Manufacturing Sector Reports, market fundamentals and information links
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.