Industry & Retail

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, positioning Nigeria to become a regional centre for petrochemicals manufacturing. In retail, local press reported in August 2012 that a record $1.3bn in foreign investment had come into the sector over the preceding two years. A prime example of foreign investment in the sector is the South African supermarket champion Shoprite, Africa’s largest retailer. In the clothing arena, French lingerie and swimwear firm Etam opened an outlet at The Palms in April 2011, while Spain’s Zara set up shop at Lagos’ Silverbird Galleria in February 2012. With its population of about 164.8m, Nigeria is a potentially lucrative market. This chapter contains interviews with Olusegun Aganga, Minister of Trade and Investment; Kola Jamodu, President, Manufacturers Association of Nigeria; and Oba Otudeko, Chairman, Honeywell Group.