Market Info
Nigeria, the emerging economic powerhouse
Nigeria, Africa’s 2nd largest economy, often referred to as the Giant of Africa, is emerging as a significant economic force thanks to widespread reforms undertaken by the Government.
Nigeria with its growing population, currently has a GDP of US$477 billion, and the potential of this robust economy to grow at a swift pace has been a point of focus ever since the country embarked on its economic reforms programme.
A Goldman Sachs report projects that by 2050, Nigeria will rank among the top 15 economies worldwide, securing the 14th position.
According to Nigeria’s National Bureau of Statistics (NBS), the country’s GDP growth in Q4 2024 rose by 3.8 per cent compared to 3.4 per cent in the previous corresponding period in 2023, indicating tailwinds of growth.
Country has a burgeoning economy, vast market potential, strategic location in West Africa, and ongoing government reforms aimed at fostering a conducive business environment.
NIGERIA- the second largest economy in Africa with 230 M population has the wrold’s largest youth population- 70% of population below 21 years of age.
NIGERIA- the second largest economy in Africa with 230 M population has the wrold’s largest youth population- 70% of population below 21 years of age.
Nigeria has been taking drastic steps to curb the usage of plastics opening up opportunities for paper packaging players to leverage growth from. Plastic waste has been a growing environmental menace for Nigeria, particularly with poor plastic waste recycling facilities. The first step was to introduce a National Policy on Plastic Waste Management (NPPWM) in 2021. The policy was a clarion call to reduce plastic waste and in turn to promote sustainability and circular economy.
Ban on Single-use plastics
The Nigerian government has banned single-use plastics, as part of bringing more enforceability to curbing plastic waste. Nigeria is the latest African country to ban use of single-use plastics. It is estimated that, at least 34 countries in Africa have banned the use of single-use plastics— 99% of which are made from the fossil fuels that catalyses climate change. The ban, which is being enforced strictly is expected to fuel the demand for alternative sustainable and biodegradable packaging solutions in Nigeria and Africa in general.
The Packaging Opportunity
Estimates are that the Nigeria packaging market is was close to US$2 billion in 2024. The marketed is projected to touch over US$3.50 billion by 2032, growing at a CAGR of nearly 8 per cent from 2025.
E-commerce Growth
The packaging market of Nigeria is also fuelled by the swift growth of e-commerce. According to NBS, Nigeria’s online retail business has grown by 20% a year in recent years, and the trajectory of growth points to huge opportunity for alternate packaging solutions. Growing middle class in Nigeria is also pushing consumer demand up for packaged products, while transition to sustainability is also catalysing the alternate packaging solutions. A Nigerian Environmental Society poll says that over 70 per cent of Nigerian customers prefer environment-friendly, recyclable and biodegradable packaging solutions.