Future of the Nigerian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024
Summary
The defense budget of Nigeria was US$1.6 billion in 2019 and registered a negative CAGR of 3.50% during the historical period. The country has been facing internal conflicts affecting its economic growth and stability. The emergence of Boko Haram has intensified the rebellion in northeast Nigeria and led to a state of emergency announcement by the president regarding the affected states. Recently in January 2019, a military base in remote north-east was attacked by Boko Haram, which killed at least 10 people and led to thousands fleeing the area. Similarly, in 2017, in a triple suicide attack, at least 30 people were killed and more than 80 others injured in Mandarari.
Efforts are being taken to bolster peacekeeping operations and counter oil smuggling and piracy. These measures are also expected to drive the country’s military expenditure over the forecast period. The country’s military expenditure is expected to increase at a CAGR of 6.55% to reach US$2.2 billion by 2024. Multirole aircraft, C4ISR, attack helicopters, military IT-networking and physical security are the key opportunities for equipment suppliers.
Capital expenditure’s share in the defense budget increased from 9.8% in 2015 to 26.6% in 2019, and is expected to average 27.3% over the forecast period. Allocations towards the navy are expected to decrease from 18.8% during the historical period to 17.8% over the forecast period. Allocations towards the army are expected to marginally increase from an average of 37.1% during the historical period to 37.6% over the forecast period.
The report "Future of the Nigerian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.
Companies mentioned: Defense Industries Corporation of Nigeria, Dornier Aviation Nigeria AIEP Limited
Scope
In particular, it provides an in-depth analysis of the following -
Reasons to Buy
Summary
The defense budget of Nigeria was US$1.6 billion in 2019 and registered a negative CAGR of 3.50% during the historical period. The country has been facing internal conflicts affecting its economic growth and stability. The emergence of Boko Haram has intensified the rebellion in northeast Nigeria and led to a state of emergency announcement by the president regarding the affected states. Recently in January 2019, a military base in remote north-east was attacked by Boko Haram, which killed at least 10 people and led to thousands fleeing the area. Similarly, in 2017, in a triple suicide attack, at least 30 people were killed and more than 80 others injured in Mandarari.
Efforts are being taken to bolster peacekeeping operations and counter oil smuggling and piracy. These measures are also expected to drive the country’s military expenditure over the forecast period. The country’s military expenditure is expected to increase at a CAGR of 6.55% to reach US$2.2 billion by 2024. Multirole aircraft, C4ISR, attack helicopters, military IT-networking and physical security are the key opportunities for equipment suppliers.
Capital expenditure’s share in the defense budget increased from 9.8% in 2015 to 26.6% in 2019, and is expected to average 27.3% over the forecast period. Allocations towards the navy are expected to decrease from 18.8% during the historical period to 17.8% over the forecast period. Allocations towards the army are expected to marginally increase from an average of 37.1% during the historical period to 37.6% over the forecast period.
The report "Future of the Nigerian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2024", provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.
Companies mentioned: Defense Industries Corporation of Nigeria, Dornier Aviation Nigeria AIEP Limited
Scope
In particular, it provides an in-depth analysis of the following -
- The defense industry market size and drivers: detailed analysis of the Nigerian defense industry during 2020-2024, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
- Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
- Porter’s Five Force analysis of the Nigerian defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
- Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
- Market opportunities: details of the top five defense investment opportunities
- Competitive landscape and strategic insights: analysis of the competitive landscape of the Nigerian defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.
Reasons to Buy
- This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Nigerian defense industry market trends for the coming five years
- The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
- Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
- A deep qualitative analysis of the Nigerian defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts.
Table of Contents
1. Introduction
3. Market Attractiveness and Emerging Opportunities
4. Defense Procurement Market Dynamics
5. Industry Dynamics
6. Market Entry Strategy
7. Competitive landscape and Strategic Insights
8. Business Environment and Country Risk
9. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Defense Industries Corporation of Nigeria
- Dornier Aviation Nigeria AIEP Limited
