Throughout the existing era, the Market Research industry Nigeria transversely is at an augmenting stage. Whereas, with the utmost growth in the measure of second hand and fresh passenger and commercial vehicles in the region, the Lubricants Market has completely augmented over the recent past years. Not only has this, but the Nigeria Baby Food Industry in the region is also majorly subjective by the effective growth in the disposable income of the people, momentous growth in the responsiveness among the parents to give the recovering food to the babies, gargantuan augment in the internet retailing amongst the numerous other aspects. The market is plausible to demonstrate positive growth and follow to advance in the coming years.
For instance, Nigeria has dispossessed infrastructure and logistical concerns along with the deferred custom progressions and overcapacity on the roads. It is an import-based region and the region is based on the export of crude oil. The market research firms across Nigeria states that the growth in the Nigerian logistics market has been owed to the infrastructural improvements in the Railways and Airways, encroachment in the foreign ties with several other regions, and the increasing e-commerce sector.
Nevertheless, depending on the Market Research Firms such as Ken Research, the African logistics market has seen a tough growth in the middle of 2013 and 2018 accounting for an individual digit CAGR during this duration. The mainland is momentously rich with the natural grounds and growth in the mining of the coal has maintained the market augment. The primary exporting partners comprise China, United States, and Japan. Not only has this, but the infrastructure has also been challenging for Africa and China has buttressed enormously to restraint the apprehension. China has made a number of investments to advance to roads, ports, and railways which was sponsored in the growth of the market. The freight forwarding market countersigns the foremost towards the entire logistics market of Africa.
The market research firms (Ken Research), Nigeria envisages that the operative growth in the prerequisite for Nigeria’s native food and agricultural products in the province has encouraged the prerequisite for cold logistics and warehousing services. The Sea freight is the most the superseding technique of transportation followed by road and air freight. Over the several past years, Europe has exchanged Asia as the primary a trading partner of Nigeria due to the ECOWAS Economic Partnership Agreement with the EU.
Although, the Nigeria Warehousing market was evaluated to enlarge vigorously throughout the evaluation duration. The growth was majorly owing to the effective intensification in international trade volumes, market entry of international players, snowballing e-commerce market, and building fresh manufacturing units and industries in Nigeria in order to generate the region self-reliant. Based on the market research firm such as Ken Research, the Nigerian freight forwarding market establishes some small and medium corporates. Owing to the infrastructural encounters, big market players choose to outsource the services to local transporters and purpose on their core proficiencies. Therefore, it is anticipated that in the forthcoming years the market research firm in Nigeria will increase around the globe over the coming years.
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Ken Research
Ankur Gupta, Head Marketing & Communications
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