The market


Economic data

  • Nigeria is Africa’s largest economy
  • 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

Population

  • 201 million inhabitants (2019)
  • The most populous country in Africa and the 7th most populous country in the world
  • Expected population by 2050: 411 million

Strenghts

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

General opportunities

  • Exhibitors profit from massive investments into the consumer industry, the construction of shopping centers and an increasing demand for machinery and equipment
  • Engineering: an increasing demand by growing consumer market
  • Chemistry: Diverse customer industries (construction, agriculture) with good economy

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

Foreign trade (in billion US $):

Source: gtai Germany Trade & Invest
Graph: fairtrade

Nigeria’s sustained GDP growth (in billion US $)

Africa’s largest economy is on the growth track as Nigeria’s GDP is expected to grow from US$ 397 billion in 2018 to US$ 445 billion in 2019 and US$ 496 billion in 2020. 

Nigeria's GDP has thus grown more than fivefold between 2000 (US$ 69 billion) and 2018 and would grow more than sevenfold by 2020. (World Bank)

Source: gtai Germany Trade & Invest
Graph: fairtrade


Nigeria to become the third most populous country in the world after India and China until 2050

Population in 2017 and forecast for 2050

Source: UN Population Division

Nigeria’s demographic development

  • 1950: The British colony of Nigeria has 38 million inhabitants
  • 1960: With 45 million inhabitants Nigeria becomes independent, already then the most populous state in Africa
  • 1981: With 76 million inhabitants, Nigeria has doubled its population compared to 1950
  • 2000: 123 million
  • 2009: Compared to 1981, Nigeria has doubled its population again, to 155 million
  • 2019: Nigeria has 201 million inhabitants. This makes it the seventh largest country in the world after China, India, the USA, Indonesia, Brazil and Pakistan
  • 2037: Nigeria‘s population has doubled to 307 million and is now eight times as high as in 1950
  • 2050: With 411 million, Nigeria overtakes the USA and is the third most populous country in the world after India and China
Source: World Population Prospects 2019, United Nations