any legal battles. Mncane further stressed the importance of doing research on Nigeria, especially 4. Timing. through asking people or companies that 5. Valuation, this will take time but firms have been successful. should allow for adequate time for this. Companies will need to understand who Petrochemical Industry the key roleplayers are in their industry, and engage with them when setting up Nigeria has Africaâ€™s largest oil output probusiness. ducing two million barrels a day. Nigeriaâ€™s abundant reserves of natural gas and oil alDoing business in Nigeria has risks, with lows for continual flow of forex and investmany potential pitfalls for investors. Mitment which boosts the economy. Nigeria igating this risk can be achieved through should have a well-developed petrochemimergers and acquisitions. cal sector because of this abundance of oil, natural gas and refining capacity that can Firms will need to consider the following; provide feedstock, however this remains small because of infrastructural problems 1. Structure an agreement that will and political challenges. phase in active control to the business, many are locally owned when doing business in the oil and gas industry. 2. Choose the right partner, partnering with the wrong person or entity may result in significant challenges in the future.
3. Adhere to local partnership requirements, both guest speakers em-
phasized that legal fees are substantial and that all firms should always avoid going to court, thus it is safe to adhere to partnership requirements to avoid