Nigeria

Packaged food was one of the best performing industries in Nigeria at the end of the review period, despite the impact of the economic crisis earlier in the review period and declining consumer spending power between 2015 and 2019. Whilst sales ...

Population growth, particularly within the urban population, is spurring growth in baked goods in Nigeria. This is because bread is a major staple food and pastries are a major on-the-go snack choice for urban commuters. Demand has also continued to ...

Over the review period, prior to the 2016 recession, breakfast cereals saw strong demand due to growth in urbanisation, increase in the child population, increase in professional employment, and adoption of Western eating habits. As the economy now ...

Processed fruit and vegetables sales are expected to grow very well over the forecast period. This growth is expected because of the convenience which products in the category offer consumers. This factor will become even more important as more men ...

Processed meat and seafood is expected to continue to see strong growth in retail volume and value sales over the forecast period. This is driven by growing urbanisation, an increase of work in formal environments, and an associated need for ...

The Federal Government’s focus on locally produced rice has led to a ban on imported rice through land borders. This means that rice is growing slower than its potential, but is still expected to see the best performance within the overall category ...

There is expected to be continued strong competition amongst companies within edible oils over the forecast period and manufacturers continue to intensify their marketing activities to win over consumers. This will help to drive growth of quality yet...

Ready meals in Nigeria remains a relatively niche category with very small sales, as storing the products at frozen or chilled temperatures is hampered due to poor electricity supply, thereby limiting both consumer demand and the ability of retailers...

Sauces, dressings and condiments are essential products in Nigerian cooking. This is especially true of stock cubes and powders, and tomato pastes and purées, both of which share the strongest growth in 2019 in the category. Growth had been limited ...

Westernisation of tastes and changing consumption patterns resulted in the growth of soup in Nigeria over the review period. More consumers are working outside the home environment and are demanding more convenient food, such as soup. Increased ...

With growing urbanisation and westernisation, as well as the increased availability of packaged spreads products in retail outlets, the category is expected to grow well over the forecast period. Honey continues to lead the way in the category, as it...

Charge cards do not exist in Nigeria. There are no prospects for them to do so in the forecast period....

Credit cards have not performed well traditionally in Nigeria, and the number of cards in circulation and value transactions recorded steep declines in 2019. Most banks issue credit cards to customers who have their salaries paid into the bank or who...

Although Nigeria remained a cash-driven society in 2019, cash transaction value declined for the first time since 2008, while debit card transactions again recorded good growth. Debit cards remain the most popular card type due to their ...

The implementation of the Nigerian government’s cashless policy, which limits the amount of cash that can be withdrawn in a day from a deposit money bank in the country, boosted demand for debit card transactions for cash at ATMs and card payments at...

The general purpose reloadable open loop pre-paid card remained the major type of pre-paid card available in Nigeria. Most government institutions continue to make payments through individual’s personal accounts which are tied to their debit cards. ...

Store cards do not exist in Nigeria. There are no prospects for them to do so in the forecast period....

The structure of consumer credit in Nigeria is heavily skewed towards other personal lending such as payday loans, overdrafts, personal loans and microcredit. FinTech companies have followed suit, leading other personal gross lending to perform ...

The Nigerian economy is mainly a cash and carry economy with a very weak credit culture, which has contributed to the slow pace of economic development over the years. Consumers make most of their purchases on a cash and carry basis due to the lack ...

The Middle East and Africa (MEA) is home to greatly differing economies, with the countries of the Gulf Cooperation Council (GCC) being among the richest globally in terms of GDP per capita, while many Sub-Saharan markets belong to the poorest ...