Formal retailing is just getting started in Nigeria, and currently accounts for roughly 5% of the market. There are a host of obstacles to growth, starting with the difficulty of acquiring land on which to establish a mall, store or restaurant. Sourcing goods locally is difficult, while clearing imports is expensive and time consuming. Transporting goods to stores, finding staff and winning...
Nigeria Retail
Displaying 7 - 10 of 10
With the largest population in Africa and one of the continent’s fastest-growing economies, Nigeria has emerged as a prime market. According to the Central Bank of Nigeria, retail and wholesale trade totalled $45.55bn in 2012, or 17% of GDP. Retailers have found it expensive to operate locally given the need to generate power independently, which necessitates the purchase of both generators and...
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.
Page 2 of 2