁹ These reforms are a direct response to the government’s fiscal challenges and signal a fundamental shift towards a more unified, revenue-focused framework.⁴

Key changes for foreign companies include:

• Increased Corporate Capital Gains Tax (CGT): The CGT rate for companies has been increased from 10% to 30%, aligning it with the corporate income tax rate and reducing tax arbitrage.¹⁹
• New Development Levy: Nigerian companies, except for small companies, will now pay a 4% Development Levy on their assessable profits. This levy consolidates several previous taxes, simplifying the tax structure.¹⁹
• Minimum Effective Tax Rate (ETR): Multinational groups with an aggregate turnover of EUR750 million or more will be subject to a minimum ETR of 15% on their net income. A top-up tax may be required from the Nigerian parent company if its subsidiaries have paid taxes below this minimum.¹⁹

The government is strategically targeting larger, more profitable entities and multinational groups to close its financing gap while simultaneously providing relief for smaller, local businesses. This is evidenced by the increase in the tax-exemption threshold for small companies to ₦100 million in annual gross turnover and the introduction of a new Economic Development Incentive (EDI) that offers a tax credit for eligible capital expenditure.¹⁹

3.4 Labor and Employment Regulations

The Nigerian Labour Act of 1971 serves as the primary legislation governing employment relationships.³¹ The law provides a comprehensive framework covering aspects such as minimum wage, leave entitlements, and termination procedures, which require valid grounds and notice as Nigeria does not recognize at-will employment.³²

Companies are required to comply with various statutory contributions, including mandatory pension contributions, a national health insurance scheme, and employee compensation funds.³¹ For expatriate staff, foreign companies must obtain an Expatriate Quota, which is subject to the company’s share capital and requires a proviso that Nigerian staff be trained to eventually fill those key positions.²³

While the formal legal framework is comprehensive, a significant gap exists between law and enforcement due to the prevalence of the informal economy. The World Bank notes that 93% of the labor force works in informal businesses, with low wage employment at only 11.8%.⁴ This environment necessitates a proactive and ethical HR strategy that goes beyond legal compliance to include robust talent acquisition and retention practices.

4.0 Key Industries & Opportunities

Nigeria’s investment potential is most evident in the high-growth sectors that are directly addressing the nation’s most pressing challenges. This represents a classic “market-creating innovation” pattern, where significant infrastructure gaps and non-consumption create a large, latent market waiting for new solutions.

4.1 High-Growth Sectors

A strategic analysis of the Nigerian economy identifies several key sectors ripe for investment in 2024 and beyond:

• Technology & Innovation (Fintech): Driven by a mobile-savvy population and regulatory reforms, this sector is a continental leader.²²
• Agriculture & Agribusiness: A cornerstone of the economy with immense opportunities for modernization and value-chain development.²²
• Real Estate & Construction: Fueled by rapid urbanization and a significant housing deficit.²²
• Energy & Renewable Resources: A sector poised for exponential growth due to the country’s energy supply challenges.²²
• Healthcare & Pharmaceuticals: Undergoing a transformation driven by increased private sector involvement and demand for quality services.²²

4.2 Detailed Sector Analysis

Fintech

Nigeria is widely regarded as Africa’s fintech powerhouse. In 2024, the sector accounted for 44% of all fintech funding raised on the continent, amounting to approximately $410 million, and hosted 28% of Africa’s fintech startups.² This leadership is rooted in a dense ecosystem fueled by high mobile penetration (87%), a large youthful population, and progressive regulatory initiatives like open banking frameworks and relaxed cryptocurrency restrictions.³

Opportunities exist across the value chain, from digital payments and credit infrastructure to embedded finance and emerging technologies like artificial intelligence (AI) and Web3.³ The sector is a direct response to the inaccessibility and inefficiency of traditional banking systems, serving a large unbanked and underbanked population. The high volume of mobile-money transactions, which reached 108 billion annually, valued at $1.68 trillion in 2024, is proof that the market has evolved to solve its own problems, providing a clear entry point for innovative companies.²

Agriculture & Agribusiness

Agriculture remains a cornerstone of the Nigerian economy, contributing an average of 24% to GDP and employing over 70% of the workforce.²⁰ However, the sector is hampered by low productivity, poor technology adoption, and significant post-harvest losses.³⁵

These challenges create compelling opportunities for foreign investment. A significant domestic deficit exists in staples like rice and fish, which are either imported or smuggled into the country.³⁵ Investment in agro-processing, mechanized farming, and modern supply chain infrastructure can address this gap and transform subsistence farming into a major industrial contributor.²² Additionally, the African Continental Free Trade Area (AfCFTA) positions Nigeria as a potential manufacturing and export hub for the entire continent, allowing companies to leverage economies of scale and diversify revenue.³⁸

Renewable Energy

Nigeria’s underdeveloped power sector is a significant bottleneck to broad economic development, forcing businesses to rely on expensive, diesel-powered generators to run their operations.⁸ This creates a high-demand market for alternative and off-grid power solutions. The renewable energy sector, particularly solar, wind, and hydro projects, is gaining significant traction as a result of this pressing need.²² The government’s commitment to energy reforms and diversification of the energy mix makes this sector a viable and attractive investment frontier with high potential for growth and returns.²²

5.0 Market Entry Modes

Selecting the optimal market entry mode is a critical strategic decision that must align with a company’s risk tolerance, capital availability, and desire for local control. The following section provides a framework for evaluating the most common entry modes.

