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The market
Economic data
- Nigeria is Africa’s largest economy
- 5th largest oil exporting and 11th largest gas exporting country
- A regional power with major influence in the region
- Listed among the „Next Eleven“ economies
- Expected to become one of the world‘s Top 20 economies by 2050
Population
- 224 million inhabitants (2023)
- The most populous country in Africa and the 7th most populous country in the world
- Expected population by 2050: 411 million
Strengths
- Huge oil and gas reserves
- Abundance of natural resources (oil, gas, agricultural land)
- Attractive consumer market due to high population
- Revival of agriculture & food industry
General opportunities
- Exhibitors profit from massive investments into the consumer industry, the construction of shopping centers and an increasing demand for machinery and equipment
- Engineering: an increasing demand by growing consumer market
- Chemistry: Diverse customer industries (construction, agriculture) with good economy
Opportunities in the agrofood industry
- Recession caused revival of local food production and „Made-in-Nigeria“ trend; political will to expand local food production
- Massive investments in agricultural technology and processing and packaging equipment
- Increase of yields - Reduction of immense post-harvest losses - Reduction of import bill
- Experts foresee Nigeria to become the region’s main food supplier
- Medium-term development extremely promising
- Biggest market for food products in Africa - still undersupplied
Nigeria to become the third most populous country in the world after India and China until 2050
Nigeria’s demographic development
- 1950: The British colony of Nigeria has 38 million inhabitants
- 1960: With 45 million inhabitants Nigeria becomes independent, already then the most populous state in Africa
- 1981: With 76 million inhabitants, Nigeria has doubled its population compared to 1950
- 2000: 123 million
- 2009: Compared to 1981, Nigeria has doubled its population again, to 155 million
- 2019: Nigeria has 201 million inhabitants.
This makes it the seventh largest country in the world after China, India, the USA, Indonesia, Brazil and Pakistan - 2037: Nigeria‘s population has doubled to 307 million and is now eight times as high as in 1950
- 2050: With 411 million, Nigeria overtakes the USA and is the third most populous country in the world after India and China
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