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Nigerian Retail & Consumer Landscape May Never be the Same Again

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COVID 19 Safe Shopping

48% of Nigerians Feel COVID-19 has had a sizeable impact on their lives

As Nigerian consumers emerge from a restricted living scenario unlike any they have experienced before, there are already big shifts in their consumption dynamics with some behaviours set to never return. This insight stems from Nielsen research which reveals that 48% of Nigerians feel the pandemic has had a sizeable impact on their lives amidst the COVID-19 pandemic

Nielsen Consumer Insights Lead for West Africa, Abiodun Olawale-Cole comments; “The reality is that the consumer emerging from lockdown is a changed consumer, facing the reality of juggling work and home against the backdrop of a fundamentally altered world, severely constrained finances and a hyper vigilance on health and safety.

“The past few weeks have also seen a significant shift to a homebound mindset where health and safety is a number one priority with a resultant desire to shop from home (online) or close to home. These changes have been exacerbated by restricted shopping in some areas and constraints like supply shortages and delivery/fulfilment challenges.”

A Nielsen Consumer Insights survey shows that this has resulted in fundamentally altered shopping habits with 71% Nigerians shopping less in malls, 70% reducing shopping in hypermarkets and supermarkets and 58% shopping less at tabletops. In addition, 39% of Nigerians say they are shopping more online for food and beverage products.

With a strong shift to home based lifestyle, unsurprisingly 74% of Nigerians also said they are eating out less and more than half claim to now eat more at home, They are also seeking safer banking options with 62% using ATMs less and 51% say they are banking online more.

Product performance

Against this backdrop, there have been significant movements in product selection during lockdown. Essentials such as sanitation & safety products such as hand care, household cleaners  and health products/supplements showed good growth as did staples such as pasta, noodles, and coffee.

Nielsen Nigeria MD, Ged Nooy explains; “Consumers are juggling their category basket to cope with the current times. They have learnt to appreciate essentials with the aim of maintaining pantry reserves to ensure an uninterrupted supply and have also gravitated towards simplified product repertoire.”

However, perhaps unsurprisingly, during the same timeframe non-essentials such as soft drinks, candies and biscuits saw steep declines and consumer purchases also shifted away from laundry and self-care. This may be due to the fact that as consumers experienced more financial constraints they have forgone certain groceries and discretionary purchase.

Scenario planning

Looking to the future, as Nigeria transitions into ‘post lockdown’ living Nielsen has created various consumer scenarios that could play out over the next 12-18 months.

Nooy explains; “One of the scenarios we have identified is a ‘Mixed Scenario’, which applies to Nigeria where we are starting to relax certain restrictions in order to reactivate business, while maintaining or implementing additional precautionary measures to guard against further spread of the virus.

“This will create conditions that we have never seen before with consumers who are increasingly concerned about the presence of the virus and catching it. They are also focused on the origin and transparency of products which will see a growth in locally produced and sourced goods.

“Demand for these offerings will also be driven by long term shortages of imported products and their resultant higher price points, which may well further strengthen preference for locally produced products and ensure long-term loyalty.”

Nooy adds that as FMCG manufacturers and retailers reflect, rebuild and reconsider the orientation of their businesses and brands for the future, they will need to predicate their ecosystems and strategies upon a deep understanding of what economies and consumers have endured and how they will emerge.

“The key to success will be anticipating how these lifestyle changes will drive new consumer needs and mindsets and as a result, businesses will need to carefully (re)consider and plan for how to solve and adapt to the future conditions through new and unfolding patterns.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Atiku Condemns Recent Trend Of Scooping Fuel From Fallen Tankers, Says it is Suicidal

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atiku-abubakar

The reoccurring trend of scooping fuel from fallen tankers by Nigerians in some parts of the country has continued to spark reactions, with the latest coming from Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Atiku Abubakar.

Atiku spoke via a statement on X handle on Thursday, October 24, while reacting to a viral video showing residents scooping petrol from a fallen tanker in Akamkpa Local Government Area of Cross River State.

The footage, which spread like wildfire captured dozens of locals with buckets and containers, collecting fuel without fear or regard for their safety.

Furthermore, Atiku’s reaction comes shortly after a tragic incident in Jigawa State on October 16, where over 180 people lost their lives and many others were injured while engaging in the risky act.

A tanker, loaded with petrol, had fallen off the road along the Kano-Hadejia expressway and residents present at the scene saw an opportunity to get free petrol.

However, as the victims scooped the fuel, that was when the explosion occurred.

