Nigerian Manufacturers Face Challenges Amid Inflation and Declining Consumer Purchasing Power

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The manufacturing sector in Nigeria is facing significant challenges, with unsold goods accumulating to a total of N1.4 trillion in 2024. According to the Manufacturers Association of Nigeria (MAN), this is attributed to inflationary pressures, declining consumer purchasing power, and a surge in electricity tariffs.

In response to these challenges, the organisers of The Industry Summit & Awards have designed the sixth edition of the summit to address consumer preferences in a troubled fast-moving consumer goods (FMCG) market. The 2025 theme, “Understanding Changing Consumer Preferences in Troubled Space,” aims to tackle the dwindling purchasing power of consumers, which has resulted in heavy inventory losses for manufacturers.

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Goddie Ofose, convener of The Industry Summit & Awards (TIES), emphasised the importance of adapting to changing consumer preferences. “Inflationary impact is real, and it has continued to dig some holes in the pockets of consumers, which in turn results in consumers’ preferences. Manufacturers must adapt to the shifting consumer preferences if they must survive.”

The summit has lined up an impressive array of speakers, including Dr. Obinna Ike, Chief Executive Officer/Managing Director of NigerBev Limited, who will chair the event. Mr. Lampe Omoyele, Managing Director of Nitro 121 Limited, will deliver a keynote paper on the theme

Other notable speakers include Mrs. Toyin Nnodi, former Marketing Director of CHI Limited; Mr. Stanley Obi, immediate past Prime Business Director at Grand Oak/co-founder/CEO of Innova Hive Integrated; and Mr. Anthony Eigbe, Vice President, Creative & Communications, UAC Nigeria Plc.

Ofose expressed confidence in the expertise of the speakers, saying, “We have carefully selected the 2025 members of faculty who possess vast experience in product innovation, marketing, advertising, brand management, distribution value chain, and communication that would look at these issues dispassionately and proffer solutions to this new market challenge.”

The summit will take place on May 2-3, 2025, at the Chartered Institute of Bankers of Nigeria, Victoria Island, Lagos, and the Civic Centre, Victoria Island. A panel session will also be held, moderated by Ms. Gift Uche-Ewule, Assistant Brand Manager, Indomie

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