Freight forwarding has been one of the most successful sectors of the global logistics industry over the past decade. Substantial growth has been achieved due to the trend of globalization which has led manufacturing to locate to remote markets around the world {developing markets like Nigeria}. The development of economies such as the Chinese, Indian, Russian, Middle East and Latin America has created the demand for international forwarding services in Nigeria.
Freight forwarding is a service used by companies that deal in international or multi-national import and export. While the freight forwarder doesn’t actually move the freight itself, it acts as an intermediary between the client and various transportation services. Sending products from one international destination to another can involve a multitude of carriers, requirements and legalities. A freight forwarding service handles the considerable logistics of this task for the client, relieving what would otherwise be a formidable burden.
Air cargo volume in 2011 is expected to increase by 12.1% growth to 237,300 tonnes from 15.3% to 211,700 tonnes. Nigeria’s main bulk port at Lagos (Apapa) will see tonnage up by 6.3% to reach a total of 18.195mn tonnes. At the country’s second largest facility, the Port of Tin Can Island, growth in 2011 is predicted at 10.8% to 9.018mn tonnes.
The market for freight forwarding services in Nigeria is national. With a population of over 140 million people, an estimated national population growth rate of 5.7% per annum and an average economic growth rate of 3.5% in the past five {5}years, Nigeria has a large ,expanding and sustainable market for freight forwarding business.
Nigeria has one the fastest growing economies on the African continent. Nigeria’s major exports are crude oil, rubber, cocoa, sesame seed, solid minerals, cotton, hides and skin etc. The nations export has witnessed a steady growth in the five years. The fact that about 80 per cent of goods used in the country are imported confirms the size of freight forwarding business in Nigeria.
Nigeria has remained a strong member of various international organizations such as the Economic Community of West Africa States {ECOWAS} which allows for the free movement of people, goods and services amongst member countries hence deepening the freight forwarding business in Nigeria.
Prospective clients includes multi-national, manufacturing companies, exporters and importers amongst others.
Do you seek opportunities in freight forwarding business in Nigeria or you want to start the business , please do contact us for the conduct and preparation of detailed feasibility reports and business plans
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for start-ups and those already in business.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
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