15 marzo, 2011

A brief account of the Nigerian Market

Nigeria is one of the most complex and dynamic countries in Africa. With a population estimated to be over 150 million people, over 250 ethnic groups, developed financial, communication and transport sectors, abundant human and natural resources coupled with the on-going economic reforms; Nigeria is a country to watch out for.

The Zones of more commercial interests are: North West (Kaduna, Kano), North Central (FCT Abuja), South West (Lagos) and South-South (Port Harcourt). Moreover, Lagos is obviously the most important state in terms of commerce and trade. For instance, Ikeja which is Lagos state capital, houses all the most important companies in computing and information science… This is an important market for this sector as companies and individuals from other parts of Nigeria and neighbouring countries go to make purchases and generally do business.

  1. North East (states: Adamawa, Bauchi, Borno, Gombe, Taraba, Yobe)
  2. North West (states: Kaduna, Katsina, Kano, Kebbi, Sokoto, Jigawa, Zamfara)
  3. North Central (states: Benue, Kogi, Kwara, Nasarawa, Niger, Plateau) & FCT not a state
  4. South East (states: Anambra, Enugu, Imo, Abia, Ebonyi)
  5. 5. South West (states: Lagos, Ekiti, Oyo, Osun, Ondo, Ogun)
  6. 6. South South (states: Akwa Ibom, Cross River, Edo, Delta, Rivers, Bayelsa)
The south-south zone is where Nigeria’s huge oil reserve can be found. It is no news to say that petroleum is the main stream of the Nigerian economy. As a result, companies that have products applicable to this sector would certainly thrive in Nigeria.

In addition, the automobile industry is another thriving industry in Nigeria. Nigerians love luxurious cars.  Amongst several car brands, some of the most popular are Honda, Toyota, BMW, Peugeot and Mercedes. These cars would sell any day, any time in Nigeria.

Lastly, I would love to say that Nigeria as a nation is currently constructing and building a lot especially in the North central, South-south and North-eastern zones. Theses zones are constructing roads, housing estates, etc. As a result, construction materials and general household goods are of high commercial interest at the moment.
Presley Owen

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