Nigeria Fundraising Market Size By Type (Online, Offline), By Type of Donor (Individuals, Key Influencers, Corporate), By Application (Academic, Charity, Medical, Community), And Forecast
Nigeria Fundraising Market Size By Type (Online, Offline), By Type of Donor (Individuals, Key Influencers, Corporate), By Application (Academic, Charity, Medical, Community), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Nigeria Fundraising Market Size By Type (Online, Offline), By Type of Donor (Individuals, Key Influencers, Corporate), By Application (Academic, Charity, Medical, Community), And Forecast
Nigeria Fundraising Market Size And Forecast
Nigeria Fundraising Market size was valued at USD 534.68 Million in 2022 and is projected to grow to USD 733.45 Million by 2030 with a CAGR of 4.24% between 2023-2030.
The market is primarily driven by factors such as an increase in the need for social support, an increase in CSR initiatives, technology adoption, increased awareness, and government support and policies. The Nigeria Fundraising Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Nigeria Fundraising Executive Summary
Fundraising is the process of raising funds for an organization or a project. It is a fundraising activity for a political party, charity, or school. The fundraising market in Nigeria is highly competitive and expanding. The market is primarily driven by factors such as an increase in the need for social support, an increase in CSR initiatives, technology adoption, increased awareness, and government support and policies; however, restraining factors such as infrastructure and access to technology, as well as a lack of knowledge and belief in the Nigeria fundraising industry, impact individuals’ desire to participate in and donate to philanthropic activities.
There is a growing demand for social support in Nigeria due to diverse socioeconomic issues and humanitarian disasters. This desire for social support is a significant motivator in the country’s fundraising sector. One of the primary reasons is Nigeria’s high poverty rate and income disparity. The increasing demand for corporate social responsibility (CSR) projects in Nigeria substantially influences the need for fundraising donations. CSR refers to corporations’ attempts to impact society and the environment positively. As corporate social responsibility becomes more prevalent in Nigeria, there is a rising desire for corporations to participate in philanthropic activities and support charitable organizations, which boosts the need for fundraising donations.
Furthermore, through legislation and regulations, the Nigerian government fosters and incentivizes CSR initiatives. There have been recent initiatives to increase corporate philanthropy as well as social investment. However, Nigeria confronts connection issues, particularly in distant and rural regions. Fundraising organizations need more communication facilities and restricted internet access to interact with potential contributors in these places. a lack of dependable and inexpensive internet access hampers the inability to establish online fundraising efforts and reach a larger audience.
In addition, a lack of knowledge and belief in the Nigeria fundraising industry impacts individuals’ desire to join in and donate to philanthropic activities. Many people in Nigeria may need to be made aware of available fundraising possibilities and charity causes. This lack of knowledge renders it difficult for fundraising organizations to reach a broad audience and successfully express their objectives. Donors require confidence that their donations will be utilized for the intended reasons and have a real impact. Therefore, trust is essential in fundraising.
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Nigeria Fundraising Market Attractiveness Analysis By Type
Online accounted for the largest market share of 61.94% in 2022, with a market value of USD 331.16 Million, and is projected to grow at a CAGR of 4.87% during the forecast period. Offline was the second-largest market in 2022, Value of USD 203.52 Million in 2022; it is projected to grow at the highest CAGR of 3.15%. Smartphones and social networking platforms enable online fundraisers to reach a wider audience and raise more funds. Online donors give more money the first time they give, and they continue to give more money over time than offline donors.
Nigeria Fundraising Market Attractiveness Analysis By Type of Donor
Individuals accounted for the largest market share of 31.36% in 2022, with a market value of USD 167.69 Million, and is projected to grow at a CAGR of 4.51% during the forecast period. Key Influencers was the second-largest market in 2022, Value of USD 124.77 Million in 2022; it is projected to grow at the highest CAGR of 4.25%. Individual donors are the most common type of nonprofit donor. This type of donor is further subdivided into prospects, new donors, and long-term donors. Prospects differ from other individual donors in that they have not yet donated but have the potential to do so in the future. Celebrities such as athletes, actors, and artists continue to have a positive impact on charitable giving. Giving back to the local community is an important aspect of religious and community giving.
Nigeria Fundraising Market Attractiveness Analysis By Application
Academic accounted for the largest market share of 29.22% in 2022, with a market value of USD 156.25 Million, and is projected to grow at a CAGR of 4.46% during the forecast period. Charity was the second-largest market in 2022, Value of USD 109.41 Million in 2022; it is projected to grow at a CAGR of 4.66%. Higher education is important for our economies and the types of democratic civil societies that we all strive for. Academic institutions in Nigeria can explore various fundraising opportunities to supplement government funding and address financial gaps, such as engaging alumni through fundraising campaigns, establishing alumni networks, and encouraging donations.
Nigeria Fundraising Market Outlook
There is a growing demand for social support in Nigeria due to diverse socioeconomic issues and humanitarian disasters. This desire for social support is a significant motivator in the country’s fundraising sector. One of the primary reasons is Nigeria’s high poverty rate and income disparity. A large section of the population is impoverished and needs help to obtain basic necessities like food, medical care, schooling, and housing. This increases the need for fundraising and contribution activities to aid and support disadvantaged individuals and groups. Many Nigerians are impoverished and have poor access to essential utilities, including clean water. Birth rates and infant mortality are high, and life expectancy is lacking, especially in the country’s northeast.
Besides, the increasing demand for corporate social responsibility (CSR) projects in Nigeria substantially influences the need for fundraising donations. CSR refers to corporations’ attempts to impact society and the environment positively. As corporate social responsibility becomes more prevalent in Nigeria, there is a rising desire for corporations to participate in philanthropic activities and support charitable organizations, which boosts the need for fundraising donations. However, Nigeria confronts connection issues, particularly in distant and rural regions. Fundraising organizations need more communication facilities and restricted internet access to interact with potential contributors in these places. A lack of dependable and inexpensive internet access hampers the inability to establish online fundraising efforts and reach a larger audience. Also, a lack of knowledge and belief in the Nigeria fundraising industry impacts individuals’ desire to join in and donate to philanthropic activities.
Nonetheless, the fast progress of technology has created new chances for fundraising. The increased availability of cell phones, online access, and social media channels has widened the scope and efficacy of fundraising initiatives. Individuals can give to charity organizations regardless of their location due to internet donation portals and mobile payment technologies. Technology allows safe and straightforward contribution processes, making participation more enticing to potential contributors.
Nigeria Fundraising MarketSegmentation Analysis
The Nigeria Fundraising Market is segmented on the basis of Type, Type of Donor, and Application.
Nigeria Fundraising Market, By Type
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Based on Type, the market is segmented into Online Fundraising and Offline Fundraising. Online accounted for the largest market share of 61.94% in 2022, and is projected to grow at the highest CAGR during the forecast period. Offline was the second-largest market in 2022. Online fundraising has grown dramatically in recent years. It accounts for only 10% of donation revenue but is the most effective method of acquiring new donors. The internet has made it easier for potential donors to find and donate to fundraising campaigns.
Nigeria Fundraising Market, By Type of Donor
Based on the Type of Donor, the market is segmented into Individuals, Key Influencers, Corporate, Foundation, Government, and Others. Individuals accounted for the largest market share of 31.36% in 2022 and is projected to grow at the highest CAGR during the forecast period. Key Influencers was the second-largest market in 2022. Individual donors include the millions of individuals and families who give through penny drives, volunteering, and multi-million dollar endowments. While the average individual contribution is small, the total amount quickly adds up.
Nigeria Fundraising Market, By Application
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