Nigerian Chemicals Market to Triple by 2015
The Nigerian chemicals market recorded revenues of $11.4bn in 2008 and these are expected to triple to touch $29.7bn by 2015.
Non-oil sectors and base chemicals in Nigeria are forecast to boost the petrochemical market, a new survey has found.
According to Frost & Sullivan, unrest in the Niger Delta has reduced petrochemical production while the Organization of the Petroleum Exporting Countries has imposed production quotas on Nigeria.
The petrochemicals sector, which accounts for over 70% of the country's chemicals market, has been negatively affected by these two factors, the survey says.
The study also focuses on the rising public and private investment into infrastructure, which will drive growth in the chemicals sector.