Market spotlight: Nigeria

Date: 07/05/2019
Author: GMCC
Company: GMCC

Nigeria is the African country with the largest population (190.89 million) and the biggest economy (375.75B US$), according to the data published by the World Bank in 2017. It has also the largest youth population in the world with the average age being 18 years old. Furthermore, it is the biggest oil producer of the continent.

Nigeria re-established democracy in 1999 and it hold recent elections, after which the candidate Buhai was elected. He aims to fight corruption, increase security, tackle unemployment and to diversify the economy, mainly based on the agriculture and oil sectors by “enhancing climate resilience”.

Nigeria emerged from 2017 recession with a growth rate of 0.8% that increased to 1.8% in 2018, primarily driven by the oil sector and slightly diversified to the services sector (mainly information and communication technology) in 2018. Agriculture, instead, had slowed down significantly due to conflict and weather conditions. The economic growth is expected to reach a rate of above 2% in 2019.

Many British companies operate in Nigeria, namely Shell, Diageo, Virgin Atlantic, GSK, Standard Chartered, HSBC, Barclays, PZ Cussons, Cadburys and Unilever. There are also a lot of small and medium sized British companies.

British businesses exporting to Nigeria benefit of incentives such as similar business and legal practices, common language, investment incentives like free trade zones and tax holidays and a similar time zone.

Strengths of the Nigerian market include large consumer base with a growing middle class, a young and educated population, abundant natural resources, many public and private partnerships in developing infrastructure. Moreover, the country is the biggest beneficiary of foreign direct investment in Africa.

The top UK exports to Nigeria are: petroleum and related materials and products, power generating machinery and equipment, transport equipment, road vehicles, general industry machinery, equipment and office machines, essential oils and perfume materials, medicinal and pharmaceutical products, textile yarn and fabrics, food and drink.

The fastest growing sectors in Nigeria are infrastructure, power, agriculture, education and training.

If you are interested in exporting to, or investing in, Nigeria Greater Manchester Chamber are pleased to have contact with an approved supplier in the region – email exportbritain@gmchamber.co.uk.

We are also pleased to host a Nigerian delegation on the 13th June from 10:00am -11:30am at the Chamber, if you are interested in doing Business with Nigeria and your company I sin one of the following sectors:

  • Financial Services
  • Professional Services
  • Construction & Real Estate
  • Engineering
  • Oil & Gas
  • Public Relations
  • Logistics
  • Agriculture
  • Information Technology

Please contact us at exportbritain@gmchamber.co.uk for more information on attending the meeting.