5.1 Strategic Choice of Entry Mode

The choice of entry mode is not just a financial decision; it is a strategic one that must consider the local political, cultural, and legal environment.³⁹ A company’s need for control over its operations, technology, and brand must be balanced against the risk of navigating a complex and volatile market alone. A phased approach, beginning with a lower-risk model and scaling up, is often recommended.

5.2 Wholly Owned Subsidiary (WOS)

A wholly owned subsidiary is a foreign company that is 100% owned by a parent company and operates in a new country.⁴² This can be achieved through a greenfield venture, which involves setting up a new company from scratch, or through an acquisition of an existing local company.⁴² Nigerian law permits 100% foreign equity ownership of private companies.²³

This model provides the foreign parent company with full control over its operations, technology, and intellectual property. It allows for complete integration of the Nigerian business into the parent company’s global strategy and retains 100% of the profits.⁴² However, it comes with a high capital investment and significant risk, and a new company must navigate local market complexities, cultural nuances, and secure all necessary permits without the guidance of a local partner.²³

5.3 Joint Ventures (JVs) and Partnerships

A joint venture is a business arrangement where a foreign company partners with a local company, pooling resources for a specific project or for ongoing business operations.⁴² This model has a long and successful history in Nigeria, particularly in capital-intensive sectors like oil and gas, where a state-owned enterprise, NNPC, partnered with multinational corporations.⁴³

A key advantage of a JV is access to the local partner’s expertise, established networks, and shared risk.¹⁰ A local partner can provide invaluable guidance in navigating the complexities of corruption, bureaucracy, and regional nuances.⁷ However, JVs can lead to potential disputes over control, revenue sharing, and operational clashes, which may hinder the foreign company’s ability to implement its strategy and maintain control.⁴²

5.4 Distribution and Exporting

This entry mode involves leveraging a third-party distributor or agent to sell products in the Nigerian market.¹⁰ The foreign company does not establish a direct presence, minimizing its financial and operational footprint.

This is the lowest-risk and lowest-capital-intensive entry mode, offering a quick path to market.¹⁰ It allows the foreign company to test the market and consumer demand without a significant upfront investment, enabling it to focus on its core competency of product development and manufacturing.⁴⁶ The primary drawbacks are lower profit margins, a loss of control over the brand and marketing, and a dependence on the distributor’s performance and commitment to the product line.¹⁰

5.5 Comparative Analysis Table

Entry Mode	Initial Investment	Risk Level	Level of Control	Suitability for Industry	Time to Market	Pros	Cons
Wholly Owned Subsidiary	High	High	High	Manufacturing, Technology, Services (where IP control is critical)	Long	Full control over operations, technology, brand, and profits.42 Direct access to market insights.	High capital investment and risk.42 Requires navigation of complex bureaucracy and local market nuances.
Joint Venture	Medium to High	Medium	Medium	Oil & Gas, Agribusiness, Large-scale Construction (where local expertise and networks are vital)	Medium	Access to local expertise, established networks, and shared risk.10 Mitigates political and operational risks.	Potential for conflicts over control and revenue sharing. Less control over brand and operations.42
Distribution/Exporting	Low	Low	Low	Consumer Goods, Niche Products, B2B Supplies	Short	Low capital investment and risk.10 Allows the company to focus on its core competency.46 Quick entry to market.	Lower profit margins and loss of control over brand and customer base.10 Dependence on the distributor’s performance and commitment.

6.0 Operational Considerations

The operational landscape in Nigeria is characterized by systemic challenges that require flexible, innovative, and locally-adapted solutions. A company’s success often hinges on its ability to navigate these complexities effectively.

6.1 Logistics and Supply Chain

Nigeria’s logistics sector is a high-growth industry but suffers from a pervasive infrastructure deficit, including poor road networks, unstable electricity, and port congestion.⁴⁷ This can result in significant delays and financial losses for businesses, with estimates indicating the Nigerian economy loses an estimated $8.1 billion annually due to poor infrastructure and corruption at the ports.⁴⁷

A crucial lesson can be drawn from the failure of foreign-backed e-commerce companies like Konga, which adopted a costly “asset-heavy” logistics strategy, attempting to own its entire supply chain with its own warehouses and delivery vehicles.¹¹ In contrast, its rival Jumia succeeded by adopting a flexible “asset-light” approach, relying on third-party logistics providers to reduce overhead.¹¹ This demonstrates that the key to navigating a difficult operating environment is not brute-force capital but strategic flexibility and a reliance on local partners who have developed resilient solutions to overcome these challenges. For perishable goods, for instance, a reliable cold storage chain is essential to avoid losses.³⁷

6.2 Banking and Payments Ecosystem

The Nigerian banking and payments landscape presents a paradox. While the traditional formal banking system can be bureaucratic and susceptible to foreign exchange issues, the digital payments ecosystem is a world-class, innovative powerhouse that enables mass-market transactions.² The country’s high mobile money transaction volume and numerous licensed payment service providers, facilitated by the Nigerian Inter-Bank Settlement System (NIBSS), prove that the market has evolved to solve its own problems.²

