Logistics is critical to any economy's economic performance. Nigeria has the weak infrastructure and logistical challenges, as well as delayed customs procedures and traffic congestion. It is an import-dependent country whose economy is reliant on crude oil exports. In 2018, Nigeria was placed 145th out of 190 economies in the ease of doing business Index, and 112th in the Logistics Performance Index (2018). The increase in foreign ties with other nations, as well as the growing e-commerce industry, have all contributed to the growth of the Nigeria logistics market.
According to the research report, “Nigeria Logistics and Warehousing Market Outlook to 2023 – By Sea, Land, Pipeline, Air Freight Forwarding; International and Domestic Freight, Integrated and 3PL Freight Forwarding; By Warehousing (Industrial/ Retail, ICD/CFS, Cold Storage, Others), By End Users, 3PL Warehousing, Type of Warehouses; By Courier Express and Parcel Logistics and E-commerce Logistics” asserts that the Nigeria Logistics and Warehousing Market is driven by the rise in demand for Nigerian Crude Oil across the globe during the forecasted period of 2023. Furthermore, the expanding e-commerce sector in Nigeria with the convenience of making payments via mobile money and debit cards increased internet penetration is likely to help this industry grow even further in Nigeria, as well as enhance the logistics and freight market.
On the basis of Freight Forwarding, the market of food and beverage, industrial, and retail sectors of Nigeria have played important roles in the growth of Nigeria's freight forwarding market. The most common means of transportation is sea freight, followed by road and air freight.
Nigeria’s Warehousing Market will rise rapidly due to the Nigerian government and commercial sector both contributing to an increase in the demand for cold storage facilities for agricultural and pharmaceutical goods and medications. Because of its closeness to the country's major seaports, airports, and industrial parks, Lagos has been the country's commercial hub and the most prominent location in terms of trade and logistics.
Based on the Third Party Logistics Market, the market is known for its oil and gas exports to other countries. Oil and gas firms, whose major industry is not logistics, prefer to outsource the task to other logistics partners with larger fleet sizes and access to all the resources and technologies that would ease their operations and meet their short-term needs.
In terms of the E-Commerce Logistics market, it has developed quite late and is approximated to have worth around USD 13 Billion. Despite advances in online payment alternatives, around 70% of the population still chose cash on delivery due to poor customer service and uncertain return policies. The ease of payment via mobile money and debit cards, as well as increased internet usage, are projected to aid this sector's growth in Nigeria.
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Based on the Courier, Express, and Parcel Logistics Market, the market will rise because of e-commerce and the convenience of e-payment methods like as Paystack and PIN-based debit cards in Nigeria which has increased the demand for couriers and the parcel business.
Some of the major national and international players in the Nigeria Logistics and Warehousing Market are FedEx, TSL, UPS, Bollore, Redstar, DHL, MDS logistics, GIG, ABC Transport, Maersk Line, GMT Logistics, and Others.
The entire Logistics and Warehousing Market in Nigeria is predicted to develop over the forecasted period of 2023, owing to rising demand for E-Commerce Products, increased international trade, and an increase in domestic manufacturing. It is projected that investment in industrial parks in export-promoting zones with a PPP structure will expand. The growing middle-class population, as well as the expansion of retail establishments and supermarkets, will drive greater demand for warehousing in the future.
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