Power to the Price Point

2019 Nigeria Consumer Report

…Power to the Price Point

Nigeria’s leading research firm; Coronation Research has just released its 2019 Consumer
Report titled, ‘Power to the Price Point. The report which presents an in-depth analysis of
the Nigerian food & consumer industry from data garnered from a detailed market study, is a
radical re-interpretation of the developments in the industry and identifies the possible winners
and losers in the sector.

In this report, Coronation Research asks the question: if Nigeria’s population is growing at
2.6% per annum and the urban population is growing at 4.6% per annum, shouldn’t food and
consumer product sales, in inflation-adjusted terms, be growing at between 2.6% and 4.6% per

They should, but the sales of the main listed food and consumer product companies, when
adjusted for inflation, are not growing in line with Nigeria’s population figures. A close look
at some of the players within the sector reveals Nestle Nigeria has shown positive inflationadjusted
growth over the past eight years, but the record for Flour Mills of Nigeria, Unilever
Nigeria and PZ Cussons Nigeria is open to question.

One could then wonder, if Nigerian consumers are not buying the bulk of their food and
consumer products from these companies, then who are they buying from, where, and at what
prices? To answer these questions, Coronation Research devised a model household living on
a modest income in Lagos and sent them shopping in outer Lagos. The shopping basket they
brought back has not so pleasant news for the main listed companies.