Is Nigeria’s consumer class stimulating FDI? A critical analysis of emergent economic influence.

By Carla Sterley[1]

IOA analysis in brief | As Nigeria’s middle class has developed, opportunities for growth in the country’s consumer sector have emerged. This has sparked the interest of Multinational Corporations (MNCs) looking for investment opportunities in Africa, allowing for Nigeria to open their economy to international players.

Key points:

  • Nigeria’s consumer class is expanding, resulting in a rise in consumption of consumer goods
  • Increased consumption means that opportunities for investment by global players in the retail industry have increased
  • This economic influence has both positive and negative implications for the population’s financial future

Nigeria’s middle class is influencing the country’s international economic outlook, allowing for increased foreign direct investment (FDI) opportunities in the consumer industry.  The West African country, which is one of Africa’s fastest growing economies, is home to a growing middle class – a consequence of a strong economy, high rate of urbanisation and the growth of educated professionals earning competitive salaries. This development has resulted in a middle class economic outlook and the transformation of a demand-driven economy. This is especially evident in the consumables and electronics sectors of the state’s economy. Demand for goods has stimulated interest from foreign investors, generating additional FDI.

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