As manufacturers scour the globe for new growth opportunities, few markets offer greater long-term potential than Nigeria, which boasts an enormous domestic population, plentiful feedstock and limited market penetration. The total value of Nigeria’s manufacturing sector increased 7.55% in 2012, reaching N761bn ($4.8bn) at current base prices, up from N634bn ($3.9bn) in 2011. A globally...
Nigeria Industry
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As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.
With the National Bureau of Statistics(NBS) recording a real GDP growth rate, on an aggregatebasis, of 7.13% in the first quarter of 2011, and a slightly lower 6.17% for the same quarter in 2012, Nigeria boasts the continent’s second-largest economy after South Africa. Africa’s largest oil producer, Nigeria is the third-largest recipient of foreign direct investment in the continent after Angola and Egypt, according to the US Diplomatic Mission.
Chapter | Industry & Retail from The Report: Nigeria 2012
Nigeria’s industrial sector is quite small overall, accounting for less than 1% of GDP, but some fields are expanding rapidly. The cement segment, for example, has grown rapidly in recent years, and in 2012, the country produced enough cement to meet local market demand for the first time. Authorities are also planning to use the country’s rising natural gas output as industrial feedstock,...
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