Detailed Country Report: Analyzing Nigeria's Business Opportunities

This country report provides a comprehensive analysis of Nigeria, focusing on its potential for business ventures, specifically within the ball bearing industry. The report begins with an introduction highlighting the growing global market for ball bearings and the opportunities present in Africa, with a particular emphasis on Nigeria. The political analysis examines Nigeria's stable democratic government, the effectiveness of its current president, and the government's efforts to combat corruption and diversify the economy. The economic analysis delves into the impact of oil price fluctuations on Nigeria's GDP, the government's focus on agricultural development, and the increasing unemployment rate. It also notes the government's welcoming stance towards international companies. The cultural analysis explores the diversity, national pride, and family orientation of the Nigerian people, highlighting their openness and integrity. The report concludes that Nigeria's cultural environment, including its hierarchical structure and potential for cheap labor, presents favorable conditions for business expansion. The report references several sources including market analysis reports, government websites, and cultural insights platforms.

Running head: COUNTRY REPORT
COUNTRY REPORT
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Author Note:

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Introduction:
The global analysis of the ball bearing companies is likely to rise in the upcoming years.
A recent analysis by the global market analysts has projected that the industry is likely to expect
a huge rise in the upcoming years. Considering the market aspects of the industry, there are
potential opportunities in this industry (Markets, 2020).
The considered organization is aiming at venturing out in the countries of Africa to attain
the market opportunities that are present, and the most potential country which can be considered
by the organization is Nigeria. In the following, a detailed analysis of the political, economic,
and cultural analysis have been provided in order to understand the opportunities that are present
or available in the market ("U.S. Embassies in Africa", 2020).
Political Analysis:
The country has a stable government which is practicing democracy since 1999. The
recent election that had been held in the year 2019, again propounded that the practices of
democratic behavior is deep seeded and is potentially successful considering the election results
of 2019. The president of the country, Muhammadu Buhari, is an effective choice and is known
for his ethical behavior and practices. He had been fighting the corrupted behaviors that had been
in practice in the country, and has taken effective steps to manage the unemployment situations
that is governing in the country. The president is also aiming at using the diverse population in
an effective manner to diversify the economy and to boost the economic conditions of the
market. The government of the country has also federated the structure of the country to enhance
the resilience climate within the country, thus enhancing the life style of the population

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(Solutions, 2020). Therefore, the political environment of the country is perfect for the
considered to organization to extend itself in the country.
Economic Analysis:
The country is observing heavy fluctuation of the GDP because of the influence of the oil
prices. The economy of the county is hugely dependent upon the oil price volatility, and since the
GDP had been dropping since 2015, the economic growth of the country has been thwarted. The
country had tried to focus more onto the development of the agricultural filed, by the lack of
resources and the high prices have affected the growth of the field as well. All these had led to
increase of unemployment in the country. However, currently the oil prices have been made
stable and hence according to the economist the GDP of the country is likely to increase
("Overview", 2020). The government of the country is also aiming at welcoming international
companies into the market. Therefore, if the considered company is wishing to extend itself then,
it is likely the organization will expect a good growth.
Cultural Analysis:
The culture of the country is essentially characterized by diversity, unemployment, pride
for nation and an orientation to family life. The people of the country are very open and
welcoming and are have a high integrity among themselves. All these can prove to be very
effective and beneficial for the considered company. Also, the culture of the country is defined
by the hierarchy, guidance and family life, which refers to an environment of care, integration,
and harmony. Therefore, if the considered company can venture out in the country then it can
gain a dedicated and integrated employee base ("Nigeria* - Hofstede Insights", 2020). More
importantly, the organization can gain a cheap labor, considering the poverty situation and the

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economic situation of the country. There is also a hierarchical structure in the social and the
cultural life of the country which can reduce the chances of conflicts within the organization.

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References:
Markets, R. (2020). Global Ball Bearings Market 2017-2021 - Key Challenges, Trends &
Drivers. Retrieved 29 February 2020, from
https://www.prnewswire.com/news-releases/global-ball-bearings-market-2017-2021---
key-challenges-trends--drivers-300506949.html
Nigeria* - Hofstede Insights. (2020). Retrieved 29 February 2020, from https://www.hofstede-
insights.com/country/nigeria/
Overview. (2020). Retrieved 29 February 2020, from
https://www.worldbank.org/en/country/nigeria/overview
Solutions, E. (2020). Nigeria Economy, Politics and GDP Growth Summary - The Economist
Intelligence Unit. Retrieved 29 February 2020, from https://country.eiu.com/nigeria
U.S. Embassies in Africa. (2020). Retrieved 29 February 2020, from https://2001-
2009.state.gov/p/af/ci/105139.htm