Stakeholders and brand experts have called on CEOs and marketing practitioners in Nigeria’s Fast-Moving Consumer Goods (FMCG) sector to adopt dynamic and data-driven strategies to meet the ever-changing needs of today’s consumers.
The charge came during the sixth edition of The Industry Summit, held at the Chartered Institute of Bankers (CIBN) House, Victoria Island, Lagos.
This year’s theme was “Understanding Changing Consumer Preferences in Troubled FMCG Space.”
Delivering the keynote address, Lampe Omoyele, Managing Director/CEO of Nitro 121, highlighted the need for brands to align themselves with consumers’ current realities, especially as rising costs and dwindling purchasing power are reshaping buyer behaviour.
“Consumers are modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending,” he said.
“To succeed, businesses need to put themselves in the shoes of consumers—by giving them what they want, to win them over.”
Omoyele referenced a recent survey by his firm which showed that price sensitivity, availability, and perceived value are driving consumers to switch brands in categories like food, groceries, household items, and personal care.
Many now buy in bulk, compare prices and shift brands to cut costs.
“Respondents between ages 35 and 54 with monthly incomes of N250,000 and above said they have adjusted their shopping habits in the past year,” he added.
He also noted evolving trends such as the rise of digital payments, e-commerce, healthier product demand, and sustainability-focused packaging.
According to him, brands must now embrace data-driven marketing, omni-channel distribution, and direct-to-consumer (DTC) models.
“Brands that quickly respond to emerging trends, experiment with new product formulations, embrace digital commerce, and invest in technology-driven solutions will maintain a competitive edge and sustain long-term customer loyalty,” he said.
While price plays a growing role in consumer choices, Omoyele stressed that product quality remains non-negotiable.
“While consumers may opt for more affordable alternatives in certain categories, they continue to prioritise products that offer high performance, reliability, and long-term value,” he said.
“High-quality products foster trust and customer satisfaction, often leading to stronger brand loyalty.”
Marketing consultant Toyin Nnodi, who presented a paper on “Adapting FMCG Business Models to Meet Shifting Consumer Demands,” echoed similar sentiments.
She challenged Nigerian FMCG firms to either adapt or risk becoming obsolete.
“If consumer demands are evolving this rapidly, can Nigerian businesses afford to stay stagnant?” she asked.
Nnodi traced the shifts in consumer behaviour from the convenience offered by e-commerce in 2018 to the anticipated effects of stabilising inflation and exchange rates in 2025.
She identified collaboration, omni-channel marketing, agility and innovation as key strategies for brands to remain relevant.
Stanley Obi, Co-Founder/CEO of Innova Hive Integrated Ltd, also spoke on the need for brands to carve out distinct identities in the marketplace.
In his session titled “Strategic Positioning for FMCG Companies Amidst Evolving Economic Challenges,” Obi stressed that strategic positioning is what gives a brand a competitive advantage.
“It will ensure they don’t just sell products or services but offer an experience that no one else provides in the same way,” he said.
During a panel session moderated by Gift Uche-Ewule, assistant brand manager at Indomie, Nana Milagrosa, chief experience officer at MPXM, said consumers are now more value-conscious and selective about their engagement with brands.
“Consumers are no longer throwing away money in every campaign or experiential activity they attend,” she said. “They now seek value.”
Milagrosa encouraged brands to look beyond return on investment and consider return on emotion when crafting customer experiences.
Celestine Umehi, CEO of Arewa24, charged advertising agencies to deepen their knowledge of the brands they represent.
“A lot of people are bypassing agencies now because many of them are not adding value,” he said.
“Many agencies want to market for brands that are already doing well, but when these brands face challenges, it becomes difficult to provide solutions, especially when they don’t fully understand the brand.”
He listed skillset, data analytics, agility, adaptability and trust as vital tools for any brand aiming to remain relevant in today’s economy.
In his opening remarks, the convener of the industry summit, Goddie Ofose, said the event was created to celebrate innovation, resilience, and excellence in the FMCG sector, particularly during uncertain times.
He said, “The theme, Understanding Changing Consumer Preferences in Troubled FMCG Space, is a timely reflection of the challenges and opportunities that the industry—and by extension, the Nigerian economy—faces at the moment.
“As consumer behaviours and expectations continue to evolve, it is crucial for businesses to stay ahead of the curve and adapt to these changes.”
