Nigeria

Staple foods saw a decline in both retail and foodservice volume sales in 2023, despite most categories being considered essential by local consumers. Poor economic conditions, exceptionally high inflation and limited consumer spending power forced…

Edible oils declined in volume terms in 2023, following only weak volume growth in 2022. Inflationary conditions that had been strong in 2022 worsened in 2023 due to the continuing depreciation of the local currency, a government policy of…

Weakness in the rule of law is negatively impacting economic freedom in Nigeria, as does pervasive corruption. Significant reliance on the oil sector can lead to volatile economic development, whilst persistently high inflation is adversely affecting…

Home video is expected to register a fall in volume sales in 2023. Continued high inflation, as well as a significant devaluation of the naira, is expected to reduce consumer purchasing power further. In particular, currency devaluation has made…

In 2023, apparel and footwear specialists in Nigeria contended with a challenging retail environment characterised by low consumer purchasing power and rising inflation. As consumers prioritised essential items such as groceries and medicine,…