Oct 23, 2020 (Market Insight Reports) --
The Nigeria Freight and Logistics Market as of late Published Market look into study with in excess of 100 industry enlightening work area and Figures spread through Pages and straightforward itemized TOC on “Nigeria Freight and Logistics Market”.
The report gives data and the propelling business arrangement data in the segment to the trade. The report gives a thought related with the progression of this market advancement of key players of this industry. An assessment of this Nigeria Freight and Logistics market depends upon points, which are of composed into advertise investigation, is fused into the reports.
The Nigeria Freight and Logistics Market is projected to register a CAGR of around 4.0% during the forecast period 2020 to 2025.
Over the past few years, Nigeria has experienced a slow down due to poor infrastructure and logistical issues along with delayed custom procedures and congestion on the roads. As a result the country was ranked 145 out of 190 economies in 2018 in ease of doing business Index and ranks 112 in the Logistics Performance Index (2018). The current growth in Nigeria logistics Market has been due to the Infrastructural developments in Railways and Airways, improvement in foreign ties with other countries, developing manufacturing and export sector and the rising e-commerce sector.
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Key Market Trends
Growing E-commerce sector to boost the Nigerian Logistics Market
The E-Commerce market has developed quite late in the African continent as compared to the US and China. In the last decade online grocery shopping has become a thing and has changed the way Nigerians shop. All kinds of items are now available online such as books, food, toiletries, clothes, electronics, furniture etc. In 2019, the revenue of the Nigerian E-Commerce market amounted to US$ 4,885.7 million. The revenue is expected to grow at a CAGR of 20.5% in the period of 2019-2023, resulting in a market volume of around US$ 10,290.6 million by 2023. In 2019, the market’s largest segment was Fashion with a market volume of US$ 1,761.9 million and User penetration was 52.2% and is expected to reach 75.2% by 2023. With the ease of payments through mobile money and debit cards, increasing internet penetration is expected to help this sector to grow further in Nigeria and also give a boost to the logistics and freight market.
With the booming ecommerce in Nigeria, the delivery providers in the country like DHL, FedEx, EMS, UPS etc. have seen a steady growth in their revenues and as the population is increasing with average revenue per user amounting to US$ 46.53 in 2019, the future of logistics market in the region looks promising.
Development of Manufacturing and Export Sector in Nigeria
The Nigerian government has prohibited the imports of 41 products due to recession in 2016-17 and has been focusing on building manufacturing and industrial units thereby increasing logistics demand. The project MINE is an initiative by the Nigerian president to develop special economic zones and promote the goods that are made in the country. The first round of funding will concentrate on developing Funtua Cotton Cluster, Enyimba Economic City and Lekki-Epe Model Industrial Park in Katsina, Abia and Lagos State respectively. This will increase the domestic demand as well as exports in the market giving a boost to the warehousing sector. Currently most warehouses are in and around Lagos State due to the presence of industrial parks and proximity to seaports and airports in the country. With the developing manufacturing industry and increasing demands for logistics, some companies have entered the market recently like Dangote, Vicampro Farm, BlackPace and Kiremko, as a result the costs incurred by the logistics market has started increasing since 2017.
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The competition within Nigeria Logistics and Warehousing Market is highly fragmented in nature with the presence of national and international players such as DHL, ABC Transport, UPS (United Postal Services), BHN Logistics, Maersk Line, Redstar Logistics, TSL Logistics, MSC (Mediterranean Shipping Company), Nipost (Nigerian Postal Service), Bollore SE /zigman2/quotes/209568566/delayed BOIVF -2.64% , GMT Logistics, MDS logistics and GIG logistics .
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