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%.
- Nigeria's paint industry is projected to record five per cent growth rate from its present estimated $268 million (N96. 50 billion) to $377 million (N135. 80 billion) by 2025
- Increasing Off-shore Drilling Activities Set to Propel the Market Growth Nigeria, along with Angola, is expected to lead the Africa’s off-shore drilling activities.