Nigeria Retail Market

NIGERIA'S LUCRATIVE RETAIL SECTOR/ENVIRONMENT

  • According to the Global Retail Development Index Nigeria’s retail sector made a national sale of N38tn ($125bn) in 2016.
  • Nigeria’s retail development is supported by a middle class that has grown by 600 per cent in the last few years and now includes 4.1 million households, or 38 per cent of the country’s total population
  • ECOWAS market has combined GDP of over $600BN
  • Nigerian market has combined GDP of over $405BN
  • World Bank has reported a 1.2% increase in the Nigerian GDP in 2017 and is forecasting 2.4% increase in 2018
  • Nigeria's domestic luxury market is valued at $213 million
  • Wholesale and retail sales are already the third largest contributors to Nigeria’s GDP, contributing 16 percent to the total.
  • A fast growing 35% middle and emerging middle class with a consumer spending excess of about $100 billion a year.
  • Findings from the International Trade Statistics (ITS) revealed that between 2014 and May 2016, Nigeria imported furniture from China valued at $153.8 million (New Telegraph Online, 2016)
  • Nigeria is one of the top importing African countries of white goods (KPMG, 2014)
  • Toy sales growing at 13% p/a
  • Furniture imports to Nigeria £250m p/a

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