Market Statistics

Nigeria is set to be the next global manufacturing hub. 

  • Consumer market estimated at $150bn
  • Ecowas market has combined GDP of over $600bn
  • 180+ million population with rising middle class
  • Removal of import duty on select manufacturing machinery
  • Nigeria is a leading African economy with $405bn GDP
  • Government funding available to manufacturers modernising and retooling
  • Nigeria Food & Beverage sector is estimated to be worth $19.5bn
  • Nigeria Food & Beverage sector is largest segment of manufacturing industry comprising 22.5%
  • Nigeria imported $100m of plastics machinery in 2015
  • Nigeria imported $148m of packaging technology in 2015
  • Nigeria food processing and packaging machinery imports are estimated to be worth $276m
  • The market consists of 3,000 companies and a production capacity of over 100,000 tons p/a
  • Nigerian Manufacturing Sector has had 6 consecutive months of growth since March 2017
  • World Bank has reported a 1.2% increase in the Nigerian GDP in 2017 and is forecasting 2.4% increase in 2018.
  • Forex policy of February 2017 narrows gap between parallel and official exchange rates making forex more available to manufacturers
  • Manufacturing Sector: increased year-on-year by 20%
  • Government Policy: Nigerian Industrial Revolution Plan (NIRP) aims to add a further $25bn to annual manufacturing revenues in the next 3 years.
  • Nigeria offers lucrative access to West Africa region (ECOWAS) who have over 300 million consumers, with a combined GDP of over $500.00bn and annual growth rate of 6.3%.
  • Compelling growth story, demographic dividend, political stability, improving market transparency & good economic governance.

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