In his reaction, Atiku warned that the economic hardship ravaging the country is not enough for Nigerians to mortgage their lives.

According to him, government agencies should engage citizens and educate them on the dangers of scooping petrol from a fallen tanker.

Atiku decried the tragic incident in Cross River.

He described the act as a suicidal one and called on the government to do everything in its power to avert such tragedies.

Atiku’s statement reads, “I know that the times are tough for Nigerians. However, your lives are the most precious things that should never be mortgaged.

“This is why it is pertinent that the concerned government MDAs should commence a robust campaign to educate citizens on the dangers of scooping fuel from fallen petroleum tankers.”

“Your lives matter to you and your loved ones. Scooping petrol, a highly flammable liquid from a fallen tanker, is a suicide that no one should undertake.

“We’ve experienced too many tragedies from incidents such as the latest one in Cross River State, and everything must be done to avert another. -AA”

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Kogi Govt Secures FG’s Approval For International Airport Project

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Omicron

Kogi State under the leadership of Governor Usman Ododo has secured the approval of the Federal Ministry of Aviation and Aerospace Development to construct an international airport in the Zariagi area of the state.

This was made known in a statement on Friday by the State Commissioner for Information and Communications, Kingsley Fanwo.

Fanwo revealed that the approval for the Kogi State International Airport which is a top priority for Governor Ododo’s government was confirmed through a letter dated October 9, 2024.

He noted that besides the potential to boost the state’s economy, the project will tackle unemployment in the state with the creation of jobs and will also push the state to the global scene.

The statement revealed that the governor expressed thanks to President Bola Tinubu and the aviation minister for approving the project which has the capacity to develop the state.

He disclosed that the aviation team sent to inspect the location of the project were satisfied. They also approved the state government’s plan regarding the project.

The Commissioner stated, “The Ododo Administration has considered it a top priority for Kogi State to have an International Airport and join the league of the aviation hub. The strategic location of the state is no doubt, an invaluable advantage in harnessing the aviation service market as the centre of the nation.

“The project will not only boost the economy of the State, it will also create jobs and bring the potential of the state to the global scene.

“The Governor is determined to hire the best hands in the industry to make the project a huge success. As you are aware, aviation is an industry of trust and standards.

“We thank President Bola Ahmed Tinubu, GCFR and the Aviation Minister for the historic approval that will help to further develop Kogi State. We want to also say that the Airport will also have capacity for Cargo as that is one of our key focuses in the project.”

“Zariagi is a very strategic community that already boasts of an airstrip. The team from the Ministry of Aviation and Aerospace Development was satisfied with the location and the plans of the Kogi State Government on the project.”

In related news, the Kogi State government on Monday, October 7 announced an immediate salary increase for civil servants in the state.

According to the governor, the new wage of N72,500 aims to help civil servants in Kogi cope with the economic hardship in the country and support families in the state.

The Governor also announced a one-year suspension of the Pay-As-You-Earn (PAYE) tax.

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Okonjo-Iweala, Simon Ekpa Trade Words Over Fake $57.5 Billion Loan From World Bank

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Financial Inclusion

The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, has denied claims by the self acclaimed Prime Minister of the Biafra Republic Government, Simon Ekpa that she helped the group secure a $57.5 billion loan from the World Bank and International Monetary Fund (IMF).

Okonjo spoke via her official X handle on Thursday while reacting to a tweet allegedly shared by Simon Ekpa.

In the viral post, it was alleged that Okonjo helped to secure the $57.5 billion loan for the secessionist group to help form their government after December 2024.

Reacting to this claim, Okonjo said that the claim was outrageous and should not be believed by any Nigerian.

She emphasized that the statement was false and also warned those involved to desist from misusing her name.

She wrote, “I know no sensible person will believe what is contained in the outrageous tweet below but in these troubled times it is important to underscore that the statement is false. Again I enjoin all those seeking to misuse my name to desist!”

Reacting to Okonjo’s post, Simon Ekpa denied sharing the information stating that it is fake.

However, he attacked the WTO boss for defending her name while always keeping silence over the rising activity of terrorism in the South East.

Simon Ekpa wrote, “Dear Madam @NOIweala, i never tweeted such, it is even surprising that you can tweet this because your name was mentioned, we have been tweeting about the Nigeria terrorism against your people and you never responded nor showed any remorse.

“Here you are, defending what nonentities did with your name, but have been mute about all the killings by the government you served. I congratulate you for always defending yourself and your integrity, even when they are photoshopped. It shows you are really a mother. Thank you for defending yourself but i never tweeted such thing, it is false and fake.”

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