How does doing business in Nigeria differ from South Africa or other more developed countries?
Nigeria is a very challenging business environment. The financial services industry has matured over the years with the consolidation of banks. The micro-finance sector however is effectively 2 years old and therefore still in a developmental stage. This offers a wealth of opportunities for the likes of BIMFB to shape the market to its advantage. What aspects of the investment in Nigeria worry you the most? Doing business in Nigeria is not necessarily different from doing business in Africa per se. Business risk in Nigeria particularly relates to keeping costs of operation to reasonable levels as a result of limited power supply. It is something we’ll have to deal with. Are you going to make use of local Nigerian staff? BIMFB will have three executive directors who will manage day to day operations. These are appointees from Blue and ICB. As in all countries of operation, the majority of staff is local to ensure effective consultation with clients in their home language. What have been
