The Nigerian Fast-Moving Consumer Goods (FMCG) sector is facing a significant challenge: declining consumer purchasing power. This issue, driven by a confluence of economic factors, has created a difficult operating environment for manufacturers, leading to substantial inventory losses and raising concerns about the sector’s future. To address this pressing concern, The Industry Newspaper is organizing the 2025 Industry Summit & Awards, themed “Understanding Changing Consumer Preferences in a Troubled FMCG Space.” This event, scheduled for May 2-3, 2025, in Lagos, will bring together industry experts, business leaders, and policymakers to analyze the current state of the FMCG sector, explore innovative solutions, and chart a course for sustainable growth in the face of economic headwinds.
The summit’s timing is critical. The Nigerian manufacturing sector is grappling with an estimated N1.4 trillion in unsold goods, a stark indicator of the impact of reduced consumer spending. This economic downturn, exacerbated by persistent inflation and rising production costs, particularly high electricity tariffs, has placed immense pressure on manufacturers. The Manufacturers Association of Nigeria’s report earlier this year highlighted the severity of these inventory losses in 2024, underscoring the urgency for businesses to adapt and find effective strategies to mitigate the effects of these challenging economic realities. The 2025 Industry Summit is designed to provide a platform for these crucial conversations and collaborations, offering actionable insights for businesses seeking to navigate the turbulent economic landscape.
The summit organizers recognize the need for manufacturers to understand and respond to the evolving consumer landscape. Goddie Ofose, the convener of the summit, emphasizes the importance of adaptation in the face of changing consumer preferences. As inflation continues to erode consumer purchasing power, manufacturers must develop innovative strategies to remain competitive. This includes re-evaluating product offerings, pricing strategies, and distribution channels to align with the new realities of the Nigerian market. Failure to adapt, Ofose warns, could lead to even greater losses for businesses operating in the FMCG sector. The summit will provide a crucial opportunity for industry players to share best practices, learn from each other’s experiences, and collectively develop solutions to address the challenges of the current economic environment.
The 2025 Industry Summit boasts an impressive lineup of speakers and panelists, bringing together some of the most influential figures in the Nigerian FMCG sector. Dr. Obinna Ike, CEO of NigerBev Limited, will chair the summit, providing leadership and guidance to the discussions. Lampe Omoyele, Managing Director of Nitro 121 Limited, will deliver the keynote address, setting the stage for a comprehensive exploration of the challenges and opportunities facing the FMCG sector. Other notable contributors include Toyin Nnodi, former marketing director of CHI Limited; Stanley Obi, co-founder of Innova Hive Integrated; Ayo Awosika, GM Commercial, UAC Foods; and Remi Akanda, Director of Marketing & Corporate Communications at LAPO Microfinance Bank. These industry leaders will share their insights and expertise, offering valuable perspectives on the dynamics of the Nigerian market and the strategies businesses can employ to thrive in the current climate.
A key component of the summit will be a panel discussion featuring senior executives from prominent companies in the FMCG sector. This interactive session will provide a platform for in-depth analysis of the key issues affecting the industry. Panelists will address the challenges posed by reduced consumer spending, explore the impact of inflation on production costs, and discuss the role of innovation in adapting to changing consumer preferences. The panel discussion, moderated by Gift Uche-Ewule, Assistant Brand Manager at Indomie, will offer a dynamic forum for knowledge sharing and collaborative problem-solving. Participants will have the opportunity to engage with industry experts, exchange ideas, and gain valuable insights into the strategies that can help them navigate the current economic challenges.
The overarching goal of the 2025 Industry Summit & Awards is to equip businesses with the knowledge and tools they need to succeed in a challenging economic environment. By focusing on understanding changing consumer preferences, the summit aims to help manufacturers develop targeted strategies to regain market share and restore stability to the FMCG sector. The discussions and insights shared during the event will contribute to a broader understanding of the dynamics shaping the Nigerian consumer market, enabling businesses to make informed decisions and adapt their operations to meet the evolving needs of their customers. The summit represents a crucial step in addressing the pressing issues facing the FMCG sector and fostering a more resilient and sustainable future for the industry.