For foreign companies, this dichotomy means a successful strategy must lean heavily on digital payment solutions to bypass traditional banking bottlenecks and cater to local consumer habits. The failure of some companies can be attributed to their inability to adapt to local payment realities, such as the high rate of cash-on-delivery defaults.¹¹ The success of companies that adopted “pay on delivery” and other localized solutions proves that flexibility is key to building consumer trust in a market where fraud is a prevalent concern.⁵¹

6.3 Talent Acquisition and HR Practices

Nigeria possesses a deep and youthful talent pool, but companies must navigate skills shortages and evolving employee expectations to succeed. The rise of remote work and the gig economy has redefined employee loyalty, making “total compensation innovation” a baseline expectation.⁵³

Foreign companies must move beyond traditional compensation models and focus on creating value for employees through flexible work arrangements, skills development packages, and health benefits.⁵³ Replacing a skilled employee costs an estimated ₦2.8 million, underscoring the importance of retention as a core business strategy.⁵³ By investing in upskilling programs and aligning with government initiatives like the Industrial Training Act, a foreign company can not only improve its local talent pool but also build long-term goodwill and a competitive advantage.³¹

6.4 Managing Permanent Establishment (PE) Risk

A foreign company operating in Nigeria, even without a physical office, can inadvertently trigger a taxable presence. This is known as Permanent Establishment (PE) risk and is closely monitored by the Federal Inland Revenue Service (FIRS).³² A PE is deemed to be established if a foreign company has a “fixed base” (e.g., an office, factory, or branch) or a “dependent agent” who habitually concludes contracts on its behalf in Nigeria.⁵⁴

This presents a subtle but high-risk legal challenge that can lead to significant tax penalties. For companies entering the market via a lean, low-touch model, it is a crucial risk to manage from the outset.⁵⁴ The law is explicit that a PE can be created through a dependent agent or a fixed place of business.⁵⁴ A seemingly low-risk entry via a distributor could, if not properly structured, lead to unexpected tax liabilities and legal disputes. Proactive legal and financial structuring, along with consultation with local tax advisors, is essential to mitigate this risk.³²

7.0 Government Incentives & Trade Policies

Nigeria’s government has implemented several policies and incentives designed to attract foreign direct investment and stimulate economic diversification. These initiatives can provide a significant competitive advantage for companies that align their business models with national development goals.

7.1 Pioneer Status Incentive (PSI)

The Pioneer Status Incentive (PSI) is a powerful tax holiday granted to companies operating in specific, government-designated industries deemed essential for national development, such as agriculture, manufacturing, and technology.¹⁴ It provides a 100% exemption from Company Income Tax for an initial period of three years, which can be extended for an additional two years.⁵⁶

This incentive is not merely a tax break; it is a strategic tool for capital reinvestment, allowing companies to redirect funds that would have been paid as taxes into operational expansion, product development, and infrastructure.¹⁴ By identifying specific “Pioneer Industries,” the government is clearly signaling where a foreign company’s investment is most welcomed and can receive a state-sanctioned competitive advantage.¹⁴

7.2 Free Trade Zones (FTZs)

Nigeria’s Free Trade Zones (FTZs) offer an exceptional strategic instrument for mitigating some of the most significant operational and fiscal risks associated with the Nigerian market.¹⁵ These zones provide a protected, de-risked environment that bypasses issues like port congestion, multiple taxation, and labor instability.

The benefits of operating within an FTZ are extensive:

• Tax Exemptions: Companies enjoy a full exemption from all federal, state, and local taxes, including Corporate Income Tax, Withholding Tax, and Capital Gains Tax.¹⁵
• Unrestricted Repatriation: Investors can repatriate 100% of their profits and dividends without any restrictions.¹⁵
• Duty-Free Importation: Capital goods, machinery, equipment, and raw materials can be imported duty-free, which significantly reduces operational costs.¹⁵
• Operational Benefits: FTZs offer a waiver of expatriate quotas, a stable labor environment with a ten-year ban on strikes and lockouts, and streamlined logistics through a “one-stop-shop” model.¹⁵

7.3 African Continental Free Trade Area (AfCFTA)

The African Continental Free Trade Area (AfCFTA) is a landmark agreement that aims to create a single market of 1.2 billion people with a collective GDP of $3.4 trillion by gradually eliminating tariffs on intra-African trade.⁵⁷ For foreign companies in Nigeria, this presents a “double-edged sword”.³⁸

On one hand, it transforms the market opportunity from 200 million people to over a billion, allowing companies with a manufacturing base in Nigeria to leverage economies of scale and diversify their revenue streams across the continent.⁵⁷ On the other hand, it increases competition from other African countries, forcing Nigerian-based companies to improve their productivity and global competitiveness.³⁸ A foreign company can leverage this by positioning Nigeria as a manufacturing and export hub for the entire continent. However, a company that does not invest in high-quality, value-added production could be at a disadvantage against cheaper imports that are now more accessible.

8.0 Cultural & Business Etiquette

Navigating the cultural and social nuances of Nigeria is as critical to business success as a sound financial strategy. Business in Nigeria is relationship-driven, and a failure to understand local customs can lead to a fundamental “disconnect between ambition and reality”.¹¹

8.1 Core Business Protocols

Building lasting and trusting personal relationships is a prerequisite for serious business discussions.⁴¹ Nigerians often prefer to do business with those they know and like, and initial meetings may involve extensive small talk about family, health, and personal well-being to build rapport.⁴¹ It is important to be patient and allow the other side to set the pace of the discussion.

