Market Research Report
Nigeria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026
|Published by||GlobalData||Product code||1009831|
|Published||Content info||79 Pages
Delivery time: 1-2 business days
|Nigeria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026|
|Published: June 3, 2021||Content info: 79 Pages||
Nigeria Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2026' 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.
Nigeria's defense budget for FY2021 is set at US$2.5 bn, registering a negative Y-o-Y growth rate from 2020 of -0.9%. Defense spending is expected to remain stable in 2022, before increasing over the forecast period as the country focuses on dealing with the economic consequences of the COVID-19 pandemic. This overall upward trajectory is predicted to continue into the future period, as the total defense budget is set to reach a peak in FY2026 rising to US$3.8 billion with a CAGR of 10.55% for the forecast period.
Over the forecast period, some of the main factors driving defense spending include the threat posed by insurgent and terrorist groups such as Boko Haram, Ansaru and ISWAP, as well as rising levels of piracy in the Gulf of Guinea off the Nigerian Coast.
This report offers detailed analysis of Nigeria's 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.
Nigeria's increased spending over the forecast period is driven by the continued threat posed by insurgent and militant groups in the region, maritime insecurity in the Gulf of Guinea and a focus on modernizing and augmenting the Nigerian fleet. These factors are expected to propel government defense expenditure upwards over the forecast period, and the acquisition component of defense spending is also expected to increase from US$0.3 billion in 2021 to US$0.6 billion in 2026. The Nigerian government is investing in a number of key platforms such as the procurement of JF-17 multirole aircrafts, Mi-35 helicopters and naval vessels as part of the 'Deep Blue' Maritime Project.
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