Agriculture is a key contributor to Nigeria’s economy, accounting for about 24% of total GDP in 2020. The country aims to further boost its agricultural industry through initiatives such as the Agriculture Promotion Policy.

• Aims to raise productivity in domestically focused produce
• Encourages networking between private investors, farmers, and other stakeholders to enhance agricultural quality standards, and deepen the industry’s infrastructure

This creates opportunities for Singapore businesses seeking a foothold in the country. In addition, around 60% of Nigeria’s arable land remains uncultivated, presenting investment opportunities ranging from commodity trading and transportation to the fabrication of small-scale mechanised technologies for on-farm processing.

Nigeria is an attractive market for consumer goods businesses, thanks to its sizeable and youthful population, and growing middle class.

However, despite growing consumption rates, manufacturing in Nigeria remains dominated by the food and beverage sector. Singapore companies can tap this opportunity to fill import-dependent niches, such as apparel, home and personal care products, real estate, and transport vehicles.

Nigeria is experiencing rapid population growth and urbanisation, which are driving demand for infrastructure investment, particularly in areas such as inter-city highways and bridges, national power grid, and rail networks.

This opens up three key areas in which Singapore companies can contribute: the construction of affordable housing and serviced apartments, working with local partners in construction, and using the advantages of international debt financing and government support in the building of homes.

Nigeria is one of the world’s largest oil producing countries, with a focus on high value and low sulphur “sweet crude”.

However, the country continues to experience shortages of refined product, and still uses imports to cater to domestic demand. There may be opportunities for Singapore’s oil and gas companies to contribute their expertise in this area.