Respect for hierarchy and titles is paramount in Nigerian business culture. Individuals should be addressed with their appropriate titles and surnames, such as “Mr.,” “Mrs.,” or “Dr.”.⁵² Key points and questions should be directed to senior executives, as decisions come from the top.⁵⁸ While punctuality is valued, and foreign visitors are expected to be on time, meetings may start late due to local traffic conditions.⁵²

8.2 Negotiation Styles

Negotiations in Nigeria are often lively, lengthy, and can be a “bartering” process.⁵⁸ Nigerians prefer a cooperative style and may be willing to compromise, but they are not always focused on a strict “win-win” outcome and may be happy to get more out of a deal.⁴¹

A confident demeanor and a solid knowledge of the business are essential.⁶⁰ However, it is crucial to avoid appearing impatient or losing your temper, as this can be seen as a sign of disrespect.⁴¹ Given the prevalence of fraud and a lack of trust in the market, important business transactions are often conducted face-to-face, and follow-up visits are common.⁵²

8.3 Regional Nuances

Nigeria’s over 371 ethnic groups and 500 languages contribute to its immense cultural diversity.¹ This diversity translates into significant regional differences in business and social etiquette that must be acknowledged. The country can be broadly divided into a predominantly Muslim north and a largely Christian south.⁶⁰

In the north, which is home to the Hausa/Fulani ethnic group, society is often more hierarchical and traditional.⁴⁰ This can influence business interactions, with greater deference shown to senior figures and a more formalized approach to relationships. In contrast, the southeastern part of the country, home to the Igbo people, has a more egalitarian and entrepreneurial culture, with a large middle class and a philosophical distrust of feudalism.⁴⁰ The success of companies that have tailored their products and marketing to these regional differences, such as SABMiller creating a specific beer for the Igbo people, demonstrates the immense value of a localized approach.⁸

9.0 Risk Landscape & Mitigation

While Nigeria offers compelling opportunities, a successful market entry requires a robust risk management framework to mitigate its significant challenges.

9.1 Macro-Level Risks

The primary macro-level risks are related to economic volatility. Rampant inflation, which hit 34.8% in mid-2025, erodes profit margins and consumer purchasing power.³ Furthermore, the lack of access to hard currency and the rapid depreciation of the Naira are a “daunting challenge” for businesses that rely on imported inputs and need to repatriate profits.⁴

Mitigation: To combat this, companies can employ hedging strategies such as forward contracts and futures contracts to lock in future exchange rates and protect against adverse currency movements.¹² Additionally, a “natural hedging” approach, which involves matching revenue and costs in the same currency by sourcing local suppliers, can significantly reduce exposure to foreign-denominated debt and mitigate the impact of exchange rate fluctuations.¹²

9.2 Political & Security Risks

Security remains a significant concern for investors due to violent crime, kidnappings for ransom, and terrorism in certain parts of the country.⁸ This security situation deters foreign direct investment, disrupts supply chains, and has forced some businesses to close or relocate.⁶¹

Mitigation: A proactive and strategic approach is essential. This includes engaging local security and consulting firms for due diligence and risk assessments.⁶³ Companies can also consider purchasing political risk insurance to protect assets against political violence and expropriation.⁶⁵ A robust community engagement strategy is also critical, as evidenced by Chevron’s successful Global Memorandum of Understanding (GMoU) model, which built positive relationships with local communities and led to a “measurable improvement in the security of the operating environment”.⁶⁶

9.3 Governance and Regulatory Risks

Corruption is a serious obstacle to economic growth and a major reason for the difficulty of doing business in Nigeria.⁷ The lack of effective judicial due process and non-transparent economic decision-making further complicate the regulatory environment.⁷

Mitigation: To mitigate these risks, it is imperative to partner with reputable local firms for legal, financial, and administrative services.²⁸ Conducting comprehensive due diligence and background screening on all potential partners and employees is a must to protect against fraud and misconduct.⁶³

9.4 Risk Mitigation Summary Table

Identified Risk	Impact on Business	Recommended Mitigation Strategies
Economic Volatility	Eroding profit margins due to high inflation; difficulty in repatriating profits due to FX scarcity; soaring procurement costs for import-dependent businesses.	Utilize financial hedging strategies (forward/futures contracts, currency options). Adopt operational “natural hedging” by matching local costs and revenues.
Security and Political Instability	Disruption of supply chains; increased operational costs for security; loss of investor confidence; risk to personnel and assets.	Engage local security consulting firms for risk assessments and protective intelligence. Purchase political risk insurance. Implement a robust community engagement strategy (e.g., Chevron’s GMoU model).
Regulatory and Legal Uncertainty	Non-transparent decision-making; risk of unexpected tax liabilities (e.g., Permanent Establishment); bureaucratic hurdles.	Partner with reputable local legal and financial firms. Conduct thorough due diligence and background checks on all partners and personnel. Structure business activities to manage Permanent Establishment risk.
Operational Challenges	Inefficient logistics and supply chains; inadequate infrastructure; talent acquisition and retention issues; low consumer trust.	Implement an asset-light operational model. Leverage the robust digital payments ecosystem to bypass traditional banking bottlenecks. Invest in employee upskilling and flexible compensation to attract and retain talent. Localize products and services to build trust and meet consumer preferences.

