INCREDIBLE AND EXCITING OPPORTUNITIES NIGERIA

Nigeria is a natural location for a variety of industrial activities due to the availability of natural resources, affordable labor costs, and a large market. It produces a large proportion of goods and services for the West African region. The industry sector contributes an annual average of 23% of the GDP. The major activities include oil and gas (9%), manufacturing (7%), and construction (5%).

Nigeria ranks as the largest oil producer in Africa and has the largest gas reserves on the continent. The state-owned Nigerian National Petroleum Company, recently restructured, accounts for more than 50% of oil production and over 40% of gas supply. The local refining capacity is put at 24%. This creates a huge gap between the demand for refined petroleum products and the local supply. To help bridge the gap, the downstream sector has been opened to private sector participation. In this regard, the Dangote Petroleum Refinery is being constructed in Lagos and is likely to become Africa’s biggest oil refinery and the world’s biggest single train facility.

Lagos and its environs are home to about 60% of Nigeria’s industrial activities. Other industrial cities include Kano, Aba, Ibadan, Port-Harcourt, and Kaduna. Nigeria’s major manufacturing industries include beverages, cement, food processing, textiles, and detergents. The sector contributes about 9% of the GDP annually.

Nigeria is becoming home to the world’s largest emerging cement companies. Two companies, Dangote Cement and Lafarge WAPCO Cement, control 80% of the market. Nigeria is almost meeting its local demand, and the industry is beginning to export to neighboring countries.