Nigeria

The weak economy negatively affected the demand for fragrances in Nigeria in 2023. The depreciated local currency and high inflation forced high import costs and double-digit declines in retail volume sales of fragrances, with consumer purchasing…

Sales of footwear in Nigeria recorded a steep decline in retail volume terms in 2023, following the general pattern being seen across the apparel industry. This decline was due to the challenging economic conditions in the country with soaring…

Food preparation appliances faced significant challenges in 2023, predominantly influenced by adverse economic conditions in Nigeria. High inflation rates, a devalued local currency, and surges in fuel prices collectively constrained consumer…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

Overcrowding and poor hygiene standards in certain areas of the country have increased the prevalence of cataracts, glaucoma and trachoma, a potentially blinding eye disease caused by bacterial infection. This has led to an increase in demand for OTC…

The year 2023 witnessed a wave of new launches in energy drinks. Cway Food & Beverages Co Nig introduced Boxi Energy Drink, positioned as a health-conscious energy beverage, devoid of caffeine and other potentially unhealthy stimulants. Available in…

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…

Lack of economic diversification, soaring unemployment, and a persistently high inflation rate cloud the economic outlook for Nigeria. Despite rising government revenues due to elevated oil prices, public debt continued to increase over the year,…

Economies in the Middle East and Africa experienced a downturn in 2020 after continuous expansion since 2015. The COVID-19 pandemic, coupled with slumping oil prices, has disturbed countries’ economic development and distorted public finances.…

Volume sales for drinking milk products decrease notably in 2023, albeit at a considerably slower rate than experienced in 2022 when the decline was much more pronounced. Nevertheless, the prevailing inflationary conditions continue to impact demand…