New insights have been released that share some highlights on the trends that are expected to shape Nigeria’s retail sector in 2021. The insights come from market data by TradeDepot, an end-to-end distribution platform that aims to connect the world’s top consumer goods companies directly to retailers on the streets of Africa’s cities.
One of the key insights and trends that shaped 2020 TradeDepot say they have observed from their data is the growth of smaller packaging for consumer goods (FMCG) and increased spending on food and essential goods. This, according to the company, is due to dwindling disposable income and people spending more time at home – will continue to influence behavior across the market.“The retail sector is one of the strongest pillars of the Nigerian economy but the absence of data and verifiable insight often makes it difficult to assess the opportunities and challenges that abound in the space. The sector is also hampered by infrastructure and logistics issues that undermine the efforts of the industrious business owners. With some more support from government, public institutions and private sector players, there is the potential to transform the Nigerian retail market and achieve a quick win for boosting the nation’s GDP,” said Onyekachi Izukanne, CEO and Co-Founder of TradeDepot.