Nigeria Defense Market, Budget Allocation, Regulations, Competitive Landscape and Forecast to 2028

Defense budget of Nigeria stands at $2.8 billion in 2023 and registered a CAGR of 9.6% during the historical period. Nigeria has been facing internal conflicts and issues which are affecting its growth, stability and national security. Terrorism, drug trafficking, arms trade, and oil theft are significant security challenges. The rise of Boko Haram and Ansaru has intensified the terrorism incidents in various regions of Nigeria. Besides terrorism, oil smuggling, illicit arms and the drug trade are also damaging national security. The government has outlined several measures to counter these security challenges, which are expected to drive the country's military expenditure over the forecast period. The country's military expenditure is anticipated to increase at a CAGR of 4.4% to reach $3.8 billion by 2028.

Nigeria has emerged as one of the most attractive defense markets in Africa. The most attractive sectors in the Nigeria's defense market are military fixed wing, military rotorcraft and naval vessels and surface combatants. Military rotorcraft is the most attractive sector. The country is anticipated grow at a CAGR of 6%, during 2023-28. The government is anticipated to invest $806.4 million in attack helicopters over 2023-28.

The third most attractive sector over the period of 2023-28 is naval vessels and surface combatants. Nigeria is anticipated to spend $446.6 million on naval vessels and surface combatants. Amphibious ships ranks first within the naval vessels and surface combatants sector with a total spending of $174.4 million followed by light combat vessels, Frigates, and auxiliary vessels.

Nigeria Defense Market, Budget Allocation, Regulations, Competitive Landscape and Forecast to 2028 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.

Key Highlights

• Drivers of Defense expenditure include Rise of terrorism and oil and illegal weapon smuggling, Peacekeeping operations
• Major ongoing procurement program include procurement of M-346FA, Mi-35M, Ezugwu

Who Should Buy

• Defence Startups, 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.

Scope

This report offers detailed analysis of Nigeria 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.

In particular, it provides an in-depth analysis of the following:

• Nigeria defense budget: detailed analysis of Nigeria 2023 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 military doctrine and strategy to provide a comprehensive overview of Nigeria military procurement 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 Nigeria's defense industry.

Reasons to Buy

• Determine prospective investment areas based on a detailed trend analysis of the Nigeria 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 French 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 Nigeria defense market providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
• Channel resources by focusing on the ongoing programs that are being undertaken by the Nigeria 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