Nigeria & West Africa Market Information

Market Fundamentals

  • Nigeria is one of the leading economies in Africa: $405 GDP, 180 million+ population, rising middle class with the consumer market estimated at $150bn.
  • Nigerian Industrial Revolution Plan: Government is implementing an industrialization policy aimed at increasing local manufacturing and non-oil exports.
  • Nigeria is the next Global manufacturing hub: The manufacturing sector increased year-on-year by 20% and the Nigerian Industrial Revolution Plan (NIRP) aims to add a further $25bn to annual manufacturing revenues in the next 3 years.
  • ECOWAS market: Nigeria offers lucrative access to West Africa region (ECOWAS) who have over 300 million consumers, with a combined GDP of $600bn and annual growth rate of 6.3%.
  • World Bank has reported a 1.2% increase in the Nigerian GDP in 2017 and is forecasting 2.4% increase in 2018
  • Lagos is home to West Africa’s largest container terminal: Apapa Container Terminal, part of the Lagos Port Complex serving Western Nigeria.
  • Gateway to the West African region & Maritime Hub: Lekki Port (2019 scheduled completion), a multi-purpose, deep sea port with a projected capacity of 2.7million TEUs p/a is based in Nigeria.
  • The Naira depreciation may provide opportunities for the Nigerian Economy. Exports will become cheaper and more competitive in international markets. This can help boost domestic production and demand for domestic raw materials. With exports becoming more competitive and imports more expensive we should start to see higher exports and lower imports helping to reduce current account deficit.
  • Nigerian imports and exports have increased by 3.2% year-on-year and exceeded $7.8bn in Q2 2017.

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Active manufacturers and retailers in the region include:

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