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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p style='margin:0in;margin-bottom:.0001pt;line-height:18.0pt;vertical-align:baseline'><a href="http://www.oldmutual.co.zw/"><b><span style='font-size:11.0pt;color:#555555;border:none windowtext 1.0pt;padding:0in;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=800 height=265 id="_x0000_i1027" src="cid:image003.png@01D39358.0DA8AE80"></span></b></a><strong><span style='font-size:11.0pt;color:#555555;border:none windowtext 1.0pt;padding:0in'><o:p></o:p></span></strong></p><p style='margin:0in;margin-bottom:.0001pt;line-height:18.0pt;vertical-align:baseline'><em><o:p> </o:p></em></p><p class=MsoNormal style='mso-margin-top-alt:0in;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:0in;background:white'><span style='color:#555555'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Nigeria is considered by many as one of Africa’s most promising investment destinations. The west African state boasts of a high GDP growth rate, ongoing economic reforms and a 167 million population. But what is it really like to do business in Nigeria? How we made it in Africa’s </span></em><strong><i><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Dinfin Mulupi</span></i></strong><em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'> speaks to Nigerian entrepreneurs about the opportunities, challenges and potential in the country.</span></em><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Nigeria has numerous investment opportunities. Jacob Ajayi, co-founder of Flying Antlers, a digital technology company, reckons that Nigeria’s technology sector for instance, is evolving very fast with a few innovations that have become success stories and are being consumed globally.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Seyi Taylor, founder of online and mobile advertising service Bloovue, concurs. “There has certainly been quite a bit of excitement around here, especially in the past two to three years. I am very impressed with the level of enthusiasm in the technology sector,” says Taylor.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Although Nigeria is increasingly on the radar of foreign investors, the local population is also highly entrepreneurial and keen to invest in their own country.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“There is no shortage of entrepreneurial spirit among the Nigerian population. We are a nation of businessmen,” notes Ladi Delano, CEO of Bakrie Delano Africa, a partnership between the British-Nigerian entrepreneur and Indonesia’s Bakrie Group with the intention of investing US$1 billion in Nigeria over the next five years.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>However, despite the opportunities, Nigeria poses many challenges that can hinder the efforts of investors.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Delano explains that there is a perception among foreign investors that the Nigerian market has political and security risks. However, he says infrastructure is the country’s biggest challenge.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“Investors could be hampered by infrastructure not keeping pace with economic growth. That challenge, however, is a function of success and a growing pain, which has been an issue for all rapidly growing and industrialising nations over many decades,” says Delano.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Jacob Ajayi laments that for small businesses, securing financing is easier on paper than in practice.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“Nobody wants to trade business with someone who is just starting up. Bigger companies are not giving smaller ones the opportunity to grow. Real government support for budding entrepreneurs is not yet there,” he says.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Seyi Taylor narrows down Nigeria’s limitations to: power, payments and people.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“I find that the challenges in getting (and retaining) great human resources are extremely damaging. I suspect this is not just a Nigerian problem, it is pan-African. My fear is that unless we prepare another generation for the challenges of the knowledge economy, Africa could find itself not living up to its potential,” warns Taylor.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Though these challenges could limit the growth of business, they have also provided opportunities and fuelled entrepreneurship amongst young Nigerians who are facing massive unemployment.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“We keep complaining that the government is not helping, no infrastructure, no capital and so on. The irony is that the smart ones are turning the negative complaints into solutions. They provide what the government doesn’t and we pay to enjoy it,” says Jacob Ajayi.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>These entrepreneurs remain optimistic about Nigeria’s future.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“Apart from the security challenges we have been facing, I’m bullish on Nigeria. The commodities boom has been good for the macro-economy but we definitely need more reforms for the effects to trickle down and allow Nigeria to achieve its full potential,” notes Seyi Taylor.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Jacob Ajayi expects the economy to become more robust in terms of consumption and investment. The next step, he says, is for Nigeria to transform from a predominantly consuming nation to a manufacturer of goods.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>“Foreign investors are taking more interest in the country and local companies are also working on operating on a larger scale. We just don’t want to be the consuming market. We also want to create a production market – take care of the needs of our people and also export finished products,” says Ajayi.—Howwemadeitinafrica <o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><img border=0 width=200 height=240 id="Picture_x0020_2" src="cid:image002.jpg@01D39352.C5995CC0" alt="https://www.howwemadeitinafrica.com/wp-content/uploads/2012/05/Ladi-Delano200x240.jpg"></span><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p class=wp-caption-text style='margin:0in;margin-bottom:.0001pt;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'>Ladi Delano<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white;box-sizing: border-box;font-size:0.875rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:23.4pt;margin-left:0in;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><i><span style='font-family:"Verdana",sans-serif;color:#1F497D;mso-fareast-language:EN-ZW'><o:p> </o:p></span></i></p><p class=MsoNormal style='line-height:115%;background:white'><i><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black;text-decoration:none'>+263 4 2927658</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;text-decoration:none'>+263 77 344 1674</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:blue;text-decoration:none'>info@bulls.co.zw</span></a> </span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw</span></a> </span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw/blog</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=210 height=101 id="Picture_x0020_1" src="cid:image004.jpg@01D27332.5F90F460" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>