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There was a clear understanding from the report that the Northern consumer is unique in every way, characterised by a culture-influenced lifestyle, the importance of religion in daily choices and respect for social-cultural religious institutions and roles. “The Northern region accounts for 71 percent of the total land mass of Nigeria, 54 per cent of the total population and about 30 percent of the national GDP”, the report stated.
The report which examined the Northern market opportunities for marketers further gave an insight by providing the items the amount was spent on. It showed that $745 million amount was spent monthly on top seven personal care products such as toothpaste, beauty soap, perfume, body lotion, sanitary pads, deodorants and antibacterial soaps. Providing a breakdown of the spending on drinks, the report said “53% of northern consumers consume some form of non-alcoholic drinks several times every single week, 66 per cent currently consume CSDs, 45 percent consume Malt drinks, 24 percent consume fruit-based drinks, 5 percent take wine products and 15% are consumers of Energy drink products. Over 60 percent have Zobo and unbranded milk products within their repertoire of drinks.” More details at: https://www.thisdaylive.com/index.php/2022/09/29/appraising-northern-market-and-its-spending-habits
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The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo says with the rise in the patronage of different e-commerce platforms, spending is expected to hit $75bn by 2025.
On measures put in place to address the issue, the minister explained that “The current e-commerce spending in Nigeria is estimated at about $13 billion per annum, and is projected to rise to about $75 billion in revenues per annum by 2025, which is why the ministry prioritised e-commerce as critical to the promotion of domestic and cross border trade in Nigeria. More details at: https://dailytrust.com/e-commerce-spending-to-hit-75bn-by-2025-minister Swiss luxury watchmaker IWC said it has partnered with PoloLuxury, a Nigerian watch retailer to unveil its products in the local market.
In a statement issued in Lagos yesterday, the company said the partnership is meant to bring the Swiss watchmaker to a booming watch market in Nigeria. With IWC’s entry into the market, timepiece collectors are granted access to the 154-year legacy of watch-making innovation with products like the Portugieser, the Pilot Watch, and the Da Vinci… More details through: https://dailytrust.com/swiss-iwc-watches-debut-in-nigerian-retail-shops-2 https://businessday.ng/companies/article/iwc-schaffhausen-boosts-nigerian-luxury-market-with-new-swiss-offerings/ Store-based retailing and non-store retailing (online) recorded N9.58 trillion and N178.2 billion. The easing of the COVID-19 restriction measures has led to a recovery in the general sales of new and used goods (shopping) as its value increased year-on-year by 9.3 percent to N9.76 trillion in 2021, a new report shows.
BusinessDay analysis of the report, titled ‘Retailing in 2021: The big picture’, by Euromonitor International, a London-based strategic market research firm, shows that the 2021 sales value is higher than that of 2019 (N 9.42 trillion) and also the highest in six years... More details through: https://businessday.ng/business-economy/article/shopping-sales-hit-n9-76tn-as-covid-19-curbs-ease-euromonitor/ The importation of champagne from France into Nigeria jumped by 86 percent last year, nearing the pre-COVID levels, data obtained by BusinessDay show. Experts said the relaxation of COVID-19 pandemic lockdowns and restrictions had led to a recovery of champagne consumption in Nigeria.
According to data compiled by Comité Champagne, a trade association that tracks volume and value of exports from France, Nigeria’s champagne import volume increased by 83.8 percent to 559,088 in 2021 from 304,199 in 2020, the lowest volume in seven years… More details through: https://businessday.ng/business-economy/article/nigerias-champagne-imports-from-france-jump-84/ Leading chemical and food raw materials companies in Nigeria and a member of TGI Group, Cormart Nigeria Limited, recently announced its partnership with Meura to provide engineering solutions to customers in the food and beverage industries using Meura products.
Meura, a Belgian company, has been at the forefront of brewing technology for nearly two centuries as they have a wide range of state-of-the-art products and technologies covering fine milling and installation of complete brewhouses and yeast management. According to a statement, Meura is now partnering with Cormart to provide local content initiatives and value addition so that customers would derive more value using Meura products. Speaking on the development, Clement Gbala, Cormart’s General Manager – Breweries and Beverage, said the partnership is focused on providing quick solutions to customers while adding that the company is looking at having a Vendor Managed Inventory (VMI) with customers via the use of regional offices and stock maintenance in its central warehouse in Cormart House located in Lagos… More details through: https://www.sunnewsonline.com/cormart-partners-meura-on-engineering-solutions-to-food-beverage-industry/ https://www.thisdaylive.com/index.php/2022/04/25/cormart-meura-partner-to-offer-engineering-solutions/ Despite the prevailing forex restriction for import goods by the Central Bank of Nigeria (CBN), textile is now the highest imported commodity, latest statistics from the National Bureau of Statistics (NBS) has shown.
Recall that in 2019 the CBN, as part of its intervention to revive the textile industry, imposed forex restriction on its importation, including woven fabrics and clothes to encourage local production and create jobs. The directive to restrict forex on imported goods seems not to be yielding positive results three years after following the latest report by the NBS which revealed that textile materials were the highest items that accounted for the country’s import index in 2021… More details through: https://dailytrust.com/despite-cbn-ban-textile-tops-nigerias-import-commodities THE Minister, Industry, Trade and Investment, Adeniyi Adebayo has decried the over $4billion bill import bill incurred yearly on textile and apparels, assuring that the government is addressing the challenges facing the cotton industry to create jobs for Nigerians.
The Minister stated this during a visit by the National Cotton Association of Nigeria (NACOTAN) in Abuja, stating that the industry has the capacity to transform Nigeria’s rural economy and revive the textile and garment industries by creating over two million jobs. The revival will also improve internal revenue across the three tiers of government, reduce $4.0 import bill incurred on textile and apparel, earn foreign exchange and make Nigeria a global player in the sector… More details through: https://thenationonlineng.net/fed-govt-laments-4billion-import-bill-on-textile/ The flurry of new investments into the food market since last year is giving Nigeria’s struggling retail sector a new lease of life after a four-year lull in growth, BusinessDay’s analysis shows.
In October, Africa Capital Alliance (ACA), a pan-African alternative investment firm focused on managing investments across sub-Saharan Africa, with $1.2 billion assets under management, acquired a 31 percent stake in Food Concepts. Food Concepts is the leading Quick Service Restaurant (QSR) operator in West Africa. The business is focused on the mass market and operates three of the fastest-growing brands, Chicken Republic, PieXpress, and Chop Box across 25 Nigerian states, as well as in Ghana, and an online delivery business growing at over 140 percent year-on-year… More details through: https://businessday.ng/business-economy/article/investment-in-food-drives-retail-rebound/ After recording seven straight years of decline, Nigeria’s total retail sales improved marginally by 3 percent to $108 billion in 2021, according to a new report.
According to the 2021 Global Retail Development Index (GRDI), Nigeria’s total sales had been trending south falling to $105 billion in 2019 from $109 billion in 2017, $125 billion in 2016 and $135 billion in 2015. But in 2021, it rose to $108 billion... More details through: https://businessday.ng/business-economy/article/nigerias-retail-sector-recovers-after-7yrs-consecutive-decline/ |
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