Printing & Publishing Market in Nigeria: Wigmore Trading

Nigeria is Africa’s biggest economy and its largest oil producer. The country’s economy has grown steadily in the last decade, and that growth has increased demand for printed materials like books, magazines, newspapers and documents. Even though Nigeria is the largest economy in Africa and one of the fastest growing economies globally, the Nigerian printing and publishing industry operates at a small scale because of issues like high production costs, low literacy levels and a fragmented book market. The industry is also heavily regulated by the government and suffers from poor infrastructure. Despite these challenges, there are many opportunities for companies to establish new businesses in this growing sector. This report will help you understand the dynamics of the Printing & Publishing Market in Nigeria so that you can have a successful business strategy.

What is driving the growth of the Printing and Publishing Market in Nigeria?

Nigeria is one of the fastest growing countries in the world, with an average annual GDP growth rate of about 5% in the last few years. The country’s population, currently estimated at about 190 million people, is growing at a rate of 2.6% annually, but the urban population is growing at a much faster rate. This has increased the demand for printed materials like books, magazines and newspapers. The growth of the internet has also increased the demand for printed materials because many people in Nigeria prefer to read printed articles and books. The Nigerian printing and publishing industry is growing as a result of more businesses and publications using printed materials. In addition, there is an increasing demand for books among Nigerians, and publishers are responding to this by producing more books. More businesses are also coming up with printed documents such as tender documents, company prospectuses and financial reports. This is because printed documents provide a higher degree of trust and accountability than electronic documents.

The market size of printing and publishing industry in Nigeria

The printing and publishing market in Nigeria is worth about $3 billion annually, according to Euromonitor International. This is expected to grow at a compound annual rate of about 10% to reach $4 billion by 2022. The digital printing industry makes up the majority of the Nigerian printing and publishing market. Digital printing is expected to grow from $856 million in 2018 to $1.1 billion by 2022. This is because businesses are increasingly using digital printing for the production of documents such as tender documents, financial reports and prospectuses.

Key players in the Nigerian printing and publishing market: Wigmore trading

Wigmore Trading is an established printing and publishing company in Nigeria. The company offers a wide range of services, including book publishing, magazine and newspaper publishing, document and tender publishing, online publishing and distribution. Wigmore has expanded its operations to other West African countries such as Ghana and Ivory Coast. The company has made significant strides to expand its operations, which include the acquisition of another Nigerian publishing firm, the New African Press (NAP). NAP is a large-scale magazine and newspaper publisher with operations in 10 West African countries. Wigmore’s acquisition has given the company a stronger foothold in the West African region.

Opportunities for businesses in the Nigerian printing and publishing market

In the Nigerian printing and publishing market, there is an increasing demand for printed materials like books, magazines, newspapers and company documents. There is also an increased demand for printed documents like tender documents, company prospectuses and financial reports. This creates opportunities for businesses to enter the Nigerian printing and publishing industry because they can expand their operations with new clients. There is also a growing demand for printed materials in Nigerian academic institutions such as universities and colleges. This creates opportunities for educational publishing companies to enter the Nigerian printing and publishing sector. The Nigerian government has also made efforts to improve literacy levels in the country. This has increased the demand for printed materials like books in the country. This has created opportunities for businesses to enter the Nigerian printing and publishing market.

Challenges for businesses in the Nigerian printing and publishing market

The Nigerian printing and publishing industry suffers from many challenges that could affect business opportunities in the sector. Most printers in the country use outdated technology, which makes the printing process slow and expensive. In addition, the government regulates the price of printed materials such as newspapers and books. This has made it difficult for businesses to operate profitably in the Nigerian printing and publishing sector. Another challenge faced by businesses in the printing and publishing industry in Nigeria is the low literacy levels in the country. This has made it difficult for the printing and publishing sector to grow because many people in Nigeria do not like reading printed materials. There is also a fragmented book market in Nigeria. This is because there are many small publishers that publish a few books. Most of these publishers are not profitable, and they sell their books at an affordable price. This has made it difficult for large publishers to enter the Nigerian printing and publishing industry.

Conclusion

The printing and publishing market in Nigeria has a lot of potential for growth. This is because the population is growing and literacy levels are improving in the country. This is creating an increased demand for printed materials like books, newspapers and magazines. There are also government initiatives to improve internet connectivity in the country. All these factors will boost the profitability of the Nigerian printing and publishing sector. If you are interested in the printing and publishing market in Nigeria, you can find a business partner in the country and enter this growing sector. You can also explore opportunities in academic publishing to tap the growing demand for printed materials in Nigerian educational institutions.