Nigeria has a large population of about 210 million people and is the largest economy in Africa with a Gross Domestic Product (GDP) of nearly US$500 billion. These features, along with a total household spend estimated at US$271 billion in 2023[1], have made Nigeria a country of interest for many large companies, particularly those in the fast-moving consumer goods (FMCG) sector. Consumer goods consist of products with short shelf life that consumers frequently purchase. In Nigeria, the consumer goods market comprises diverse products such as food, beverages, household products and personal care goods and has the presence of large firms such as Unilever, P&G, Nestle, and Nigerian Breweries, among many others, that cater for the growing consumer market.

In the last three decades, the consumer goods market in Nigeria has evolved. In the 2000s up to the mid-2010s, FMCG companies catered to an economy with large and rising purchasing power, driven by a growing middle class and higher government expenditure fuelled by rising commodity prices. During this period, the economy grew at an average of 7% and there was a significant increase in per capita income…