Economic conditions in Nigeria
Nigeria is one of the countries in Africa that does not have very stable economy. It is estimated that Nigeria attributes oil to its economy. It is also depicted that the country also gains a lot from the agriculture sector. It is also established that the oil plays a significant role in making sure that the country is always ahead of other countries that in the non-oil sector. It is estimated that the country has a growth of 8% when compared to the countries that do not produce oil. The other thing that has been of the significant contribution to the country is that the central bank of Nigeria. It is depicted that the bank regulates the inflation rate in the country. It is established that the bank had put the inflation rate at 12% in 2012. However, the outlook depicts that the growth still remains positive.
The country, however, is faced with insecurity from religious conflicts in some states. Employment in Nigeria still remains a challenge. This is because the money generating sectors in the country that drive the economic growth are job creating sectors. It is estimated that the unemployment rate in the country has increased with 3% from 2010 to 2011. The significant issue that has continually affected the country is unemployment among the young people. It is also estimated that money generating sectors in the country that promote the economic growth lack diversification and modernization. In trying to address the issue, the government is seeking for foreign investors in the country. The government is also encouraging diversification of the Nigerian economy away from the oil and gas sector. It trying to do this, government has concentrated in the development of infrastructure in order to promote the agricultural sector. In trying to modernize the economy, the government has encouraged the establishment of staple processing zones (Mathews, 122).
It is established that the country has pursued economic reforms that are aimed at improving the efficiency of business regulations. The government, however, encourages investors to invest in the country in order to curb the rising level of unemployment in the country. It is estimated that if the country attract a significant number of investor, then the country will not only rely on gas and oil sector for its economy but also to other sectors. This means that the country can be one of the leading economies in Africa. Nigeria which is ranked as the 12 in the sub-Saharan region, needs to innovate into more other ways of getting revenue in order to ensure that the country has a sustainable economy. It is estimated that if the issue of unemployment is tackled, then the insecurity levels will reduce significantly. This will in return attract more investors in the country and also enhance its public relation.
Tylenol should set up business in Nigeria
Tylenol should go and set up business in Nigeria. This is because the country has potential customers of the drugs. The other thing is that the business environment in the country suitable. It is estimated that the country hardly has any investors in the drug industry. It is established that there is a significant number of citizens who are in dire need of painkiller daily (Bartz, 59). The other thing why I would encourage Tylenol to set up business in Nigeria is because there is a possibility of cheap labor in the country. This means that the company will maximize it profits due to the high unemployment rate in the country. The other thing as to why I would encourage Tylenol to set up a business is that it helps the government to curb the menace of unemployment in the country. As a result, the company will play a great role in curbing crime levels in the country.
The other reason as to why I would encourage Tylenol to set up a business is because the market is ripe in the region. It is estimated that most children in the world population are usually affected by fever, allergies, cough and flu. This means that the company can solve tragedies with the mentioned disorders in the country. As a result, the company will significantly reduce death rates in the country. This is because the residents can easily access the required drugs to treat their disorders. It is estimated that most people use Paracetamol in their daily lives. This means that the country also needs the supply of Paracetamol. The other reason is that the company is likely to get the largest market share in the country. This is because the country had not opened up to investors in the past. It is until recently that the government found the need of opening up the country to investors. The other thing is that Tylenol Company will significantly contribute to the economic growth in the country. This is by the tax that is collected from the company. Therefore, I would strongly advise Tylenol to set up business in the Nigeria because there are more advantages to the choice that the limits.
Mathews, Martin P. Nigeria: Current Issues and Historical Background. Hauppauge, N.Y: Nova Science Publishers, 2002. Print.
Bartz, Scott. The Tylenol Mafia: Marketing, Murder, and Johnson & Johnson. United States?: New Light Publishing Co, 2011. Print.