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Nigeria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026
Nigeria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026' report provides the market size forecast and the projected growth rate for the next five years. The report covers industry analysis including the key market drivers, emerging technology trends, and major challenges faced by market participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military platforms over the forecast period.
Nigeria's defense budget for FY2021 is set at US$2.5 bn, registering a negative Y-o-Y growth rate from 2020 of -0.9%. Defense spending is expected to remain stable in 2022, before increasing over the forecast period as the country focuses on dealing with the economic consequences of the COVID-19 pandemic. This overall upward trajectory is predicted to continue into the future period, as the total defense budget is set to reach a peak in FY2026 rising to US$3.8 billion with a CAGR of 10.55% for the forecast period.
Over the forecast period, some of the main factors driving defense spending include the threat posed by insurgent and terrorist groups such as Boko Haram, Ansaru and ISWAP, as well as rising levels of piracy in the Gulf of Guinea off the Nigerian Coast.
This report offers detailed analysis of Nigeria's defense market with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
Nigeria's increased spending over the forecast period is driven by the continued threat posed by insurgent and militant groups in the region, maritime insecurity in the Gulf of Guinea and a focus on modernizing and augmenting the Nigerian fleet. These factors are expected to propel government defense expenditure upwards over the forecast period, and the acquisition component of defense spending is also expected to increase from US$0.3 billion in 2021 to US$0.6 billion in 2026. The Nigerian government is investing in a number of key platforms such as the procurement of JF-17 multirole aircrafts, Mi-35 helicopters and naval vessels as part of the 'Deep Blue' Maritime Project.
Who Should Buy
- Defence Startup's, Original Equipment Manufacturers (OEMs), Defence Planners, Aerospace and Defence Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
In particular, it provides an in-depth analysis of the following -
- Nigeria's defense budget: detailed analysis of Nigeria's FY2021 defense budget broken down into market size and market share. This is coupled with an examination of key current and future acquisitions.
- Regulation: the procurement policy and process is explained. This is coupled with an analysis of Nigeria's military doctrine and strategy to provide a comprehensive overview of Nigeria's military regulation.
- Security Environment: political alliances and perceived security threats to Nigeria are examined; there help to explain trends in spending and modernisation.
- Import and Export Dynamics: analysis of prevalent trends in the country's imports and exports over the last five years
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Nigerian defense industry.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the Nigerian defense market over the next five years
- Gain in-depth understanding about the underlying factors driving demand for different defense and internal security segments in the Nigerian market and identify the opportunities offered.
- Strengthen your understanding of the market in terms of demand drivers, market trends, and the latest technological developments, among others
- Identify the major threats that are driving the Nigerian defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the Nigerian government
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top defense equipment providers in the country. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available