10.0 Case Studies & Success Stories

Analyzing the experiences of other multinational companies in Nigeria provides invaluable lessons for a successful market entry strategy.

10.1 Lessons from Success Stories

MTN Nigeria: MTN’s success as Africa’s leading telecommunications company is a testament to the power of a long-term, capital-intensive strategy.⁶⁹ The company invested over US$1.8 billion in building a vast mobile telecommunications infrastructure, deploying a network that spanned all 36 states and connected previously unconnected rural communities.⁶⁹ This massive investment in infrastructure, combined with a commitment to corporate social responsibility (CSR) initiatives, enabled the company to build a strong market presence and local trust, which is a key driver of success in Nigeria.⁶⁷

Unilever and P&G: Long-standing consumer goods giants like Unilever and P&G have maintained a significant market share by mastering the art of localization.⁵¹ For instance, P&G changed the formulation of its Ariel detergent to lather faster because it discovered Nigerian consumers associate lather with quality and effectiveness.⁵¹ Similarly, SABMiller created a beer specifically for the Igbo people, which was less bitter and better suited for the local climate.⁸ These examples demonstrate that simply selling a global product is not enough; success requires a deep understanding of local consumer preferences and a willingness to adapt.⁵¹

Chevron: Chevron’s success in Nigeria’s volatile oil and gas sector is a model for security risk mitigation.⁶⁶ The company’s “Global Memorandum of Understanding (GMoU)” model, which involved a multi-stakeholder approach to community engagement and social investment, led to a “measurable improvement in the security of the operating environment” and a remarkable improvement in relations with local communities.⁶⁶ This case demonstrates that a company can actively de-risk its operations by viewing community relations not as a CSR afterthought but as a core component of its business performance and security strategy.⁶⁶

10.2 Insights from Market Failures

Konga (Original Model): The original model of the Nigerian e-commerce platform Konga serves as a cautionary tale against replicating global playbooks without local adaptation.¹¹ Konga attempted to “build like Amazon” by owning its entire supply chain, including warehouses and delivery vehicles, a “costly mistake” in a market with poor road networks and traffic congestion.¹¹ This asset-heavy strategy, combined with high cash-on-delivery default rates, drained funds and led to its eventual failure. In contrast, its rival Jumia succeeded by adopting a flexible, asset-light model that relied on third-party logistics.¹¹

GLAXO and Sanofi: The decision by pharmaceutical companies GSK and Sanofi to exit the Nigerian market highlights the immense vulnerability of import-heavy business models to the country’s foreign exchange crisis.⁷¹ The continuous decline in the value of the Naira made it difficult to generate substantial revenue in hard currency and ultimately “slashed the profits” of these firms.⁷¹ This demonstrates that a strong business in local currency does not guarantee profitability if profits cannot be repatriated, and it underscores the need for a diversified, locally-sourced supply chain.

OLX and Efritin: The failure of online classifieds platforms OLX and Efritin was not due to a lack of funding but a fundamental “disconnect between ambition and reality”.¹¹ These platforms failed to build trust in a market where fraud is rampant and did not adapt their models to how Nigerians actually transacted online.¹¹ The lesson for executives is that a great idea and global capital are not enough; success requires a deep understanding of local consumer habits and a strategic focus on building trust and addressing endemic market issues.

11.0 Practical Roadmap

A successful market entry into Nigeria is a phased, long-term process that requires meticulous planning and a resilient execution strategy. The following roadmap provides a high-level guide to the key phases of market entry.

11.1 Phase 1: Research & Planning

• Months 1-3: Conduct a comprehensive market analysis to identify high-potential industries and segments, leveraging the insights from Section 4.0. Evaluate the competitive landscape and identify potential local partners who possess the expertise and relationships necessary to navigate the market.
• Months 3-6: Based on the market analysis, select the optimal entry mode (e.g., WOS, JV, or Distribution) that aligns with the company’s risk appetite, capital availability, and strategic objectives. Engage reputable local legal, financial, and security consulting partners to assist with the establishment process.²⁸

11.2 Phase 2: Establishment & Registration

• Months 6-9: Complete the company registration process with the Corporate Affairs Commission (CAC). The end-to-end online process can be completed in about one week.²⁵ Concurrently, apply for a Business Permit and register with the Nigerian Investment Promotion Commission (NIPC) as a company with foreign participation.²³
• Months 9-12: If the business model qualifies, apply for government incentives such as Pioneer Status ⁵⁶ or secure a location within a Free Trade Zone to benefit from tax exemptions and operational stability.¹⁵ Begin the process of securing necessary expatriate quotas, work permits, and residence permits for foreign staff.²³

11.3 Phase 3: Operational Launch & Growth

• Months 12+: Implement a resilient supply chain strategy, prioritizing an asset-light model that leverages third-party logistics providers to mitigate infrastructure challenges.¹¹ Establish a localized talent acquisition and HR framework that includes competitive compensation and opportunities for upskilling.⁵³ Launch marketing and sales channels, ensuring a localized approach that respects regional and cultural nuances.¹¹

Conclusion

Nigeria, with its unparalleled demographic potential and position as Africa’s largest economy, presents a compelling long-term investment opportunity. However, the market is not for the unprepared. Success will not be found in replicating global business models or ignoring the country’s complex and volatile realities. Instead, it will belong to those who view Nigeria’s challenges—from infrastructural deficits and currency volatility to security concerns and cultural nuances—not as insurmountable barriers but as unique opportunities for innovation, localization, and strategic partnership.

