Nigeria Industry

While West Africa is one of the largest producers of cotton, it has the ability to process less than 2% of the crop locally; around 90% is exported to markets in Asia, where value is added through spinning and weaving.

Covid-19 and the resulting fall in oil prices and demand has helped to accelerate a global shift towards renewable energy. While a number of sub-Saharan African countries continue to rely heavily on fossil fuels, the region is expected to benefit from the growing market for minerals central to this shift.

Some of Nigeria’s main cement producers have seen earnings rise on the back of strong demand, but although sustained consumption growth is forecast for the near term, challenges remain in the form of high logistics costs.

Nigeria is proving to be an attractive draw for major manufacturers of fast-moving consumer goods (FMCG), supported by an expanding domestic market and renewed momentum in the broader economy.

The Nigerian government is targeting $5bn in mining investments over the next 10 years under a new industry roadmap, as part of a broader drive to diversify revenue sources away from non-oil sectors.

The first made-in-Nigeria passenger cars for decades rolled off factory lots in Lagos State in June, marking what authorities hope is the beginning of a new era for automotive assembly in the country. The move also raises hopes among some of the world’s key automakers that Nigeria can become a bigger source of customers as well as a supplier for Africa.