- Nigeria has failed to realise its potential due to rampant corruption
- Many companies have come to see bribery as an inevitable operating cost
Nigeria is one of the most vibrant markets in Africa, with an entrepreneurial business culture and recent reforms in the banking sector that have won international plaudits. Foreign investment historically has been dominated by oil and gas, but has broadened substantially in recent years into finance, private equity, power, telecoms, consumer products and mining.
However, despite Nigeria’s size, and the energy and talents of its people, it has failed to achieve its full potential. The reasons include poor leadership, poor infrastructure and a history of high levels of corruption. The Nigerian market has long been notorious for graft, partly as a result of the country’s reputation as the world leader in financial crime, but also because of the systematic abuse of its oil wealth over several decades by the political class. As a result, many leading investors that might otherwise have flocked to the country have stayed away.
Against this background, this report seeks to answer one simple question: is it possible to do business successfully in Nigeria without involving employees in corrupt practices? The report draws both on Control Risks’ own experience in Nigeria and on the findings of more than 30 specially conducted interviews with senior executives, lawyers, journalists and officials. The report aims to find out what strategies succeeded, and, if they failed, why they failed.
Resisting corruption demands a heavy investment of time, determination and ingenuity. Nevertheless, we believe that it is possible for companies to face up to corruption in Nigeria, and that this is an essential ingredient of ultimate commercial success.
About Control Risks
Based in London, Control Risks is one of the world’s leading global business risk consultancies, offering a range of integrated political, security, investigative and crisis management services to government and corporate clients worldwide. With 27 offices in five continents, we provide advice and assistance that enable our clients to accelerate opportunities, and manage the strategic and operational risks that come with doing business internationally.
We have a long and established history of operating in Asia Pacific since 1987 and have offices in Hong Kong, Shanghai, Beijing, Singapore, Jakarta, Tokyo, New Delhi and Sydney. Our presence in the region allows us to respond to our client’s needs at every stage of their international or domestic investments and projects. Our experience spans global industries, including financial services, manufacturing, government, oil and gas, natural resources, infrastructure, construction, engineering and transport.
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