The government’s recent, and often painful, economic reforms are indicative of a commitment to long-term stability and transparency. By providing tax incentives, a more streamlined regulatory environment, and de-risked Free Trade Zones, the administration is actively signaling its support for foreign investment that contributes to a more diversified and self-sufficient economy.

A successful market entry requires a strategic, patient, and highly localized approach. By prioritizing an asset-light operational model, actively hedging against currency risk, leveraging strategic government incentives, and building local relationships and trust, a multinational company can navigate the complexities of the Nigerian market and capitalize on its immense potential for sustained growth and profitability.

Works cited

1. Demographics of Nigeria – Wikipedia, accessed August 25, 2025, https://en.wikipedia.org/wiki/Demographics_of_Nigeria
2. Nigeria Remains Africa’s Fintech Powerhouse – FurtherAfrica, accessed August 25, 2025, https://furtherafrica.com/2025/08/25/nigeria-remains-africas-fintech-powerhouse/
3. Nigeria Fintech Funding Trends 2025 – Tech In Africa, accessed August 25, 2025, https://www.techinafrica.com/nigeria-fintech-funding-trends-2025/
4. Country Focus Report 2024 – Nigeria – African Development Bank, accessed August 25, 2025, https://vcda.afdb.org/en/system/files/report/Nigeria%20Final%202024.pdf
5. Nigeria Inflation Rate | Historical Chart & Data – Macrotrends, accessed August 25, 2025, https://www.macrotrends.net/global-metrics/countries/nga/nigeria/inflation-rate-cpi
6. Recent CBN Reforms and Initiatives | Central Bank of Nigeria, accessed August 25, 2025, https://www.cbn.gov.ng/AboutCBN/Reforms.html
7. Nigeria – Market Challenges – International Trade Administration, accessed August 25, 2025, https://www.trade.gov/country-commercial-guides/nigeria-market-challenges
8. 2024 Investment Climate Statements: Nigeria – U.S. Department of …, accessed August 25, 2025, https://www.state.gov/reports/2024-investment-climate-statements/nigeria
9. Nigeria Travel Advisory, accessed August 25, 2025, https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/nigeria-travel-advisory.html
10. All about market entry strategy – Kadence International, accessed August 25, 2025, https://kadence.com/en-us/what-is-market-entry-strategy/
11. CEOs Take Note: 5 Million-Dollar Nigerian Startups That Failed …, accessed August 25, 2025, https://oxgital.com/ceos-take-note-5-million-dollar-nigerian-startups-that-failed-miserably-and-exactly-why/
12. Three Strategies to Mitigate Currency Risk – Investopedia, accessed August 25, 2025, https://www.investopedia.com/articles/investing/041916/3-strategies-mitigate-currency-risk-eufx.asp
13. Lock in Your Profits: How Nigerian Businesses Can Hedge Against …, accessed August 25, 2025, https://www.coronationmb.com/lock-in-your-profits-how-nigerian-businesses-can-hedge-against-currency-fluctuations/
14. Leveraging Tax Incentives: What Nigerian Businesses Need to Know about Pioneer Status, accessed August 25, 2025, https://starrattorneys.co/what-nigerian-businesses-need-to-know-about-pioneer-status/
15. Tax Incentives And Legal Benefits For Businesses In Nigerian Free-Trade Zones, accessed August 25, 2025, https://globallawexperts.com/tax-incentives-and-legal-benefits-for-businesses-in-nigerian-free-trade-zones/
16. Incentives – Oil & Gas Free Zone Authority, accessed August 25, 2025, https://ogfza.gov.ng/incentives/
17. Nigeria GDP Growth Rate | Historical Chart & Data – Macrotrends, accessed August 25, 2025, https://www.macrotrends.net/global-metrics/countries/nga/nigeria/gdp-growth-rate
18. Nigeria Nominal GDP Growth | Economic Indicators – CEIC, accessed August 25, 2025, https://www.ceicdata.com/en/indicator/nigeria/nominal-gdp-growth
19. The Nigerian Tax Reform Acts – PwC, accessed August 25, 2025, https://www.pwc.com/ng/en/publications/the-nigerian-tax-reform-acts.html
20. Current State of Nigeria Agriculture and Agribusiness Sector – PwC, accessed August 25, 2025, https://www.pwc.com/ng/en/assets/pdf/afcfta-agribusiness-current-state-nigeria-agriculture-sector.pdf
21. Nigeria Urban Population | Historical Chart & Data – Macrotrends, accessed August 25, 2025, https://www.macrotrends.net/global-metrics/countries/nga/nigeria/urban-population
22. Top 5 Sectors of Nigeria’s Economy in 2024 – Volition Cap, accessed August 25, 2025, https://volitioncap.com/top-5-sectors-of-nigerias-economy-in-2024/
23. Foreign Investment & Joint Ventures – Akindelano Legal Practitioners |, accessed August 25, 2025, https://akindelano.com/joint-ventures/
