Nigeria
Nigeria
Nigeria
With a friendly business climate, youthful population and abundant natural resources, Nigeria is an attractive investment destination for Singapore companies.
Economic statistics
US$2,162.6
GDP per capita (2022)
The World Bank
S$541.69m
Total bilateral trade in goods (2023)
UN Comtrade Database
69th
Trading partner rank (2023)
Enterprise Singapore
About this market
218.5m
Population (2022)
The World Bank
US$472.62b
GDP (2022)
The World Bank
3.3%
GDP growth (2022)
The World Bank

Sizeable pro-business economy

Nigeria is the continent’s largest economy. Its government has taken active steps to cultivate an accessible,  business-friendly environment for foreign firms and investors.

Large and young population

In addition to its large consumer market, Nigeria has a sizeable young population that translates to a robust and available labour force.

Rich natural resources

Nigeria’s abundant oil and natural resources as well as untapped potential in agriculture present many business opportunities.

Key opportunities

  • Agriculture

  • Consumer goods

  • Infrastructure

  • Oil & gas

Key opportunities in Nigeria - 1

Agriculture is a key contributor to Nigeria’s economy, accounting for about 24% of total GDP in 2020. The country aims to further boost its agricultural industry through initiatives such as the Agriculture Promotion Policy.

Agriculture Promotion Policy
  • Aims to raise productivity in domestically focused produce
  • Encourages networking between private investors, farmers, and other stakeholders to enhance agricultural quality standards, and deepen the industry’s infrastructure

This creates opportunities for Singapore businesses seeking a foothold in the country. In addition, around 60% of Nigeria’s arable land remains uncultivated, presenting investment opportunities ranging from commodity trading and transportation to the fabrication of small-scale mechanised technologies for on-farm processing.

Key opportunities in Nigeria - 2

Nigeria is an attractive market for consumer goods businesses, thanks to its sizeable and youthful population, and growing middle class.

However, despite growing consumption rates, manufacturing in Nigeria remains dominated by the food and beverage sector. Singapore companies can tap this opportunity to fill import-dependent niches, such as apparel, home and personal care products, real estate, and transport vehicles.

Key opportunities in Nigeria - 3

Nigeria is experiencing rapid population growth and urbanisation, which are driving demand for infrastructure investment, particularly in areas such as inter-city highways and bridges, national power grid, and rail networks.

This opens up three key areas in which Singapore companies can contribute: the construction of affordable housing and serviced apartments, working with local partners in construction, and using the advantages of international debt financing and government support in the building of homes.

Key opportunities in Nigeria - 4

Nigeria is one of the world’s largest oil producing countries, with a focus on high value and low sulphur “sweet crude”.

However, the country continues to experience shortages of refined product, and still uses imports to cater to domestic demand. There may be opportunities for Singapore’s oil and gas companies to contribute their expertise in this area.

Learn about Nigeria's business hubs

Learn about Nigeria's business hubs - 1
Abuja

The capital of Nigeria, Abuja is home to the Nnamdi Azikiwe International Airport, major government bodies and key religious centres. Businesses that want to work closely with Nigeria’s government body will find Abuja an excellent location, given its proximity to the country’s legislative bodies.

Learn about Nigeria's business hubs - 2
Lagos

Lagos is Nigeria’s most populous city, and its population is expected to double in 2050. This will present opportunities for businesses in many sectors from consumer to education, healthcare, transport and real estate.

Learn about Nigeria's business hubs - 3
Port Harcourt

Located on the Bonny River in the Niger Delta, Port Harcourt is widely known as the capital of Nigeria’s oil and gas industry. It is also a major industrial centre with a wide range of manufactured products, such as concrete, paint, steel structural products and tobacco. The city also has truck and bicycle assembly plants, and the port has a long history in boat building and fishing.

Ways for you to start in Nigeria

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