NIGERIA’S AGRICULTURE SECTOR: MARKET PROFILE
Nigeria, a country that has high potential for rapid growth and development has lately come to the attention of international investors keen to draw profits from the country’s vast natural resources. These include fertile land, export crops such as soy beans, sesame seeds, cashew nuts, cocoa beans, groundnuts, gum arabic, kolanut, coco nut oils, rubber, timber, sorghum and yams etc. Nigeria remains one of the world’s greatest remaining undeveloped agricultural resources.
Investing in Nigeria…
- Africa is the new investment frontier and Nigeria is the key to opening up the continent. Nigeria is the largest country, largest market and most sought business destination on the continent. The sixth biggest country in the world by population, it is projected to be the third biggest country in the world by 2050. There is a great opportunity for development of the Agriculture Value Chain in Nigeria, now on a major drive to improving infrastructure through technology. The summit will have present major stakeholders within the Nigeria agribusiness space to meet and discuss with interested US companies who are interested in partnering with them.
- Why You Should Develop Your Business in Nigeria
- Nigeria has a record of steady growth and improved political stability. Recent rebasing of Nigeria’s GDP, at $510 billion, makes it the largest economy and market in Africa and the 26th largest in the world. Agriculture has 23% contribution to the GDP.
- Africa largest single market with a population of over 170 million people
- US goods exports to Nigeria in 2013 were $6.5 billion, up 28.8% ($1.4 billion) from 2012.
- Nigeria’s total food and agricultural imports are growing and estimated at more than $10 billion in 2015.
- Nigeria was the United States’ 40th largest goods export market in 2013.
- Nigeria is the key driver of international trade in all the 16 countries in West Africa.
- Industries: Automobile, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel
- Agriculture– products: cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
- Exports – partners: US 29.1%, India 11.6%, Brazil 7.8%, Spain 7.1%, France 5%, Netherlands 4.3% (2011)
- Imports – commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals
- Internationally praised agriculture policy and trading reforms have led to over $5 billion of private investment into agriculture in the last three years.
- Business opportunities exist across all key value chains – especially mechanization, mid/large scale farming & agro processing
- Soil and climate conditions ideal for a variety of agricultural products
3. Why you should attend, exhibit and sponsor…
- Lucrative opportunities for partnership, collaboration, and meet agribusiness professionals to explore new business opportunities in Nigeria’s diverse agricultural, farming & processing sectors technology transfer and market expansion
- Launch your products/brand and establish contacts with international distributors and buyers.
- Showcase your latest cutting-edge products, services and technologies at the Product Demonstration Area
- Hear fresh ideas that can help expand your business during the seminars, conferences and networking sessions.
- Network with local and regional agribusiness leaders and experts who are transforming the Nigerian agricultural sector
- Benefit from our extensive pre-event promotional campaigns to ensure your brand reaches out to a wider audience
4. The biggest opportunities for US companies include international market expansion of your products and services, direct sourcing of agricultural materials or semi-processed materials for your manufacturing plants. To this end, the US-Nigeria AgriBusiness (Non-Oil) Investment Summit (US-NAGRIS2017 (usnagris.com) is carefully planned with the objectives to
- Bring to the United States key stakeholders in the private and public sectors within the Nigerian agribusiness sector. These decision makers are keen to meet and discuss with prospective partners with whom they can discuss viable business opportunities in the production, processing and storage of harvest.
- Provide instant and value-driven opportunities for US companies to develop strategic relationships with the critical game changers within the Nigerian agriculture industry. As a sponsor or partner of the summit, there will be pre-event meetings and post-event tours of your organizations to facilitate discussions and decisions and create first hand experiences of your company’s products, services and solutions.
- Increase brand visibility through exhibitions and advertising of your products and services. Key contacts and databases would be developed to generate sales leads. There are activities within the event that also will provide such opportunities