Manufacturers are quietly rebuilding supply chains, deepening local production and looking beyond Nigeria’s borders as Africa’s largest consumer market emerges from its toughest cost crisis in decades.
After two years of battling record inflation, naira devaluation, and shrinking consumer purchasing power, Nigeria’s fast-moving consumer goods (FMCG) sector is entering what industry executives describe as a transition from survival mode to recovery.
The country’s $25 billion consumer goods market, one of the largest in Africa, is expected to grow to more than $36 billion by 2030, supported by rapid urbanisation, a youthful population, expanding retail channels, and increasing digitisation, according to a new industry report by OmniRetail obtained by BusinessDay.
The optimism marks a turnaround for an industry that spent much of 2024 fighting unprecedented cost pressures brought on by President Bola Tinubu’s economic reforms, particularly the removal of fuel subsidies and the liberalisation of the foreign exchange market.
Those policies
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