Now that Nigeria's Elections are Over - Advice for Businesses

With their associated uncertainties, elections can impact the economy and business environment. As the dust settles and a new government takes office on May 29, businesses in Nigeria need to assess the situation and plan. Here are some recommendations:

📌 Monitor Policy Changes: With a new government in power, there may be changes in policies, regulations, and economic priorities. Stay updated with the latest developments and assess the potential impact on your operations. Keep an eye on policy changes related to taxes, trade, investment, and other key areas that could affect your industry or business sector and be prepared to adapt your business strategies accordingly. Stay engaged with relevant government agencies and industry associations to stay informed and participate in policy discussions.

📌 Maintain Business Continuity: We have seen a few protests and the DSS advisory. Reviewing your business continuity plan, updating it if necessary, and communicating it to your employees and stakeholders is crucial. Review your supply chain resilience, have backup plans for transportation and logistics, and ensure your business operations can continue smoothly despite any potential disruptions.

📌 Foster Relationships: Establish and maintain open lines of communication with relevant government agencies, local communities, and other stakeholders to understand their concerns, interests, and expectations. This is a good time to engage with newly elected government officials and establish or reinforce your business's presence in the policy-making circles. This can help you stay informed about upcoming policy changes and provide an opportunity to influence policies that may impact your business positively. Building positive relationships can help businesses navigate regulatory challenges, gain local support, and foster a favourable business environment.

📌 Focus on Local Content: The Nigerian government has been emphasising the importance of local content in various sectors, including oil and gas, telecommunications, and manufacturing. Prioritise local content development in your operations, supply chains, and workforce. This includes using local goods and services, employing local talent, and transferring knowledge and technology to local partners. Complying with local content requirements can enhance your business's reputation, foster good relations with local communities, and improve your chances of winning government contracts.

📌 Embrace Technology: Technology will improve your business operations, increase efficiency, and enhance competitiveness. Explore opportunities in e-commerce, digital marketing, fintech, and other technology-driven sectors. Investing in technology can help your business stay ahead of the competition, reach new customers, and streamline your operations.

📌 Prioritise Talent Development: Talent is a critical asset for any business. Provide training, mentorship, and career advancement opportunities to your employees. Building a skilled and motivated workforce can help your business achieve its goals, drive innovation, and adapt to changing market dynamics. Consider partnering with local educational institutions and vocational training centres to develop local talent and contribute to the country's human capital development.

📌 Evaluate Investment Plans: If your business had put investments on hold pending the outcome of the elections, now is the time to reassess those plans. Consider factors such as political stability, policy direction, and economic outlook to make informed decisions about your investment strategies.

📌 Mitigate Risks: Nigeria, like any other country, has its share of risks, including security, corruption, and regulatory challenges. Assess and mitigate these risks by implementing robust risk management practices. Conduct due diligence on business partners, implement internal controls, prioritise your employees', customers', and assets' safety and security, and ensure compliance with local laws and regulations. Engaging with reputable legal, accounting, and risk management firms can also help navigate the local business landscape.

By being proactive and adaptive, your business can navigate the post-election period in Nigeria and position itself for success in the ever-evolving business landscape.