2014-04-24 09:48:05 - Nigeria Food and Drink Report Q3 2013 - a new market research report on companiesandmarkets.com
We continue to maintain our positive long-term outlook on Nigeria´s food and drink sector, despite some of the obstacles in the near term. Ongoing instability in the country´s northern regions, and high rates of inflation, which increased 10% year-on-year in April 2013, according to the National Bureau of Statistics, is having a negative impact on consumer confidence. Nevertheless, there is no doubt of the tremendous untapped potential of this emerging market. A burgeoning middle class has accompanied economic growth, and this group´s increasing spending power is being targeted by multinationals who are continuing in invest in the country´s food and drink sector.
While economic growth in 2013 will continue to be constrained by the headwinds that characterised much of 2012, including
security concerns and the lingering effects of widespread flooding, the long-term outlook remains very bright. We are forecasting average annual real GDP growth of 7.1% over the next 10 years, and expect the Nigerian government to prioritise investment in vital infrastructure over our forecast period and beyond.
Headline Industry Forecasts
- Per capita food consumption (local currency) 2013 = +8.51%; five-year compound annual growth rate to 2017 = +8.53%
- Beer volume sales 2013 = +7.69%; five-year compound annual growth rate to 2017 = +8.22%
- Mass grocery retail sales (local currency) 2013 = +31.20%; five-year compound annual growth to 2017 = +36.11%
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