Boston, MA -- (SBWIRE) -- 10/23/2014 -- Despite revised data showing that the Nigerian economy grew more slowly over the last three years than the original figures suggested, we have not altered our forecast of 7.0% real GDP growth for 2014 and 7.4% for 2015. The positive impact of agriculture means that this important sector should contribute strongly to private consumption growth.

Similarly to much of the African continent, Nigeria is experiencing a growing middle class, accompanied by economic growth. The increasing spending power of this middle class is being targeted by multinationals who are continuing to invest in the country's food and drink sector.

The long-term outlook remains very bright. We are forecasting average annual real GDP growth of 7. 0 % over the next 10 years, and expect the Nigerian government to prioritise investment in vital infrastructure over our forecast period and beyond , which will greatly benefit the food and drinks sector, as well as the grocery retail sector .

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Headline Industry Forecasts

- Per capita food consumption (local currency) 2014 = +5.91%; forecast compound annual growth rate (CAGR) 2013 to 2018 = +7.3%

- Alcoholic drinks volume sales 2014 = +4.0%; forecast CAGR 2013 to 2018 = +4.0%

- Mass grocery retail sales (local currency) 2014 = +33.5%; forecast CAGR 2013 to 2018 = +38.7%

Key Industry Trends And Developments

Unilever to Expand in Nigeria: In September 2014, there were unconfirmed reports that Unilever is to spend USD200mn in order to expand its presence in Nigeria. Unilever CEO Paul Polman reportedly said that the company 'felt it was the right time to increase its presence in Nigeria since its growth potential was accelerating'.

Premiumisation will Drive Growth in Beer Sector: Over the forecast period to 2018, premiumisation, rather than volume-targeting strategies, will drive growth in the Nigerian beer sector. The market leaders, Nigerian Breweries and Guinness, are estimated to account for nearly 90% of the commercial...

The Nigeria Food & Drink Report features Business Monitor International (BMI)'s market assessment and independent forecasts for food and drink expenditure, consumption, sales, and imports/exports and forecasts for the mass grocery retail sector. The report also includes analyses of major regulatory developments, the background macroeconomic outlook and competitive landscape comparing national and multinational companies by leading products and services, sales, investments, partners and expansion strategies.

BMI's Nigeria Food & Drink Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the food and drink industry and the mass grocery retail market in Nigeria.

Key Benefits

- Benchmark BMI's independent food and drink industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in the Nigerian food and drink market.

- Target business opportunities and risks in Nigeria through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.

- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, and views, covering food and drink manufacturing and consumption and the retail market.

Business Environment Rankings

BMI's Food & Drink Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors, food and drink manufacturers and mass grocery retailers.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the food, drink and mass grocery retail sectors, and within the broader political, economic and business environment.

Food Forecasts

BMI's food chapter is divided into sections such as Meat, Fish, Confectionary, Dairy and Canned Foods, and provides insight into a market's food industry, centred on a forecast to end-2018 for the sector. The chapter includes the following elements:

Industry Forecast Scenario - Historical data series and forecasts to end-2018 for growth of key indicators within a market's food industry. Including consumption, food consumption as % of GDP, canned food sales, confectionery sales and food and drink imports and exports, among others.

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