Report: Nigeria’s Furniture Industry Set for 300% Growth by 2027

Mary Nnah

Nigeria’s furniture and decor scene is undergoing a significant transformation, driven by urbanisation, a rising middle class, and increased investment in real estate, a report by Furniture Expo West Africa (FEWA) has revealed.

According to the report,  the industry is valued at over $2 billion as of late 2024, with projections suggesting a 300 per cent growth in the next three years, potentially reaching $6 billion. Another estimate puts the industry’s value at $5 billion in 2023, with a compound annual growth rate (CAGR) of 12.10 per cent expected through 2028.

The smart furniture market in Nigeria is also on the rise, projected to reach $23.9 million USD by 2030, driven by tech-savvy consumers and sustainability trends, as highlighted in the FEWA report.

“Key trends reshaping the industry include digital integration, customisation and luxury, sustainability, local manufacturing, smart living, and design meets culture. Digital integration and luxury demand are redefining the furniture landscape in Nigeria.  Online furniture sales are booming through e-commerce and mobile platforms, while consumers increasingly prioritise bespoke, high-end designs and eco-conscious furniture. Despite the growth prospects, the industry faces challenges, including inflation and high material costs, access to finance, and logistics issues,” the report said.

According to the FEWA report, 81per cent of businesses in the sector identify inflation and high material costs as major challenges, followed by access to finance (33%) and logistics issues (29%).

The report also revealed that 90 per cent of businesses in the sector report positive growth, with 52 per cent experiencing moderate growth and 38 per cent strong growth.

The report said the industry is driven by commercial real estate, residential housing, and home automation, with luxury demand on the rise.

“Nigeria’s contribution to Africa’s share of the $654 billion global home decor market is rising, with trends indicating digital-first discovery, style meets sustainability, and a resurgence of local artisans and heritage pieces. Exhibitions like FEWA play a crucial role in promoting brand visibility, discovery, and relationship building, with 85.7% of industry players viewing them as “valuable” or “extremely valuable.

“Furniture in Nigeria is no longer just functional, it is cultural, economic, and aspirational.

FEWA remains the platform where design, business, and industry meet, and the upcoming report promises to redefine the role of furniture in shaping modern African living,” it added.