Local firms urged to consider Nigerian market
EXPORTS promotion agency, ZimTrade has urged local companies involved in exports to consider Nigeria, which is one of the biggest markets in Africa with over 200 million people.
The organisation did a market survey this year to help businesses break into this market, and the results showed good prospects for local products in the west African nation.
Fast-moving consumer items, horticultural products, essential oils and construction services are among industries with growth potential.
ZimTrade director of operations, Similo Nkala exhorted local businesses to capitalise on the “Giant of Africa” during his presentation at the Nigeria market survey dissemination seminar in Harare on Tuesday.
“As ZimTrade, we told ourselves that there is no way we can just attend a trade fair without us conducting the market survey,” he said.
“We needed to find out what opportunities are available for companies and also the best export entry strategies in terms of those markets. We also needed to find out who is already supplying that market so that we can come and share our findings with Zimbabwean markets so that they can prepare accordingly.”
Nkala indicated that Nigeria’s over 200 million citizens constitute 16,38% of Africa’s population, making it a major market for Zimbabwe to tap into.
Currently, Zimbabwe’s exports to Nigeria stand at US$7 million.
Speaking on behalf of Zacharia Ifu, the Nigerian ambassador to Zimbabwe, Fred Odey the head of chancery at the embassy bemoaned the low trade between the two nations.
“There are a lot of potentials to be exploited by these two countries, you know, particularly in the areas of trade and investment,” he said.
Odey said a lot of Nigerian businesses were present at this year’s Zimbabwe International Trade Fair, an indication that there is room to continue improving trade relations between the two countries.
According to Kupakwashe Midzi, client advisor at ZimTrade, the opportunities availed by the market survey in Nigeria were in the fast-moving consumer goods, horticultural products, essential oils and construction services.
Currently, compared to other nations in the Southern African Development Community region, Nigeria imports the bulk of its goods from South Africa.
Trade between Nigeria and South Africa in 2022 stood at US$560 million.
“Zimbabwe has the opportunity to supply products from agricultural implements, leather and leather products and agricultural extension services to Nigeria,” Midzi said.
Between 2022 and 2023, ZimTrade conducted market surveys in Ghana, Senegal, Rwanda and Tanzania as part of its export expansion programme.-newsday
