Nigeria B2B Marketplace – Connect with Leading Buyers, Manufacturers and Suppliers
If you are looking to break into Africa, Nigeria is the best and biggest marketplace for you to start your business venture. Nigeria is one of the most promising countries in terms of economic growth in the next decade as the country already has the biggest economy of Africa and has the world’s 49th largest export economy. Nigeria’s neighbouring countries are Niger, Benin, Cameroon and Chad. The oil and gas sector, as well as the agricultural sector, make up more than 80% of Nigeria’s economic income. The fast flourishing IT industry has also been a prime factor in the rise of the Nigerian economy in the past decade and it is only expected to grow exponentially in the future. Nigerian workers are highly motivated and skilled individuals capable of efficiently managing and completing tasks without much intervention from the management. They are eager to learn and improve in their performance and production due to their healthy self-critical attitude.
Nigeria is a market with rising unmet demands for basic goods and services. Therefore, the government has enforced several policies to instigate foreign investment. The Nigerian Commission Act for promoting investments ensures investors’ rights to repatriate 100% of dividends and profits and to own 100% of companies in all sectors except for oil & gas. The Nigerian government also provides incentives like free trade zones, status grants and offers tax relaxations to companies conducting research and development.
The agricultural sector amounts to 18% of the GDP and hires 1/3rd of the total workforce of Nigeria. More significant export products include wood, cocoa beans, chemicals, vehicles, petroleum and its products. India, the European Union, the United States of America, China, Japan and the United Kingdom have become Nigeria’s top long-time trade partners as the country continues to increase its oil and gas production.
In 2017, Nigeria exported $46.8B and imported $34.2B worth of goods and services, resulting in a positive trade balance of $12.7B with its main exports being crude petroleum and petroleum gas. Nigeria’s imports have declined from $47.3B in 2012 to $34.2B in 2017 with an annualized rate of -6.2%. Machinery including computer, petroleum, ships, vehicles, and textiles were the top imports for the country in 2017. According to the 2018 reports, the GDP rose to 397.30 billion USD from the previous 375.70 billion USD figure in 2017 indicating an increase of 5.74%. In the long-term, Nigeria’s GDP is projected to trend around 650.00 USD Billion in 2020, according to Trading Economics’ econometric models. ExportHub is a reliable B2B platform in Nigeria that can help your business flourish in this burgeoning market in Africa.