Nigeria

Breakfast cereals recorded a substantial decline in retail and foodservice volume sales in 2023 due to adverse economic conditions and high inflation. Besides local currency depreciation, there was a cash shortage caused by a Federal Government…

Other dairy observes a marginal volume increase in 2023, rebounding from a notable decline experienced in 2022. Despite the persistently high inflationary conditions that contributed to the volume reduction in 2022, the growth rate in 2023 remains…

In 2023, baby food in Nigeria exhibits robust positive growth in terms of value, surpassing the figures recorded in 2022. However, the scenario is different in terms of volume sales, with all categories of baby food experiencing a decline. The…

Bottled water maintained its status as the fastest-growing soft drink in Nigeria throughout 2023. The persistent challenges in accessing safe drinking water, compounded by unreliable electricity supply, especially in the country's hot climate,…

Young adults are the primary consumers of carbonates in Nigeria, although adults also contribute to consumption. Despite economic challenges, a significant portion of the population, consumes two bottles of soft drinks per day on average. The…

Staple foods saw a decline in both retail and foodservice volume sales in 2023, despite most categories being considered essential by local consumers. Poor economic conditions, exceptionally high inflation and limited consumer spending power forced…

Edible oils declined in volume terms in 2023, following only weak volume growth in 2022. Inflationary conditions that had been strong in 2022 worsened in 2023 due to the continuing depreciation of the local currency, a government policy of…

Weakness in the rule of law is negatively impacting economic freedom in Nigeria, as does pervasive corruption. Significant reliance on the oil sector can lead to volatile economic development, whilst persistently high inflation is adversely affecting…

Home video is expected to register a fall in volume sales in 2023. Continued high inflation, as well as a significant devaluation of the naira, is expected to reduce consumer purchasing power further. In particular, currency devaluation has made…

2023 is proving to be a challenging year for snacks in Nigeria, as high inflation continues. Decline in volume sales is affecting all categories, though generally at a much milder rate than was seen in 2022’s sharp fall. Inflationary pressures mean…