Nigeria’s first recession in four years has led to a dip in FMCG performance despite overall year on year growth in 2020.
FMCG remained resilient during the lockdown but GDP contractions at the year-end and rising inflation caused by currency movements have seen consumers tighten their belts.
The first three quarters of the year were a positive story, as consumers filled up on extra big shopping baskets to make every trip count. By Q4, however, basket size started to drop, hitting volume sales.
Overall year-on-year growth of 21% by volume was driven by more family time, with Food (up 21% year on year by volume) and Beverage (up 29% year on year) categories seeing the biggest uplift during the year. There was relatively tame growth for Homecare (up 15% year on year) and Personal Care (up 8% year on year).
Local retailers benefited as consumers chose to stay near home, encouraging wealthier groups to shop more locally. Volume sales in grocers and local stores rose by 33.7% across the whole year and kiosks also benefited from a 17.6% rise.
The fastest growth rates in local outlets in Nigeria were for ball foods, custard, edible oil and margarine.
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