Nigeria

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So, Nigeria is the largest economy in Africa

Now what?

The Nigerian economy has been growing at an impressive average 7% per annum over the last five years and it is clear that size matters. But as Nigeria finds itself on boardroom agendas across the globe, there remain massive implications for companies already operating in the economy.

In April 2014 the statistics bureau of Nigeria confirmed what many people already knew - the rebasing of the Nigerian economy's gross domestic product (GDP) to $509.9-billion placed it well above South Africa's nominal GDP of $322-billion and elevated Nigeria to the position of the largest economy in Africa.

The Nigerian economy has been growing at an impressive average 7% per annum over the last five years and it is clear that size matters. But as Nigeria finds itself on boardroom agendas across the globe, there remain massive implications for companies already operating in the economy.

The macro environment in which Nigerian executives must learn to operate will become increasingly complex. Developing strategies to successfully steer companies through a rapidly changing, uncertain and complex environment will be critical in a re-based economy. Executives will need to find ways to navigate this environment by taking advantage of the growing role and impact that technology has in influencing business trends.

In order to take advantage of opportunity and overcome challenges, CEOs will need to craft winning strategies. Winning strategies require conscious choices. Asking the right questions allows companies to successively focus on key aspects of their high-level and operational strategies which collectively form the basis for long-term strategic planning and short-term prioritisation. Monitor Deloitte assists companies to make difficult decisions based on a series of cascading choices:

What are our aspirations?
Winning strategies define their goals and aspirations in terms of customers. The most important choice is about which customers to win, and who to win them from.

Where will we play?
Companies must choose the playing field on which they plan to compete. This includes customer segments, product portfolios, and the geographies in which they will compete.

How will we win in chosen markets?
Companies need to define their distinctive value proposition that will enable them to win their target customers from their competitors.

How will we configure?
Companies should ensure that they are properly configured with their core competencies focused on their winning value proposition.

What’s in it for Nigeria?
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