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TED Business

4 myths and misunderstandings about doing business in Africa | Nomava Zanazo

TED Business

TED

Business, Modupe Akinola, Ted Business Podcast, Business Leadership Podcast, Ted Talks Business, Ted Modupe, Ted Talks

41.2K Ratings

🗓️ 13 December 2021

⏱️ 24 minutes

🧾️ Download transcript

Summary

Business in Africa is booming -- but international companies are missing out, says emerging markets expert Nomava Zanazo. Rushing in without knowing their customers, businesses underestimate Africans and make costly assumptions about their diversity, preferences and buying power. Sharing the basics about what companies need to know to succeed on the continent, Zanazo debunks four myths and misunderstandings about Africa and its citizens -- and invites businesses from overseas to share in its wealth ... once they've done their research. After the talk, Modupe talks with Ndidi Nwuneli, the co-founder of Aace Foods, a producer and distributor of West African food products. Aace Foods is a great example of a company that is following Zanazo's advice for how American companies can do business well with African consumers.

Transcript

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0:00.0

Ted Audio Collective

0:07.6

Here's a question I'd like you to try to answer.

0:11.5

How many countries are there on the continent of Africa?

0:14.2

Do you know?

0:15.2

And if you don't, what's your guess?

0:17.2

Are you ready for the answer?

0:19.6

There are over 50 countries in Africa.

0:23.0

And the reason this is important to know is that all too often, the rest of the world

0:27.1

combines every African nation into a monolithic whole, despite their regional differences.

0:33.5

This can be seen in the clumsy and often offensive way, many international businesses attempt

0:39.0

to introduce their products to an African audience.

0:42.1

So what do people and companies need to know?

0:49.2

I'm Madu Bakinola, this is Ted Business.

0:53.2

Today's speaker, Namava Zanazo, is tired of companies not understanding her as a consumer.

0:59.8

She's an expert in emerging markets and a strategy consultant in BCG's Johannesburg

1:04.6

office.

1:06.0

In this talk, she identifies pitfalls that many international businesses fall into when

1:11.4

attempting to enter the African market.

1:14.5

And while Namava shares the do's and don'ts of doing business across the continent, I

1:19.0

wanted to highlight a company that's taking the time to get to know the needs and wants

1:22.9

of their customer base.

1:24.8

So after the talk, you'll hear me in a conversation with the co-founder of a Nigerian company that's

...

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