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Nigeria is now Africa’s largest economy with a GDP of over $510 billion in 2014. This is expected to increase to more than $900 billion by 2019 making it more than twice the size of South Africa’s GDP.
What makes Nigeria such a promising investment opportunity is the number of consumers, with a population of 178 million in 2014. This figure is expected to grow to 239 million in 2025.
Nigeria offers a very attractive food and drink sector. Changing demographics and lifestyles are resulting in increasing consumer preferences for a wider range of processed, packaged and nutritional foods.
Increasing disposable income, combined with growing consumer sophistication, has resulted in a move away from traditional unprocessed foods to open air markets.
The country’s retail food sector has been undergoing change over the last decade. International supermarket brands entering the country, with new malls being constructed. The steady transformation of informal markets into more formal and modern facilities is setting the bar higher by providing a wide choice of shopping experiences in a modern, customer-oriented environment.
The interest in Nigeria as a business hub has also resulted in huge growth within the hospitality industry, further highlighting demand for sophisticated, higher-end processed food.