Over the past seven years, the government of Nigeria has pursued a policy of trade liberalization and privatization. As a result of that, many opportunities for global business operators have been created. Nigeria is rich in mineral and human resources. It is the 8th most populous country in the world. It is been a member of OPEC since 1971. IMF Executive, Anne Krueger, stated that the prudent management of Nigeria’s significant oil windfall has helped to stabilize the economy and has began to address the major macroeconomic imbalances. Malaysian and Singaporean investors in a deal put together by Price Waterhouse of Hong Kong ,agreed to invest US$100 million in Hallmark Bank of Nigeria.

Action Steps
The best contacts and resources to help you get it done

Do your homework to understand the market

Before getting started, make sure you understand the basics about Nigeria and local business regulations.

I recommend: visiting the official website of the Government of Nigeria or Information Please. You can find more information about Nigeria and its business legalities by contacting a local Nigeria consulate. To check the stock indexes in Nigeria, visit the Nigeria Stock Exchange, and for basic statistics send an email to the Federal Office Of Statistics.It provides detailed financial information on publicly traded Nigerian companies. Daily news from Nigeria is available at Nigeria.com , Guardian Newspapers and The Sun News Online.

Find potential business opportunities of interest

Get reliable information about business opportunities .

I recommend: visiting the Nigerian Investment Promotion Council .Its important that you do not respond to business opportunities that are solicited by email. A lot of advanced fee fraud schemes, commonly known as 419, originate from countries in the West African region especially Nigeria. If a business opportunity sounds too good to be true, then it might not be true. When contacted about a business opportunity anywhere in Nigeria, more sure it's legitimate by contacting the Nigerian Consulate in your country, as well as through the Nigerian High Commission in the United States of America and the essentially informative Nigeria business website .Don't let negative information deter you. Many companies have conducted business in Nigeria successfully.

Understand the economy and basic business ethics

Try to gather as much information about Nigeria's economy and business ethics as you can.

I recommend: reading more about the economy of Nigeria and its various business ethics. Although the presence of the America investors can be felt, Asian businessmen have established a stronghold in the Nigeria economy. Talk to foreign investors in Nigeria. Nova Capital Partners, LLC , a leading middle market investment bank focused on secondary emerging markets has announced it is investing US$161 million of convertible preferred equity in Intercontinental Bank, a leading banking institution in Nigeria.

Travelling to Nigeria

Don't be worried about travelling to Nigeria. It is easier that you might think.

I recommend: applying for a visa online or through the Nigerian High Commission , or the Nigerian consulate in Atlanta. For business visas to Nigeria. all you need is an invitation letter from your business partners, a valid passport at least 6 months from expiring, and proof of a return ticket. Make sure to apply for a business C type visa. Visa fees range between $150.00 and $200.00 plus a processing fee of $20.00. It could take up to 5 days to obtain your visa. Visa fees can be paid by cash, cashier's check or money orders. A subsudiary of Virgin Airlines, Virgin Nigeria flies thoughout Nigeria and also to some countries in the West Africa region.

Attend a trade fair

lot of African countries host trade fairs. Ask about the next trade fair and talk to foreign investors face to face.

I recommend: Get in contact with the Nigeria chamber of commerce . Request information and go the Lagos International Trade fair. Look for previous attendees and seek their advice. Make it a point to research other mini trade fairs. ICT investors might want to attend AITEC events . AITEC events showcase ICT events in Africa and are rich sources of information.