Nigeria

Gross consumer lending is expected to register growth in 2023, but with inflation continuing to be very high, it will not go far in terms of consumer spending. A new government has implemented some difficult decisions in order to stabilise the…

While media players and e-readers are expected to suffer volume decline, wireless speakers are expected to register a healthy increase in volume sales. Demand for these devices is due to their portability, and connectivity to smartphones, which…

In beauty and personal care in Nigeria in 2023, a poor economic environment characterised by high inflation and weak consumer spending power led to a drop in demand. Demand fell across categories as consumers struggled with heavy pressure on…

Consumer foodservice through standalone is driving growth of consumer foodservice in Nigeria. Standalone eateries are popular amongst local consumers as they are larger and more spacious than other foodservice locations. To meet demand, foodservice…

Despite population growth, computer and peripherals are expected to only register a marginal increase in volume sales in 2023. Continued high inflation, as well as a significant devaluation of the naira, is expected to reduce consumer purchasing…

In-car entertainment is expected to register further volume decline in 2023. There are several factors leading to the decline. Imports of cars is expected fall both for new and second-hard cars, as continuing elevated inflation and also a significant…

Meals and soups declined in volume terms in 2023 following a strong negative decline in 2022. This remains a relatively niche category in Nigeria and is widely considered non-essential. Consequently, as consumers focused on essentials and sought to…

In 2023, plant-based dairy in Nigeria experiences a reduction in volume, continuing the trend from the substantial decline observed in 2022. Persistent inflationary conditions in 2023 influence both consumer affordability and unit pricing. Despite…

Butter and spreads demonstrates improved volume growth in 2023 compared to the previous year, rebounding slightly after a decline in 2022. Despite this positive trend, the presence of persistently high inflationary conditions throughout 2023 hinders…

Nestlé Nigeria Plc dominates retail value sales in 2023. The company achieved this milestone by leveraging its expansive and efficient distribution network, allowing its Milo brand to penetrate remote rural areas across the country. Milo has become a…

Nigeria remains a mainly cash-driven society, though debit card usage is growing. Pre-paid cards, however, are not a popular option, and while the number of cards is expected to increase, constant transaction value is expected to fall in 2023, as…

Volume sales for drinking milk products decrease notably in 2023, albeit at a considerably slower rate than experienced in 2022 when the decline was much more pronounced. Nevertheless, the prevailing inflationary conditions continue to impact demand…

On a landscape featuring local and international brands, consumers can access a wide array of choices. Brands like Emzolyn and Exiplon are popular among individuals with lower disposable incomes, while international counterparts, including Benylin,…

Demand for away-from-home (AFH) tissue and hygiene products in Nigeria was severely undermined in 2023. Demand typically comes from foodservice restaurant chains, hotels, office complexes and healthcare facilities that invest in customer service and…

Sweet biscuits, snack bars, and fruit snacks is declining in retail volume terms in 2024 in Nigeria, falling to the same negative impact of inflationary conditions on consumer spending as is seen throughout all snacks categories. High inflation…

High inflation has hindered the development of e-vapour products in Nigeria, due to the strong depreciation of the local currency relative to the US dollar in 2023. Unit prices have increased over 50%, leading to strong growth in current value sales,…

Cooking ingredients and meals saw a relatively strong decline in 2023 despite the fact that its major categories consist of several products that are central to consumer diets and even considered to be essential. Inflationary pressures, which had…

Home audio and cinema 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. As a result, consumers focus on…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

Processed fruit and vegetables saw sharp volume decline in both retail and foodservice terms in 2023 as high inflation caused by local currency depreciation, Federal Government demonetisation policies and fuel price hikes led to substantial increases…