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 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 basically about getting money together for something important, like helping out a charity, backing a political party, or supporting a school. Think of it as an activity aimed at collecting funds. Now, fundraising in Nigeria? It's a really busy and growing scene! Lots of things are fueling it, like more people needing help, companies doing CSR initiatives, and using technology to connect. Plus, more folks are aware of issues, and the government's lending a hand with policies. But, it's not all smooth sailing. Things like shaky infrastructure and not everyone having access to tech can hold things back. Also, some people just don't know enough about fundraising here in Nigeria, or they might not fully believe in it, which makes them less likely to donate or get involved in good causes. That’s the gist of it!
Okay, so here's the thingNigeria's facing some tough times with socioeconomic problems and humanitarian crises, and that's creating a huge need for people to support each other. And this need? It's a big driver for fundraising in the country. A major reason is that we've got high poverty and a big gap between the rich and poor. Plus, there's more and more pressure on companies to do corporate social responsibility (CSR) projects. CSR basically means businesses trying to make a positive impact on society and the environment. As corporate social responsibility becomes more common in Nigeria, companies want to get involved in giving back and supporting charities, and that really boosts the demand 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.
What's inside a industry report?
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
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
In 2022, everyday individuals really stepped up, making up the biggest slice of the market at 31.36%, which is a whopping USD 167.69 Million! And it's expected to keep growing at a steady pace of 4.51%. Key Influencers came in second place that year, contributing USD 124.77 Million. But get this – they're predicted to grow even faster, with a CAGR of 4.25%! When it comes to who gives to nonprofits, individual donors are the most common. We can break them down into prospects (people who could donate), brand new donors, and those amazing long-term supporters. And let's not forget the power of celebrities! Athletes, actors, and artists really inspire people to give. Finally, giving back to your own local community is super important in religious and community giving.
Nigeria Fundraising Market Attractiveness Analysis By Application
In 2022, the academic sector led the way, grabbing a 29.22% market share – that's USD 156.25 Million! And get this, it's expected to keep growing at a rate of 4.46% each year. Not far behind, charity organizations held the second spot in 2022, worth USD 109.41 Million. They're predicted to grow even faster, at a CAGR of 4.66%. Now, we all know how important higher education is for strong economies and healthy democracies. So, for academic institutions, especially in places like Nigeria, there are lots of chances to boost their funding beyond just government support. Think about connecting with alumni through fundraising, building strong alumni networks, and encouraging everyone to chip in with donations.
Nigeria Fundraising Market Outlook
It's no secret that Nigeria really needs more social support right now, with all the challenges people face – from tough economic times to heartbreaking disasters. This need is a big driver for fundraising across the country. Why? Well, for starters, there's a huge gap between the rich and poor. Too many folks are struggling to get by, just trying to find enough food, afford medical care, or send their kids to school. They desperately need help with the basics, like finding a safe place to live. All of this means there's a massive push for fundraising and getting people to contribute to help those who are struggling. And let's not forget that many Nigerians also lack access to clean water, adding to the problem. Sadly, birth rates and infant mortality are high, and life expectancy isn't great, particularly in the northeast.
Plus, with corporate social responsibility (CSR) getting more popular in Nigeria, we're seeing a big push for more fundraising donations. CSR is all about companies trying to do good for the environment and communities. As more companies jump on the CSR bandwagon, they want to get involved in charity and support good causes, which means more demand for fundraising! But, Nigeria still has connection problems, especially out in the boonies. Fundraising groups struggle to chat with potential donors in these areas because they don't have good communication tools and internet access is limited. This lack of reliable, cheap internet makes it tough to start online fundraising campaigns and reach everyone. Finally, some people just don't know enough about or trust the fundraising scene here in Nigeria, which makes them less likely to donate or get involved in charitable 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
To Get a Summarized Market Report By Type-
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.
For a single, multi and corporate client license, the report will be available in PDF format.
Sample report would be given you in excel format. For more questions please contact:
Sample Report for Nigeria Fundraising Market Size By Type (Online, Offline), By Type of Donor (Individuals, Key Influencers, Corporate), By Application (Academic, Charity, Medical, Community), And Forecast
