SOURCE: African Business Review

African Business Review

May 22, 2012 14:49 ET

How to Enter Nigeria's Booming Consumer Market, in African Business Review

With Africa's Largest Consumer Market, FMCG Companies Can Hit the Jackpot, Says XCOM Africa

NORWICH, UNITED KINGDOM--(Marketwire - May 22, 2012) - The increasing competition worldwide forces global FMCG companies to search for new markets. Competition in Asia has increased significantly and the business environment in China and India is becoming more and more difficult. One solution is to address Africa with more than 1 billion potential consumers a rising middle class, with increasing disposable incomes and the interest in foreign products.

According to the Economist, Africa is one of the fastest growing markets with an annual GDP growth of 4.9 percent since 2000. The population is set to double in the next 40 years from 1 billion to 2 billion people. Increasing labour productivity of 2.7 percent, Africa has a great chance to position itself on the global market.

On average per year trade between Africa and the world has increased by 200 percent in comparison to year 2000. The inflation was 22 percent in the 1990s, but fortunately has now sunk to 8 percent. This impact resulted in a growing middle class with increasing purchasing power, stated the World Bank.

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