Future of the Nigeria Defense Market Attractiveness, Competitive Landscape and Forecasts to 2022

"The Report Future of the Nigeria Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - MarketResearchReports.biz”

The Future of the Nigeria Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

Synopsis

This report offers detailed analysis of the Nigeria defense industry 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.

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In particular, it provides an in-depth analysis of the following -

The Nigeria defense industry market size and drivers: detailed analysis of the Nigeria defense industry during 2018-2022, including highlights of the demand drivers and growth stimulators for the industry. It also provides a snapshot of the country’s expenditure and modernization patterns
Budget allocation and key challenges: insights into procurement schedules formulated within the country and a breakdown of the defense budget with respect to capital expenditure and revenue expenditure. It also details the key challenges faced by defense market participants within the country
Porter’s Five Force analysis of the Nigeria defense industry: analysis of the market characteristics by determining the bargaining power of suppliers, bargaining power of buyers, threat of substitution, intensity of rivalry, and barriers to entry
Import and Export Dynamics: analysis of prevalent trends in the country’s imports and exports over the last five years
Market opportunities: details of the top five defense investment opportunities over the next 10 years
Competitive landscape and strategic insights: analysis of the competitive landscape of the Nigeria defense industry. It provides an overview of key players, together with insights such as key alliances, strategic initiatives, and a brief financial analysis

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Scope

The defense budget of Nigeria for the year 2017 is US$1.4 billion. For the historic period, 2013-2017, the defense budget of the country registered a CAGR of -11.09%. The defense budget is currently being driven by efforts to modernize the army and threats from terrorist organizations.
During the historic period, the Nigeria MoD allocated an average of 19.5% of the total defense budget to capital expenditure, while an average of 80.5% was reserved for revenue expenditure. Over the forecast period, allocation towards capital expenditure is expected to increase at an average of 26.9%.
The MoD is expected to invest in multirole aircraft, infantry fighting vehicles (IFV) and attack helicopters.

Reasons to buy

This report will give the user confidence to make the correct business decisions based on a detailed analysis of the Nigeria defense industry market trends for the coming five years
The market opportunity section will inform the user about the various military requirements that are expected to generate revenues during the forecast period. The description includes technical specifications, recent orders, and the expected investment pattern by the country during the forecast period
Detailed profiles of the top domestic and foreign defense manufacturers with information about their products, alliances, recent contract wins, and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector
A deep qualitative analysis of the Nigeria defense industry covering sections including demand drivers, Porter’s Five Forces Analysis, Key Trends and Growth Stimulators, and latest industry contracts

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Table of Contents

1. Introduction 7
1.1. What is this Report About? 7
1.2. Definitions 7
1.3. Summary Methodology 9
1.4. About Strategic Defence Intelligence 10

2. Executive Summary 11

3. Market Attractiveness and Emerging Opportunities 13
3.1. Current Market Scenario 14
3.1.1. Primary Threat Perception 14
3.1.2. Military Doctrine & Strategy 16
3.1.3. Military Fleet Size 17
3.1.4. Procurement Programs 21
3.1.5. Social, Political and Economic Environment and Support for Defense Projects 22
3.1.6. Political and Strategic Alliances 22
3.2. Defense Market Size Historical and Forecast 23
3.2.1. Nigerian defense expenditure is projected to grow at a CAGR of 8.72% during the forecast period 23
3.2.2. Insurgency, piracy, oil smuggling, and peacekeeping operations are expected to drive defense expenditure 25
3.2.3. Defense budget as a percentage of GDP expected to average 0.3% over the forecast period 26
3.3. Analysis of Defense Budget Allocation 28
3.3.1. Capital expenditure allocation expected to increase at an average of 26.9% over the forecast period 28
3.3.2. Capital expenditure budget expected to grow at a CAGR of 4.84% over the forecast period 30
3.3.3. Defense budget allocation towards the army accounts for the majority out of the armed forces 32
3.3.4. Army expenditure to grow at a CAGR of 7.89% over the forecast period 34
3.3.5. Per capita defense expenditure expected to increase during the forecast period 38
3.4. Homeland Security Market Size and Forecast 40
3.4.1. Homeland security budget projected to increase during the forecast period 40
3.4.2. The threat from Boko Haram, drug trafficking, cybercrime, and money laundering are expected to drive the homeland security budget 42
3.4.3. Nigeria falls under the ‘worst affected category’ by terrorist attacks 43
3.4.4. Nigeria faces a very high level of threat from foreign and domestic terrorist organizations 44
3.4.5. Nigeria has a Terrorism Index Score of 9.3 46
3.5. Benchmarking with Key Global Markets 47
3.5.1. The country’s defense budget is expected to increase during the forecast period 47
3.5.2. Nigerian military expenditure is limited compared to the countries with the highest global defense expenditure 49
3.5.3. The country allocates a lower percentage of GDP to defense than other African counties 50
3.6. Market Opportunities: Key Trends and Growth Stimulators 51
3.6.1. Multirole Aircraft 51
3.6.2. Infantry Fighting Vehicles (IFV) 52
3.6.3. Attack Helicopters 53

4. Defense Procurement Market Dynamics 54
4.1. Import Market Dynamics 55
4.1.1. Limited capability of the domestic defense market drives imports 55
4.1.2. Defense imports expected to increase during the forecast period 56
4.1.3. China, the US, and Russia account for the majority of the country’s defense imports 57
4.1.4. Aircraft and ships are the highest imported military hardware 58
4.2. Export Market Dynamics 59
4.2.1. Nigeria does not export arms due to its underdeveloped domestic arms industry 59

5. Industry Dynamics 60
5.1. Five Forces Analysis 60
5.1.1. Bargaining Power of Supplier: Low to Medium 61
5.1.2. Bargaining Power of Buyer: Medium to High 61
5.1.3. Barrier to Entry: Medium 61
5.1.4. Intensity of Rivalry: Low 61
5.1.5. Threat of Substitution: Low 61

6. Market Entry Strategy 62
6.1. Market Regulation 62
6.1.1. Nigeria does not disclose any offset obligations imposed by the country 62
6.1.2. FDI in the defense sector is prohibited by the Nigerian government 62
6.2. Market Entry Route 62
6.2.1. Budgeting Process 62
6.2.2. Defense procurement process 63
6.2.3. Direct selling is the preferred market entry route for foreign OEMs 64
6.3. Key Challenges 65
6.3.1. Corruption acts as an obstacle for market entry 65
6.3.2. Small defense budget discourages major suppliers 66

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