24. Nigeria – Distribution and Sales Channels – International Trade Administration, accessed August 25, 2025, https://www.trade.gov/country-commercial-guides/nigeria-distribution-and-sales-channels
25. Your Complete Guide to Company & Business Registration in Nigeria, accessed August 25, 2025, https://academy.getbumpa.com/guides/guide-nigeria-company-business-registration-cac
26. Business Names | Corporate Affairs Commission, accessed August 25, 2025, https://www.cac.gov.ng/business-names/
27. 1 2024 REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018, accessed August 25, 2025, https://doclib.ngxgroup.com/Financial_NewsDocs/43464_LAFARGE_AFRICA_PLC.-LAFARGE_AFRICA_PLC_2024_NCCG_COMPLIANCE_REPORT_CORPORATE_ACTIONS_MARCH_2025.pdf
28. REPATRIATION OF FUNDS AND CAPITAL IMPORTATION IN NIGERIA – FAQs – Templars Law Firm, accessed August 25, 2025, https://www.templars-law.com/app/uploads/2020/06/Templars-Thought-Leadership-Repatriation-of-Funds-and-Capital-Importation-in-Nigeria-FAQs.pdf
29. Repatriation Of Funds From Nigeria By Foreign Investors: The Key Steps Involved, accessed August 25, 2025, https://berkeleylp.com/insights/repatriation-of-funds-from-nigeria-steps-involved/
30. Employment Income Taxation under the Tax Reform Acts: A …, accessed August 25, 2025, https://www.olaniwunajayi.net/blog/employment-income-taxation-under-the-tax-reform-acts-a-compliance-guide-for-employees-and-employers/
31. Employment Laws in Nigeria – Global People Strategist, accessed August 25, 2025, https://globalpeoplestrategist.com/employment-laws-in-nigeria/
32. Hire and Pay Employees in Nigeria Quickly and Compliantly | Rippling, accessed August 25, 2025, https://www.rippling.com/country-hiring/nigeria-employees
33. Guide to Hiring Employees in Nigeria | Recruiters LineUp, accessed August 25, 2025, https://www.recruiterslineup.com/guide-to-hiring-employees-in-nigeria/
34. The job market in Nigeria: Most attractive industries in 2024 – Kaleta, accessed August 25, 2025, https://kaleta.co/2024/11/17/the-job-market-in-nigeria-most-attractive-industries-in-2024/
35. Repositioning Nigeria’s agriculture sector – Punch Newspapers, accessed August 25, 2025, https://punchng.com/repositioning-nigerias-agriculture-sector/
36. Nigeria at a glance | FAO in Nigeria | Food and Agriculture Organization of the United Nations, accessed August 25, 2025, https://www.fao.org/nigeria/fao-in-nigeria/nigeria-at-a-glance/en/
37. Top Investment Opportunities in Nigeria’s Growing Agriculture Sector, accessed August 25, 2025, https://vantagenigeria.com/crm/knowledge-base/article/top-investment-opportunities-in-nigeria-s-growing-agriculture-sector
38. The Influence Of The African Continental Free Trade Area (AFCFTA) Agreement On Nigerian Export Business – SEAHI Publications, accessed August 25, 2025, https://www.seahipublications.org/wp-content/uploads/2025/04/IJIFER-J-2-2025.pdf
39. Economic freedom of the world wholly owned subsidiaries and joint ventures as binary response – ResearchGate, accessed August 25, 2025, https://www.researchgate.net/publication/364316870_Economic_freedom_of_the_world_wholly_owned_subsidiaries_and_joint_ventures_as_binary_response
40. What are the differences in living habits and languages ​​between northerners and southerners of Nigeria? – Quora, accessed August 25, 2025, https://www.quora.com/What-are-the-differences-in-living-habits-and-languages-between-northerners-and-southerners-of-Nigeria
41. Negotiating International Business – Nigeria – Leadership Crossroads, accessed August 25, 2025, https://leadershipcrossroads.com/mat/cou/Nigeria.pdf
42. Joint Ventures vs Wholly Owned Subsidiaries: Key Differences – Vedantu, accessed August 25, 2025, https://www.vedantu.com/commerce/joint-ventures-and-wholly-owned-subsidiaries
43. (PDF) Multinational Companies And Joint Venture Investment Management Strategy: A Contemporary Diagnosis Of Nigeria\’s Oil Sector – ResearchGate, accessed August 25, 2025, https://www.researchgate.net/publication/280113982_Multinational_Companies_And_Joint_Venture_Investment_Management_Strategy_A_Contemporary_Diagnosis_Of_Nigeria’s_Oil_Sector
44. optimizing joint ventures and alternative funding for nigeria’s oil and gas industry: improved – Dialnet, accessed August 25, 2025, https://dialnet.unirioja.es/descarga/articulo/9985352.pdf
45. 5 Strategies for Mitigating Political Risk – FiscalNote, accessed August 25, 2025, https://fiscalnote.com/blog/strategies-mitigating-political-risk
46. Manufacturer and Distributor’s Performance Measurement: A Case Study of Small-Scale Manufacturing Company in Lagos Nigeria – ResearchGate, accessed August 25, 2025, https://www.researchgate.net/publication/360443742_Manufacturer_and_Distributor’s_Performance_Measurement_A_Case_Study_of_Small-Scale_Manufacturing_Company_in_Lagos_Nigeria
