Nigeria’s export market full of opportunities

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If someone asks you the best economic country in Africa, you will say: South Africa? Egypt? Or Morocco?

In fact, Nigeria overtook South Africa as Africa’s largest economy in 2016. Nigeria is also the largest population country in Africa, with a total population of 173 million, accounting for 16% of Africa’s total population. It has the third largest manufacturing industry in Africa and is expected to become one of the world’s 20 largest economies by 2020. Therefore, Nigeria has become a hot spot for export.

 

The foreign trade export market full of huge opportunities must have good conditions that other markets do not have. In conclusion, the Nigerian market has the following six characteristics.

1、 China and Nepal enjoy friendly diplomatic relations and sound economic and trade relations.

After the establishment of FOCAC in 2000, bilateral trade began to expand, which provided an important platform for collective dialogue and effective practical cooperation mechanisms between Nigeria and other African countries and China. Nigeria has been paying close attention to China’s “one belt and one road” initiative and has strengthened its cooperation with China through this initiative.

In recent years, economic and trade development between China and Nigeria has entered the fast lane. Nigeria is China’s third largest trading partner and second largest export market in Africa.

2、 Large population, great market potential and strong purchasing power.

Nigeria is the most populous country in Africa, with a huge consumer market. As a member country of OPEC, its oil reserves and production rank first in Africa, with nearly 40 billion US dollars of foreign exchange reserves, sufficient payment capacity and strong market purchasing power.

3、 Rich in resources, great potential for development and good prospects for economic development.

Nigeria is a country with rich resources, such as agricultural, forest products and minerals. Its oil is the largest producer in Africa and the sixth largest oil exporter in the world. There are many mineral resources that have not been developed on a large scale. In order to promote sustainable economic development and improve people’s living standards, the Nigerian government has invested heavily in infrastructure construction, which has developed rapidly.

Nigeria is the regional “leader” of West Africa’s economy. Africa’s economic development is the fastest, with an average annual GDP growth rate of 5% – 7%. Even in the whole African continent, it also has an important international position. It is one of the fastest growing countries in the world, with an average annual growth rate of 6.8% in the past 10 years.

4、 The maritime trade is developed and the business activities are active.

Maritime trade accounts for nearly 70 per cent of total trade in West Africa. 80% of Nigeria’s business activities are concentrated in Lagos. Lagos is Nigeria’s economic, financial, industrial and logistics center, the best step for enterprises to enter the West African market.

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