The Nigerian Consumer Goods sector has undergone an extensive cycle of value generation, having grown organically over the years. Nonetheless, the model that fueled the industry’s success in the past is beginning to lose steam in the face of ever-growing industry-wide challenges, constrained disposable income and consequently, weak demand for finished goods. In response to these, industry players have had to remodel their business processes and adopt strategies to accommodate the rapid change in consumption patterns, retain market share and thrive amidst the soaring competition. The outbreak of the COVID-19 pandemic has not only worsened the existing challenges in the sector, but also remodeled consumption patterns. Ultimately, novel approaches, agile operating models and contemporary strategies to match the modification in consumption patterns and decline in disposable income, remain crucial to maximizing growth potentials within the industry. The downside risks to these, however, are the upheavals in the global supply chain and the resultant volatilities in commodity prices.
In this report, we have elaborately analysed the recent themes in the industry while also evaluating the historical performance of major industry players. Conclusively, we examined the factors necessary to re-shape the industry in the coming years.
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