Nigerian Freight and Logistics Market is anticipated to register a …
Hyderabad, April 05, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Nigerian Freight and Logistics Market – (2023 – 2028),” the market is expected to register a CAGR of 6.11%. Road transport is Nigeria’s fastest-growing industry. With projects such as 21 federal road reconstructions, the country is strengthening its road infrastructure to support road goods.
The domestic segment is the largest by destination type, with the wholesale and retail trade end-user segment accounting for 35.5% of the market in 2022.
The wholesale and retail trade is the most important end user:
The end-user segment of the freight and logistics market in Nigeria experienced a growth of 7.28% YoY in 2021 and 8.17% YoY in 2022.
- The wholesale and retail trade end-user segment in Nigeria had the maximum share of 29.26% in 2022
- Government investing in transport infrastructure to facilitate freight and logistics market.
- Nigerian Railway Modernisation Project planned a 1,315 km standard gauge line.
- Port development is also moving to center stage.
- Construction work was more than 85% complete by the end of February 2022.
- The overall end-user segment of the goods and logistics market is expected to grow at a CAGR of 6.11% during the forecast period.
- The wholesale and retail trade end-user segment is projected to grow at a CAGR of 7.48%.
The rise in retail e-commerce is expected to drive the growth of the wholesale and retail trade end-user segment. At the same time, an increase in the production of oil and gas is expected to drive the growth of the oil and gas, mining, and quarrying end-user segment.
Who are the key players in Nigerian Freight and Logistics Market?
The Nigerian Freight and Logistics Market is highly fragmented with the presence of national and international players such as:
- Africa Access 3PL Limited
- AfriGlobal logistics
- Bollore Transport and Logistics
- CMA CGM
- Fortune Global Shipping and Logistics Limited
- GIG Logistics
- Gulf Agency Company (GAC)
- GWX Logistics
- JOF Nigeria Limited
- MDS logistics
- Red Star Express PLC
Recent developments in Nigerian Freight and Logistics Market:
- In November 2022: GIG signed up to purchase two ATR 72-500 freighters as it looks to meet growing e-commerce demand and expand its air freight services in Africa.
- In September 2022: CEVA Logistics expanded its owned and controlled SKYCAPACITY Program and added five more stations to its network of air freight locations certified under the CEIV Lithium Battery Program.
- In September 2022: APM Terminals collaborated with Maersk to increase the operational efficiency of Fixed Berthing Windows, which was launched at the West Africa Container Terminal.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/nigeria-freight-and-logistics-market
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- ^ https://www.mordorintelligence.com/industry-reports/nigeria-freight-and-logistics-market (www.globenewswire.com)
- ^ Nigerian Freight and Logistics Market_Mordor Intelligence (www.globenewswire.com)