47. Nigeria – Logistics Sector – International Trade Administration, accessed August 25, 2025, https://www.trade.gov/country-commercial-guides/nigeria-logistics-sector
48. Full article: Unlocking Nigeria’s potential: experts’ opinion-based insights on the economic impact of logistics challenges – Taylor & Francis Online, accessed August 25, 2025, https://www.tandfonline.com/doi/full/10.1080/16258312.2025.2497310?src=
49. Payment Service Providers | Central Bank of Nigeria, accessed August 25, 2025, https://www.cbn.gov.ng/PaymentsSystem/PSPs.html
50. NIBSS: Home, accessed August 25, 2025, https://nibss-plc.com.ng/
51. Winning in Africa’s consumer market | McKinsey, accessed August 25, 2025, https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/winning-in-africas-consumer-market
52. Nigeria – Business Travel – International Trade Administration, accessed August 25, 2025, https://www.trade.gov/country-commercial-guides/nigeria-business-travel
53. SME Talent Acquisition Nigeria: Strategic Recruitment Framework for 2025 Success, accessed August 25, 2025, https://efficentra.com/sme-talent-acquisition-nigeria-strategic-framework/
54. Understanding the concept of Permanent Establishment in Nigeria – Businessday NG, accessed August 25, 2025, https://businessday.ng/news/legal-business/article/understanding-the-concept-of-permanent-establishment-in-nigeria/
55. Permanent establishment in Nigeria – DLA Piper REALWORLD, accessed August 25, 2025, https://www.dlapiperrealworld.com/law/index.html?c=NG&t=corporate-vehicles&s=&q=permanent-establishment
56. Pioneer Status Tax Incentive in Nigeria – msmehub, accessed August 25, 2025, https://msmehub.org/pioneer-status-tax-incentive-in-nigeria/
57. The Impact of AfCFTA on Welfare and Trade: Nigeria and South Africa in Light of Core Export Competences – MDPI, accessed August 25, 2025, https://www.mdpi.com/2071-1050/15/6/5090
58. A Guide to Business Etiquette in Nigeria – ClickUp, accessed August 25, 2025, https://clickup.com/p/business-etiquette/nigeria
59. How to negotiate in Nigeria – Exportiamo.it, accessed August 25, 2025, https://www.exportiamo.it/aree-tematiche/13153/how-to-negotiate-in-nigeria/
60. Cultural top tips for uk Businesses working with nigeria | British Council, accessed August 25, 2025, https://www.britishcouncil.org/sites/default/files/intercultural_fluency_nigeria_top_tips_0.pdf
61. Nigeria’s Rising Insecurity: Implications for the Nigerian Economy – The Budgit Foundation, accessed August 25, 2025, https://budgit.org/nigerias-rising-insecurity-implications-for-the-nigerian-economy/
62. Multinational Companies Fleeing Nigeria: Causes, Impacts and the Way Forward, accessed August 25, 2025, https://techeconomy.ng/multinational-corporations-fleeing-nigeria-causes-impacts-and-the-way-forward/
63. IIRIS Nigeria Risk & Security Consulting Services in Africa, accessed August 25, 2025, https://iirisconsulting.com/iiris-nigeria/
64. Risk Control Services Nigeria Limited, accessed August 25, 2025, https://riskcontrolnigeria.com/
65. BLP Article – Political Risks in the Nigerian Energy Sector – Analysis and Mitigation Mechanisms – Bloomfield Law, accessed August 25, 2025, https://www.bloomfield-law.com/sites/default/files/2023-08/blp_article_-_political_risks_in_the_nigerian_energy_sector_-_analysis_and_mitigation_mechanisms.pdf
66. Investing in Fragile Contexts: A Case Study of Chevron Nigeria – World Economic Forum, accessed August 25, 2025, https://www3.weforum.org/docs/WEF_Chevron_in_Nigeria.pdf
67. (PDF) MTN NIGERIA AND NIGERIAN ECONOMIC DEVELOPMENT: A MULTINATIONAL CORPORATION STUDY – ResearchGate, accessed August 25, 2025, https://www.researchgate.net/publication/379501402_MTN_NIGERIA_AND_NIGERIAN_ECONOMIC_DEVELOPMENT_A_MULTINATIONAL_CORPORATION_STUDY
68. Start your distribution business in Nigeria – nigeria-company.com, accessed August 25, 2025, https://www.nigeria-company.com/en/business-advice/distribution/
69. www.ssoar.info Information as a Tool for Organisational Development: a Case Study of MTN Lagos, Nigeria, accessed August 25, 2025, https://www.ssoar.info/ssoar/bitstream/handle/document/100569/ssoar-pos-2025-2-omoruyi_et_al-Information_as_a_Tool_for.pdf?sequence=1&isAllowed=y
70. Unilever Nigeria Plc. – Purpose-Led, Future-fit, accessed August 25, 2025, https://www.unileverghana.com/files/92ui5egz/production/067c779bba21e94201e7c32b5098b10ed8600313.pdf
71. GSK, Sanofi Exit Nigerian Market Amid Lingering Foreign Exchange Crisis – BioSpace, accessed August 25, 2025, https://www.biospace.com/gsk-sanofi-exit-nigerian-market-amid-lingering-foreign-exchange-crisis
72. Why Are Multinationals Like P&G, GSK and Sanofi Leaving Nigeria? – YouTube, accessed August 25, 2025, https://www.youtube.com/watch?v=R_pnZcqU_1g