The industry association Spectaris contracted africon GmbH in 2015 to analyse the Nigerian market potential for German companies in the area of laboratory and analytical equipment.
Focus of the joint Nigeria study was the analysis of market sizes for the various product areas, the identification and evaluation of promising target market segments, as well as the explanation of macroeconomic developments. Best practice examples of German companies operating in Nigeria display the present potentials, valuable insights from local industry players are a key element of the study.
With a total market size of around $80m and rapid growth in various sectors, Nigeria is the 2nd largest market in Sub Sahara Africa after South Africa for companies supplying laboratory equipment. Even though low quality standards are a common challenge in the industry, more conscious segments are emerging, driving demand for German high quality products.
The decision for the study was a result of an increasing interest of the German high tech industry on the African growth markets. Especially in the area of medical devices, but also across many other sectors, some African markets are experiencing rapid growth, opening up opportunities for German and international companies.
In continuation of the joint exploration of the African markets, Spectaris and africon furthermore conducted a joint work shop for its member’s companies on the opportunities in East- and West Africa in June 2016. Outside West Africa, East Africa boasts strong potentials, e.g. for medical devices with major public and private projects in the Kenyan health care sector, oil discoveries in the region will attract investments in laboratories. Successful regional integration initiatives as well as strong economic growth further enhance business potentials.