Economic data

• Nigeria is Africa’s largest economy
• 5th largest oil exporting and 11th largest gas exporting country
• A regional power with major influence in the region
• Listed among the „Next Eleven“ economies
• Expected to become one of the world‘s Top 20 economies by 2050

Population

• 217 million inhabitants (2022)
• The most populous country in Africa and the 7th most populous country in the world
• Expected population by 2050: 411 million

Opportunities in the agrofood industry

• Recession caused revival of local food production and „Made-in-Nigeria“ trend; political will to expand local food production
• Massive investments in agricultural technology and processing and packaging equipment
• Increase of yields - Reduction of immense post-harvest losses - Reduction of import bill
• Experts foresee Nigeria to become the region’s main food supplier
• Medium-term development extremely promising
• Biggest market for food products in Africa - still undersupplied