Trade & Investment
The food processing industry is another vastly developing industry in the Nigerian manufacturing sub-sector. The industry has grown at an average of 3% over the last 5 years contributing an annual average of 4% to the GDP, employing about 5% of the local workforce. Although, the industry is composed of mainly small and medium enterprises, there is a consistent upsurge of new entrants of multinational food companies and an aggressive expansion of existing operations geared to meet the demand of the local market.
Government is not unaware of the major challenges inhibiting the growth and development of the manufacturing industry; there is a huge commitment to ensuring that Nigeria generates a minimum of 10,000MW of power and ensure effective distribution of this power before the end 2023. Government is also committed to removing all non-fiscal barriers to investment and ensuring a competitive business environment that would promote free entry and exit of investors irrespective of nationality.