Stakeholders to Address Nigeria’s Declining Consumer Purchasing Power at 2025 Industry Summit
The 2025 Industry Summit & Awards is set to tackle the critical issue of declining consumer purchasing power in Nigeria’s fast-moving consumer goods (FMCG) sector. The summit, scheduled for May 2-3, 2025, in Lagos, will feature top industry experts and professionals discussing the impact of shifting consumer preferences in a challenging economic landscape. Organized by The Industry Newspaper, the event is themed ‘Understanding Changing Consumer Preferences in a Troubled FMCG Space.’
The FMCG sector in Nigeria is facing significant challenges due to inflation, rising production costs, and reduced consumer spending. The country’s manufacturing industry is struggling with unsold goods worth N1.4 trillion, largely driven by soaring inflation and high electricity tariffs. The Manufacturers Association of Nigeria (MAN) has reported considerable inventory losses in 2024, further exacerbating the pressure on manufacturers. As a result, the summit aims to provide actionable strategies to help businesses adapt to these economic hurdles.
Goddie Ofose, the convener of the summit, emphasized the need for manufacturers to evolve with changing consumer preferences in order to remain competitive. He stressed that the real impact of inflation continues to significantly erode consumers’ purchasing power, urging businesses to act quickly to avoid further financial losses. The summit promises to explore these issues and offer solutions to navigate the economic turbulence.
The event will be chaired by Dr. Obinna Ike, CEO of NigerBev Limited, with the keynote address delivered by Lampe Omoyele, Managing Director of Nitro 121 Limited. A panel of industry leaders, including Toyin Nnodi, Stanley Obi, and Ayo Awosika, will share insights on adapting to the shifting market dynamics. The summit’s goal is to equip businesses with strategies to better understand and respond to evolving consumer behavior, ultimately aiming to stabilize the FMCG market in Nigeria.
source: punch