Starting a business in Nigeria presents a unique set of opportunities and challenges. In this podcast we talk with Zumah Yahaya, the founder of Boubid, a company that provides support to Nigerian businesses in the areas of strategy, management and growth.
Zumah’s transition into creating Boubid stemmed from her realization that many businesses seeking investment lacked the managerial framework or the structural capability to effectively utilize funds. Over time the company has expanded its services to include human capacity development, brand consulting, and strategic matchmaking, essentially becoming a one-stop shop for new and emerging businesses in Nigeria.
The Nigerian market, with its vast population and untapped potential, presents a fertile ground for startups. For businesses looking to enter this market, there are several considerations to bear in mind:
- Understanding and Communicating Value Propositions: It is vital for businesses to be clear about what they offer and to communicate this effectively in a manner that resonates with the target audience. Founders must be strategic in how they reach potential customers, considering the varying levels of internet penetration and the economic status of different demographics.
- Utilizing the Right Sales Channels: Selling strategies should be tailored to the consumer base. For instance, luxury items may require a more personal touch and relationship-based selling, while products aimed at the lower end of the economic spectrum might benefit from widespread agent networks to make the products more accessible.
- Establishing Local Partnerships: Remote operations can only go so far in a market that values personal interactions. Establishing a local presence or having trusted Nigerian partners is essential for successfully navigating the business landscape.
Listen to the podcast for more tips on the Nigerian market as well as how to expand out into other countries on the continent!