Market Entry - Removable Media Industry in Nigeria: Analysis of Growth, Trends and Progress (2016 - 2021)

About the Market

Removable media market including CDs, DVDs, and Blu-Ray disks, as well as diskettes and USB drive, is growing at a very fast pace as they make it easy for a user to move data from one computer to another. On the basis of application, the market is segmented into industrial automation, energy and power distribution, automotive and transportation, consumer electronics, healthcare, and military. In this era of information explosion, the problem of storing and managing data, with safety, back-up, and quick easy accessibility are reasons for increased use of storage devices. Developed regions that are technologically advanced are exploring the future of these devices through R&D. Emerging economies like China, India, Brazil, etc. have also developed their markets. Players offering products and related services in the market include Toshiba, Seagate Technology PLC, Kingston, SanDisk Corp., Netapp, IBM, etc.

About the Geography                  

Nigeria is a presidential republic located in West Africa. It is the second largest economy and the highest producer of oil & gas in Africa. Nigeria has the third largest FDI stock in Africa,since the country remains Africa's largest producer of oil.

Nigeria has a privatized economy, low cost of labor, and abundant natural resources. The government promotes public-private partnerships and has liberal economic policies, which help maintain good relations with foreign firms. Being the seventh largest population in the world it is also the largest market in Africa. Foreign companies can own 100% of the business in all sectors except for industries critical to the nation’s security. Widespread corruption, poor infrastructure, terrorism, inefficient judicial system, and political instability have reduced the influx of foreign investment.

Despite these challenges, Nigeria received USD 80 billion in FDI in 2015. Bilateral trade agreements and treaties with many countries and tax incentives in all major industries have motivated investors to invest here.

The Market Entry Series

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