Nigerian market is a fast and dynamic one, say investors

Two investors in the country have attested to the dynamic nature of the Nigerian market , adding that with her huge population of over 180 million people who are always willing to patronize their products, the country remains investor-friendly.

They said that whether it was in the telecommunication services, Fast Moving Consumers Goods, (FMCG), strategic communication providers and so on, Nigerians were always ready to patronize such goods or services.

Founder & Chairman of Sona Group, Mr. Arjan Mirchandani told MARKETING EDGE that Nigerians were also very hard working and dynamic people, adding that, that was the reason why the market in the country was dynamic and changing according to global trends.

Mirchandani said that the market in Nigeria was so dynamic andalways gave manufacturers of goods and services hope that their businesses would thrive, adding that it was a good experience for him as a manufacturer of FMCGs in the country.

According to him, Sona Group of companies has since grown enormously from one company when it started in Nigeria to about nine firms because Nigerians were the biggest consumers of its products which had about 98 percent of its raw materials locally sourced.

He said: “The Nigerian market is a dynamic market, Nigerians in themselves are very dynamic and hard working people, and they are great people too. Nigerians are very enterprising and so is the market, a dynamic market, it is a place where the people work very hard, my experience in Nigeria is good. A lot of people run away, they think about Nigeria as something else, yes, you will have all sorts of people in every community, we have the good, we have the bad, but the Nigerian market is good”

Speaking in the same vein, Chief Executive Officer (CEO), Spectranet Limited, Mr. David Venn pointed out that the Nigerian market was a fast and dynamic one because Nigerians were well educated and often make informed choices.
Venn added that Nigerians like to be associated with quality products stressing that it was the main reason behind the growth of the market where quality brands and products were produced daily.

“I will say that, the market here in my industry, telecommunications, is pretty well structured and regulated, in some countries the regulators have a big impact on how the industry develops, I have worked in lot of markets, Pakistan, Bangladesh, Zambian, Ghana, USA, Australia, Honkong, in a lot of places.

“But here it seems pretty good and the regulator seems to be well resourced and also there are always issues like competition and dominance in this market, so it seems pretty well structured and people seem to understand very well where they fit in, what they can do and what they can’t do, so it is much better than some places that I have been to,” he said.