Nigeria

 

A country currently with a population of over 167 million and projected at over 220 million by 2020, it is the most populous African country in the world. The US commercial service indicates that Nigeria's annual growth rate averaged over 7% and is regarded as one of the fastest growing economies in the world. To accommodate this rapid growth, the Nigerian Government is encouraging strategic alliances with foreign firms. A main driver in the Economic Community of West African States (ECOWAS), market analysts from the National Association of Chambers of Commerce, industry, Mines, and Agriculture (NACCIMA) claim that Nigeria accounts for 40% of imports in the sub-region and ranks among Africa's largest consumer markets.

 

 

Opportunity

 

In the past months there has been an advent of mall construction with alot more proposals put in place for the near future. This attests to the robust retail sector and an indication that the Nigerian consumer seeks to leave the informal/rural purchasing environment for a standardized location. There has also been an influx of online retail sites indicating that the local consumer has the means and know how to purchase items. To this fact, major international brands are becoming visible and the consumer no longer has to take seasonal trips abroad in search of desired brands. This market remains fertile and un-met.