The market


Nigeria is Africa’s largest economy

  • The most populous country in Africa and the 7th most populous country in the world
  • The largest economy in Africa
  • 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

Exhibitors profit from massive investments into the consumer industry, the construction of shopping centers and an increasing demand for machinery and equipment.

Economic data Nigeria

Inhabitants:

  • 194 million (2018)

Strenghts:

  • Huge oil and gas reserves
  • Abundance of natural resources (oil, gas, agricultural land)
  • Attractive consumer market due to high population (189 million)
  • Revival of agriculture

Opportunities:

  • Construction of shopping centers creates new opportunities in the consumer goods sector
  • Fast growing market for consumer and investment goods
  • Consumption boom provides for investments in the retail, consumer goods industry and agriculture
  • Engineering: an increasing demand by growing consumer market
  • Chemistry: Diverse customer industries (construction, agriculture) with good economy
  • Offering chances for cooperation with foreign enterprises

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

Commodities:

  • agrarian: Cocoa, peanuts, cotton, palm oil, maize, rice, sorghum, millet, cassava (tapioca), yams, rubber, cattle, sheep, goats, pigs, timber, fish
  • mineral:  Natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc

Currency reserves without gold (in billion US $):

  • 2016: 25,8
  • 2017: 28,2 prognosis
  • 2018: 30,3 prognosis

Foreign trade (in billion US $):

Source: gtai Germany Trade & Invest
Graph: fairtrade

GDP growth (in billion US $):

Source: gtai Germany Trade & Invest
Graph: fairtrade