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Economic Recession in Nigeria Assignment

Added on - 20 Sep 2019

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PARTICIPANTS RESPONSE.
PARTICIPANT 1.
1.How many years has the organisation been operating in this industry?
Ans: 14 years
2.Do you think that the business is profitable enough in the local market?
Ans: the business is profitable but as the economic recession set in Nigeria in 2016,
itaffectedourearningsdrastically.Everyhouseholdincomereduced,higher
inflation and cost of doing business went up which affects our profit margin
3.Do you think that internationalisation can make the business more profitable?
Ans: yes, internationalisation is entering a new market which will give us more sales
and increase our revenue. The bottom line for any business is to generate more
sales, increase productivity and earn more money. Our company is already looking
atwaystodothis,butitisdifficultinNigeriaconsideringtheinfrastructural
challenge
4.Do you think the business has potential to internationalise?
Ans: yes but we need to put a lot of things in place. We currently have a country
with failing infrastructure, bad logistics which is very important. To even import or
export in Nigeria takes longer and more expensive than other country. So you need
to put a lot of work, design some strategies and have good infrastructures like
increase fleets of trucks, redesign our payment plan and many things. So I will say
we have the potential but we need to work on the potential to be achievable.
5.What are the strategies you want to use for internationalization?
Ans: to be very clear, we have considered a lot like exporting or partnership so that
we can produce in this country but as it stands with our capacity and available
resources, exporting is the best. Getting partners in other countries to ship our
products to but in the long run we can embrace technology such as direct sales
using an e-commerce platform
6.What factors can reduce the effectiveness of internationalisation
Ans: there are many factors chief of which is the lack of knowledge about other
market which we are just trying to get. You need to understand the market as well
asthecustomers’expectations.Also,thereisinfrastructure.Everythingabout
successfulbusinesscomestogoodstructures,soweneedtoimprovethe
infrastructure, get to used to leading technology to market ourselves and track our
activities. There is a lot of barriers now.
7.Whataretherecommendationsformakingtheinternationalizationof
business smoother?
Ans:Ihaveactuallysaidsomeofit,infrastructure,improveinbusiness
environment, knowledge of the new market. We also need to improve our strategies
to accommodate future business with foreign markets like increase in productivity,
staff training.
8.What other benefits you expect from the internationalisation of agriculture
business
Ans: ultimately, going to other market will incr4ease our sales, drive growth and
revenues. It will also enhance our productivity which will also means more job for
our people.
PARTICIPANT 2.
Survey Questionnaire
1. For how many years the organization has been operating in this industry?
Our Organisation is over 6 years in the industry but over 20 years on individually
level in the industry as well.
2. Do you think that the business is profitable enough in the local market?
Agribusiness is profitable in Nigeria if done properly.
3. Do you think that internationalization can make the business more profitable?
Yes, international trade will make the business more profitable as you make more
money by earning foreign currency which has more exchange value
4. Do you think the business has potential to internationalize?
Yes, agribusiness has great potentials especially in export of some specific products
5. What are the strategies you want to use for internationalization?
The strategies include;
i.Source for buyers and partners
ii. Identify regulations on trade, food safety and traceability
ii.CollaboratewithLaboratoriesandestablishwithGovernmentagencieslike
NAFDAC, SON , NEPC etc
IV. Source for more money from investors and Banks
6. What are the factors that can reduce effectiveness of the internationalization?
i.Unstable government policy
ii.Unstable foreign exchange
iii. Lack of Trade policy to support export of agricultural produce and businesses
iv. Corruption
8.Whatareyourrecommendationsformakingtheinternationalizationof
businesses smoother?
i. Reforms to smoothen operations at the different ports in the country (Seaports,
air ports etc)
ii. Credits for export of agricultural businesses
iii. Main quality control of produce of entry
iv. Enhance remittance of proceeds from agribusinesses abroad
v. Strengthen the NEPC operations and mandates
9.What other benefits you expect from the internationalization of agricultural
businesses?
i. Wealth creation for Small and medium agribusinesses that will provide the stocks
for the big agribusinesses
ii. Create jobs in the Country
iii. Will also balance of international trade
iv. Economic growth and development
v. More funds to government for infrastructure and social investment
PARTICIPANT 3.
What is the nature of your business and how Long have you been in operation?
I am a farmer, and its actually a family business which we have been running for
over a decade. We farm cassava during the rainy season and process it into cassava
floor for sale. Sometimes, we sell unprocessed cassava to wholesale buyers who go
on to process it themselves for sale.
Do you make much profit from the business?
Not really, because we are not a big mechanized farm at the moment. We produce
just enough for the local market. Another issue is inadequate infrastructures like the
access road to transport the goods out of the farms and lack of power.
What is the possibility of you making your business international?
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