I think we are all guilty of making up our minds on Nigeria without actually knowing a great deal about either the place or the people.
This often clouds our ability to make objective decisions on doing business in the country.
I have now lived and worked in Lagos for UK Trade and Investment (UKTI) for more than three years. I am sure you are thinking – who did I upset to get such an assignment?
The reality is I requested it, and what a time it has been to see Nigeria develop and grow politically, economically and, most importantly, commercially.
There are inherent challenges about doing business in Nigeria. Corruption, crime, insecurity, poor infrastructure and non-payment of contracts figure high on the reasons not to come, but Nigeria enjoyed 2011 Q4 GDP growth of 7.7%, to the envy of the UK and other developed economies.
With a population of 167million, a young and expanding middle class and abundant natural resources, Nigeria is a marketplace which should not be ignored.
I expect growth in key sectors such as infrastructure, power, education and training, security, financial and legal services, healthcare and agriculture.
There is no doubt in my mind, however, that power transmission is the game-changer, because with a stable power supply, business will find a way to innovate, grow and develop.
Operating in Nigeria can be frustrating and business bureaucracy is time consuming – but it is the same in many other developing economies.
Increasingly, Nigerians working in the private and public sectors recognise the need to make the business and investment environment simpler, quicker and transparent.
With a clear business strategy, a quality Nigerian partner and by managing and mitigating your risk, Nigeria can be a hugely important and rewarding market for your company.
Andy Davison is deputy director of trade and investment for UKTI in Nigeria.