Despite a surge in the value of the Fast-Moving Consumer Goods (FMCG) market in Nigeria, driven primarily by price increases, consumer spending is expected to remain subdued throughout 2025, according to the latest H2 Nigeria State of the Nation 2024 report.
The report, compiled by NielsenIQ, highlights the persistent economic challenges facing Nigerian consumers, including high inflation, currency depreciation, and supply chain disruptions.
The report reveals that while the total FMCG market experienced a 53.9 percent increase in value in Q4 2024, this growth was largely attributed to price hikes across key segments. Notably, Beverage, dairy, and personal care categories demonstrated strong value and volume sales performance. However, this growth masks the underlying strain on consumer purchasing power.