{"id":2076,"date":"2020-08-19T17:22:33","date_gmt":"2020-08-19T17:22:33","guid":{"rendered":"https:\/\/jupiterbusinessmentors.com\/?p=2076"},"modified":"2021-02-12T10:03:39","modified_gmt":"2021-02-12T10:03:39","slug":"exploring-business-opportunities-in-west-africa","status":"publish","type":"post","link":"https:\/\/jupiterbusinessmentors.com\/blog\/exploring-business-opportunities-in-west-africa\/","title":{"rendered":"Exploring Business Opportunities in West Africa"},"content":{"rendered":"

Africa is solidifying its position as a continent of new opportunities. Driven by technology, and a growing young population, a new wave of entrepreneurs is on the rise, opening multiple prospects for foreign investors. In fact, Africa largely escaped the global decline in foreign direct investment with an 11% increase in 2018.\u00a0<\/span><\/p>\n

Paul Okaru, a Dubai-based Management Consultant<\/a>, offers advice to companies looking to enter Nigeria and other select West African countries.\u00a0<\/span><\/p>\n

Identify trustworthy partners\u00a0<\/b><\/h5>\n

\"BusinessWith a wide network of contacts on the ground in West Africa, and particularly Nigeria, Paul is strategically positioned to assist clients, whether they be foreign investors, multinationals, high net worth individuals, or SMEs.\u00a0<\/span><\/p>\n

He advises that the most important thing for entrepreneurs looking to invest in Africa is to first engage someone with solid market and business information for the West African country in question.\u00a0<\/span><\/p>\n

\u201cWest Africa is a huge territory. As a potential investor, you should conduct detailed market research and undertake strict due diligence on your potential partner. It is a good idea to know what you are getting into, and there are no surprises, even if it would involve incurring some expenses\u201d he says.\u00a0<\/span><\/p>\n

To get a better understanding of the region and its business opportunities, Paul also suggests attending industry-related conferences and exhibitions held out of West Africa. This helps potential investors not only network with prospective partners, but also carry out on-ground research.\u00a0<\/span><\/p>\n

\u201cIt is a good idea to visit the country and the people you are considering doing business with. It is the only way to build long-term, trustworthy relationships,\u201d he suggests.\u00a0<\/span><\/p>\n

Business opportunities in a geographical context<\/b><\/h5>\n

\"Entrepreneurs\u201cEven within a close geographical proximity in West Africa, there are territories with markedly different business environments and ecosystems,\u201d says Paul. \u201cOn the one hand, you have English-speaking West Africa, which includes Africa\u2019s largest economy, Nigeria, and other promising countries, such as Ghana. The legal system in Nigeria and Ghana is based on English common law. Similarly, in French-speaking West Africa, you have promising countries, such as Ivory Coast and Senegal, who have a legal system more influenced by French civil law,\u201d he explains.\u00a0<\/span><\/p>\n

Paul recommends that investors not look at Africa as one big territory, but rather as individual areas to try and understand their uniqueness and strengths. He does, however, stress the usefulness of the Economic Community of West African States (ECOWAS) as a powerful trading body that can offer investors many beneficial opportunities.\u00a0<\/span><\/p>\n

Potential for investment<\/b><\/h5>\n

\u201cMany people have preconceived ideas about Africa, but the continent comprises many different demographics, populations, educational levels and skill sets. The reality is that there are different investment potentials in different countries,\u201d says Paul.\u00a0<\/span><\/p>\n

He elaborates that Nigeria, for example, is a population of over 200 million with many capabilities. \u201cMost people in Nigeria are young, English-educated and need jobs. These people are intelligent and very trainable. If you teach them, they will perform. Investing in people in these areas has prospects for exponential growth for investors taking a long-term view,\u201d he adds.<\/span><\/p>\n

Paul feels that industries like fintech, information technology, healthcare, education, renewable energy, manufacturing, logistics, and agriculture are in the early stages of incubation and growth.\u00a0<\/span><\/p>\n

\u201cWhilst West Africa does not have highly developed sectors and mature markets, the region has an emerging consumer class that are increasingly able to afford things and demand more than what is being offered,\u201d he adds. \u201cValue chains, therefore, within these aforementioned industries can offer huge areas for investors to participate.\u201d<\/span><\/p>\n

With consulting experience across multiple industries, Paul can provide significant all-round support for any project or new business venture.\u00a0<\/span><\/p>\n

For more insight into <\/span><\/i>investment advisory consulting <\/span><\/i><\/a>and <\/span><\/i>business, regulatory and legal mentoring <\/a><\/span><\/i>that ensures you remain in tune with opportunities both local and abroad, <\/span><\/i><\/p>\n

\u00a0book a FREE spot with Paul Okaru, our platform mentor<\/a><\/span><\/i><\/p>\n

Jupiter Business Mentors enlist some of the <\/span><\/i>best business mentors in the world<\/span><\/i> to help guide companies and entrepreneurs in making smart decisions.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa is solidifying its position as a continent of new opportunities. Driven by technology, and a growing young population, a new wave of entrepreneurs is on the rise, opening multiple prospects for foreign investors. In fact, Africa largely escaped the global decline in foreign direct investment with an 11% increase in 2018.\u00a0 Paul Okaru, a …<\/p>\n

Exploring Business Opportunities in West Africa<\/span> Read More »<\/a><\/p>\n","protected":false},"author":3,"featured_media":3294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[7],"tags":[],"yoast_head":"\nExplore Business opportunities in West Africa with a Jupiter Business Mentors Management Consultant.<\/title>\n<meta name=\"description\" content=\"Paul Okaru, Dubai-based Management Consultant, offers advice to companies looking to enter for Business opportunities in Nigeria and other select West African countries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jupiterbusinessmentors.com\/blog\/exploring-business-opportunities-in-west-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explore Business opportunities in West Africa with a Jupiter Business Mentors Management Consultant.\" \/>\n<meta property=\"og:description\" content=\"Paul Okaru, Dubai-based Management Consultant, offers advice to companies looking to enter for Business opportunities in Nigeria and other select West African countries. 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