FRAMEWORK FOR ENTERING THE NIGERIAN MARKET (Focus on the Agricultural sector)

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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.


TABLE OF CONTENTS

ABSTRACT
CONCEPT DEFINITIONS

1 INTRODUCTION

2 FACTS ABOUT THE AGRICULTURAL SECTOR IN NIGERIA
2.1 Controlling agricultural body in Nigeria
2.1.1 Staple crops processing zones
2.1.2 Nigeria incentive based
2.1.3 Rural finance institution building
2.2 Potential market for agricultural machineries
2.2.1 Major Nigerian farms
2.2.2 Olusegun Obasanjo farm (Obasanjo Farm)
2.2.3 Abdulsalami Abubakar (Maizube Farms)
2.2.4 Murtala Nyako (Sebore Farms)
2.2.5 Usman Dantata Jnr (Anadariya Farms)
2.2.6 Sir Joseph I.A Arumemi- Ikhide (Ojemai Farms)
2.2.7 Regions in Nigeria
2.2.8 Commodities peculiar to each zone
2.3 Legal structure for business
2.4 Business entity allowed in Nigeria
2.5 Registration of the business

3 ECONOMIC OVERVIEW AND BACKGROUND OF NIGERIA
3.1 ECOWAS
3.1.1 History
3.1.2 Economic role of ECOWAS
3.2 The country Nigeria
3.2.1 History of Nigeria
3.2.2 Economic environment
3.2.3 Political environment
3.2.4 Macroeconomic data
3.2.5 Social inequality
3.2.6 Level of governance indicators and corruption

4 FINNISH PRODUCT AND EXPORT FINANCING
4.1 Product portfolio
4.1.1 Junkkari Oy
4.1.2 Product of Junkkari
4.1.3 Avant Tecno
4.1.4 Product of Avant Tecno
4.1.5 Sampo Rosenlew ltd
4.1.6 Product Sampo Rosenlew
4.1.7 Conclusion
4.2 Exporting risks
4.2.1 Finnvera brief
4.2.2 Export credit guarantee operation
4.2.3 Guarantees available to exporters
4.2.4 Country classification
4.2.5 Guarantees available to buyers
4.3 Framework for strategy formulaton
4.3.1 Starting the business
4.3.2 Hiring a foreign worker
4.3.3 Obtaining credit

5 STRATEGIC MODE OF ENTRY AND DISTRIBUTION NETWORK
5.1 Mode of entry
5.1.1 Exporting
5.1.2 Contractual mode
5.1.3 Foreign direct investment
5.2 Distribution network
5.2.1 Manufacturer storage with direct shipping
5.2.2 Manufacturer storage with direct shipping and in-transit merge
5.2.3 Distributor storage with carrier delivery
5.2.4 Distributor storage with last mile delivery
5.2.5 Distributor storage with customer pickup
5.2.6 Retail storage with customer pick up

6 DISCUSSION AND CONCLUSION
6.1 Discussion
6.2 Conclusion

REFERENCES
APPENDICES


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.


The aim of these researches is to highlight geographical regions and typical farms that may yield at-tractive prospects for Finnish company. The information is then used to formulate a market strategy for Finnish companies in the Nigerian market. In addition, proposals will be made and future scenarios presented which are augmented by personal view.

Based on the introduction and the introduction of the topic- giving a perspective of the situation in Nigeria- the following two research questions are being raised.

·         Is the Agricultural market in Nigeria a suitable market for Finnish company to invest in?

·         Which recommendations are for a market entry mode and distribution network can be given when entering the Nigerian agricultural market?


·         Can Nigeria serve as an entry port to the West-Africa market for Finnish companies? Structure of the topic

After having presented the objective and relevance of the topic as well as the research questions, the researcher will introduce the structure of the study. Accordingly, to strengthen the arguments that will be highlighted in the conclusion, the research is divided into three parts. The first part consists of theo-retical results selected from secondary research, based on the theory an analysis of it is done to build the second part of the research and conclusion. Summarizing parts one and part two makes up the third and final part of the research and the conclusion.


In the following, the framework of the study is illustrated. It is arranged bottom up, with each element adding additional information to complete the picture. To achieve this, it takes a look at the fact about the agricultural sector in Nigeria, the body(ies) controlling the sector and potential market for the ma-chinery, this gives Finnish company an idea how the market operates and market to focus attention on.


After going through the fact about the intended sector, the next is take a look at the history and current economic situation of Nigeria and moreover, to gain an insight into the market situation in order to understand the ideas that the strategy proposes. Moreover, an economic overview and facts about the sector provides information about Nigeria, the productivity level in Nigeria and potentials markets. Various factors will be taken into consideration such as market size and regulations by the controlling body.


The fourth chapter focuses on the Finnish product in respect to their function and technical infor-mation, risks handling with respect to going into foreign market by a Finnish company and strategy formulation of doing business in Nigeria. This gives a Finnish company an idea of the typical risks...

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