The Nigerian Business Environment - Essay Example

Most of the common people of the country also believe that with the growth of the economy, there will be a significant rise in jobs, thereby providing value and development to the masses. Talking in regards to prospects for domestic businesses that are developing national and private label brands in the Nigerian market, it can be said that the consumers are creating and increasing their demand. The reason for the increase in demand can be mainly attributed to the saving tendency as well as the price sensitivity nature generated out of the low income.

The insight gained from the analysis of the primary data which has been collected by the process of conducting individual interviews of the senior-level executives of the various companies revealed that the various variations of the macroeconomic category are comparatively stable as compared to other emerging as well as developed countries. The business executives also showed confidence in the fact that the government of Nigeria is taking necessary steps to boost foreign investment for the development of the nation, through the process of stabilizing exchange rates as well as addressing issues of capital inflow.  The ample amounts of availability of agricultural as well as natural resources, oil, and gas are also encouraging a significant number of investments by manufacturing as well as ago-based industries (Shelley, 2004, p. 184).

However, talking about the business prospects that are emerging in the markets of Nigeria as well as Africa in general, the top-level business executives revealed that the political pressures, as well as improper designing of the fiscal structure as well as poor governance, are contributing in a major way towards the process of achieving a significant and sustainable growth rate of around and above 8%. They also highlighted that despite the rise in economic growth and probable rise of consumer confidence in the African markets especially in regions like South Africa, Nigeria, Ghana, etc, there is a tremendous rise in terms of income inequality and income distribution amongst the masses. Highlighting on the same note, they also revealed the fact, that various negative factors like low job opportunities as well as the high poverty levels are existing along with the high rate of inflation (Oxford Business Group, 2012, p. 30).