Nigerian FMCG Leaders Urged to Focus on Quality and Innovation
At the 6th Industry Summit held at the Chartered Institute of Bankers House in Victoria Island, Lagos, experts urged Nigeria’s Fast-Moving Consumer Goods (FMCG) companies to focus more on quality, health-conscious products, and sustainability to remain competitive. The event, championed by brand expert Goddie Ofose, was themed “Understanding Changing Consumer Preferences in Troubled FMCG Space.”
Why This Matters Now
Nigeria’s FMCG sector is under pressure. Inflation rose to 40.87% in June 2024, and the naira continues to depreciate. Major multinationals like Kimberly-Clark and Pick n Pay have exited the country due to high costs and inconsistent policies. Yet, the market still offers great opportunity, especially with the population projected to grow by over 2 million in 2025.
With rising costs, Nigerians are spending less and switching brands more often. According to Lampe Omoyele, CEO of Nitro 121, many consumers aged 35–54 now seek better value and lower prices, even if it means abandoning trusted brands. He urged businesses to adopt AI-driven insights, omnichannel marketing, and direct-to-consumer sales.
“In today’s Nigeria, quality isn’t a luxury—it’s a survival strategy. Brands that listen, innovate, and connect emotionally with consumers will thrive despite the tough economy.”
— Goddie Ofose, Convener, Industry Summit .
What FMCG Businesses Must Do
Marketing consultant Toyin Nnodi stressed that the FMCG industry must evolve. She encouraged brands to explore e-commerce, use digital payments, and invest in sustainable packaging. With inflation projected to ease by 2025, now is the time for agile innovation and strong partnerships.
Stanley Obi of Innova Hive Integrated Ltd. advised companies to develop unique brand identities, especially for premium products, to attract loyal customers. Nana Milagrosa of MPXM emphasized creating emotional connections with consumers—called “return on emotion”—to drive engagement in tough times.
Call for Better Strategy and Execution
Arewa24 CEO Celestine Umehi criticized some marketing agencies for lacking deep knowledge of the brands they represent. He called for better data analytics and adaptability to truly add value. Influencer marketing and supply chain improvements were also highlighted as effective strategies for growth.
As Nigerian consumers become more price- and health-conscious, FMCG brands must focus on quality, innovation, and consumer trust. The summit ended with a strong message: brands that deliver value, sustainability, and emotional connection will win in the long run.
