- Nigeria’s Consumer Market to Hit $454bn by 2025
Nigeria’s consumer market is expected to hit $454.3 billion in value in the next five years, the Minister of Industry, Trade and Investment, Niyi Adebayo has said.
The Minister made the statement while speaking at the Nigerian Stock Exchange’s session on consumer goods in Lagos.
He said there is no doubt that the consumer goods sector played a critical role in job creation and national growth.
Adebayo noted that the border closure and foreign exchange restriction on 44 items would help the consumer market grow better and further deepen the manufacturing sector.
According to the Minister, the manufacturing sector contributed 11.49 percent to nominal GDP despite the economy growing at 2.28 percent in the third quarter. Indicating the importance of the sector to the entire economy.
Adebayo explained that the consumer market valued at $377 billion in 2013 is expected to peak at $454.3 billion in 2025.
He said, “Nigeria, with a population estimated at 200 million people with 72 per cent under the age of 30, indicates a huge potential for future investment and consumption activities.
“Nations must be proactive and focused to deliver the right policies and programmes using critical institutions – both public and private – to boost output by providing the right environment and financing for businesses to thrive.
“This, to my mind, is where the capital market should take the lead as a financial intermediator.”
Mr Oscar Onyema, the Chief Executive Officer, NSE, said the bourse had formulated policies to boost growth in the private sector.
Onyema said, “We are delighted to note that we have made some strides in our discussions, some of which are evident in the proposed amendments to the Finance Bill 2019, which has now been passed by both Houses of the National Assembly.”