The population of Nigeria reached 237.5 million in 2025, and is forecast to rise by 31.7% to reach 312.7 million by 2040. A very young, fast-urbanising population is meeting a severe cost-of-living shock, as fuel subsidy removal and the devaluation of the naira reshape consumer spending power.
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Overview:
Consumer Profiles reports provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.
The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.
The Consumer Profiles in Nigeria report includes:
A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies
The Consumer Profiles in Nigeria report answers:
- How consumers in Nigeria are changing?
- What are key changes in Nigeria population, society and generational structure and how it is affecting businesses?
- What is the household structure in Nigeria and how it is changing consumer landscape?
- What are key income groups in Nigeria? What is the outlook for the future?
- Where consumers are spending the money in Nigeria?
- How is the consumer mindset in Nigeria changing?
- In Nigeria, what are consumer attitudes towards “green” and sustainable products?
- Where and how do consumers shop in Nigeria?
Scope
Key findings
Key drivers affecting consumers in Nigeria in 2025
How developments today shape the consumer of tomorrow
Today 2025: Nigeria has a large and youthful population
A young population of 237.5 million, which continues to grow rapidly
Hypertension leads health risks in a young population
Tomorrow 2040: Older population to grow fastest as life expectancy increases
Population to exceed 312 million by 2040, as fertility eases
Lagos is the largest city by far, with urbanisation in Nigeria heading towards 76%
Opportunities for growth
Case study: Moniepoint banks a young, cash-reliant majority
Today 2025: Large households continue to be the norm
Household numbers reach almost 49 million, with large families the norm
Most own homes, but mortgages barely exist
Tomorrow 2040: Couples with children households will continue to grow strongly
Single-person and female-headed households grow fastest
Broadband access forecast to grow rapidly over the period to 2040
Opportunities for growth
Case study: Renewed Hope targets a 17 million home deficit
Today 2025: Discretionary spending remains well below the regional average
Devaluation cuts disposable income in dollar terms
Inflation and subsidy removal squeeze household budgets
Tomorrow 2040: Older consumers expected to see rapid growth in gross income
A young workforce faces high unemployment
Consumer spending rebuilds towards USD372 billion by 2040
Opportunities for growth
Case study: 2025 tax reform reshapes take-home incomes
Key findings consumer survey
Baby Boomers and Generation X are most willing to pay for higher quality
Value-seeking and bargain-hunting define shopping
Environmental concern is high, despite hardship
Optimism and saving persist through the downturn
Those of working-age are ambitious, but face high unemployment
Opportunities for growth
Case study: Jumia deepens e-commerce beyond the cities
Key takeaways
Buy Consumer Profiles reports to:
Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.
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