The Business Environment Of Nigeria And Norway Essay

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Question 1The concept of Business EnvironmentBusiness environment can be understood as the combination of all environmental conditions and influences that are capable of affecting or influencing business activities. According to Anyanwu et al (1996) defines the environment of business as the aggregation of the pattern of all the external and internal conditions and influences that affect the existence, growth and development of the business. Opportunities and threats may be associated with external environment while the strengths and weakness may be associated with internal environment of the business (Audu, 2010a).In this paper, we will compare the business environment of two countries namely: Nigeria and Norway. The reason for choosing these two countries include the fact that both are part of the top ten net oil-exporting nations for which hydrocarbon exports account for more than 40% of total exports. We will compare and contrast the fiscal policy of both countries and the business environment.Overview of Nigeria and NorwayLet give a quick fact summary of these two countries:NigeriaNorwayPopulation169.3 million5.1 millionGDP (PPP)$479.3 billion$280.0 billion6.3% growth0.8% growth7.0% 5-year compound annual growth0.8% 5-year compound annual growth$2,831 per capita$54,947 per capitaUnemployment7.5%3.5%Inflation (CPI)8.5%2.1%FDI Inflow$5.6 billion$9.3 billionBusiness Freedom48.392.1Labor Freedom77.748.2Monetary Freedom70.481.7Government Spending76.143.8Fiscal
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