Market News
50.1% of Nigerians’ monthly income spent on food – Report - DAILY TRUST
A report by SEID, a marketing communications firm in Lagos, has disclosed that 50.1 per cent of Nigerians’ monthly income is spent on food, just as rising electricity costs are pushing 18.5% of households to adopt solar solutions.
The firm also said 31.7% rely on self-employment, while consumer behaviour is shifting faster than ever.
SEID said this while launching its first-of-a-kind report titled ‘Nigerian Consumer Outlook Report 2025 (NCOR 2025)’.
The report highlighted how Nigerians are adapting their spending habits, brand preferences and purchasing decisions in response to current economic dynamics.
According to the firm, the report offered insight into consumer behaviour in one of the continent’s most dynamic markets and to steer international investors in the right direction and help policymakers develop the right policies.
The report offered insights based on comprehensive research involving over 7,000 Nigerians across all six geo-political zones.
Speaking on the significance of the report, Tubosun Akeju, Managing Partner at SEID, said, “The Nigerian Consumer Outlook Report 2025 is a blueprint for decision-makers who want to stay ahead.
“At SEID, we are dedicated to helping businesses make strategic decisions through contextualised insight. The market has experienced multiple layers of changes in recent years – from generational and cultural shifts to technological innovation to changes in government policies. The average Nigerian consumer today is different from that of about 10 years ago.
“Recent policy changes have even made it more important to understand the realities of Nigerian consumers and how they are navigating the evolving economic realities.
“The Nigerian market holds tremendous opportunities; however, success in the market requires the right insight into the consumers’ uniqueness. NCOR 2025 delivers insights and spotlights some opportunities for brands, investors, and policymakers to navigate this transformation successfully. It offers a unique window into the challenges and untapped opportunities within the market.”
For multinationals, development agencies, and foreign direct investors, Akeju said NCOR 2025 serves as a vital resource for decoding behavioural shifts and identifying entry points in a market that continues to define trends across West Africa.
According to him, the NCOR 2025 stands apart with its methodological rigour and actionable insights.
“Key sections analyse spending priorities across different income segments, document shifting consumer loyalty patterns, and identify emerging opportunities in various sectors.
“It also examines the impact of fintech adoption on retail experiences and explores the growing preference for local products over imported alternatives,” he said.
He noted that Nigeria’s economic landscape is undergoing rapid transformation, with inflation, policy shifts, and global uncertainties significantly altering consumer behaviour across Africa’s largest country.
He said the firm launched NCOR 2025 in order to critically understand the factors responsible for the changes in consumer behaviour in the country.
