Insights of the Nigeria Market Research Firms Outlook: Ken Research
The research market in Nigeria, logistics is critical for the economic performance of any region. The Nigeria has deprived infrastructure and the logistical issues along with the deferred custom processes and the congestion on the roads. It is an import-based region and the region is dependent on the export of crude oil. Based on the market research firms in Nigeria, Nigeria was positioned 145 out of 190 regions in 2018 inconvenient of doing business index and ranks 112 in the Logistics Performance Index (2018). The effective growth in Nigeria logistics market has been owing to the infrastructural advancements in the Railways and Airways, advancement in foreign ties with several other regions and the effective growth in the e-commerce segment.
Nonetheless, based on the research market firms, the African logistics market has seen a sturdy growth between 2013 and 2018 registering to a single-digit CAGR during this duration. The mainland is greatly rich with the natural foundations and growth in the mining of coal has supported the market increase. The foremost exporting partners involve China, the United States, and Japan. Moreover, the infrastructure has been problematic for Africa and China has supported enormously to curb the concern. China has made a number of investments to advance to roads, ports, and railways which was assisted in the growth of the market. The freight forwarding market underwrites the major towards the entire logistics market of Africa.
Although, the market research firms in Nigeria, states the Nigeria warehousing market was calculated to increase the speedily during the duration of 2013-2018. The growth was majorly owing to the growth in the international trade capacity, the market entry of the international companies, positive increment in the e-commerce market and building the fresh producing units and industries in Nigeria in order to generate the region self-reliant. Furthermore, the sustained efforts have been taken by the government along with the Chinese legal authorities for advancing the free trade zone locations and industrial parks in the region. The foremost speculation by the foreign corporation has influenced the entire warehousing market in the region.
The food and beverage industry has been registering the end-user sector owing to the growing trade of the food products with the Asian and European regions and effective growth in the middle-class populace in the region. Nigeria has set up Automotive Industry Development Plan to set up more automation industries in Nigeria. The e-commerce segment has been advancing in the region and fascinating the numerous consumers. The emergence of the supermarkets and several other stores are even underwriting the increasing retail market in the region. The Nigerian legal authorities and private corporations are underwriters for effectively augment in the requirement of the cold storages for the agricultural and pharmaceutical drugs and medicines.
Furthermore, it is predicted that in the near years, the market research firms in Nigeria will increase around the globe over the upcoming years more actively.
Ankur Gupta, Head Marketing & Communications