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2019 Nigerian Consumer Report

…………. Power of the Price Points

Nigeria’s leading research firm; Coronation Research has just released its 2019 Consumer Report titled, ‘Power to the Price Point. The report which presents an in-depth analysis of the Nigerian food & consumer industry from data garnered from a detailed market study, is a radical re-interpretation of the developments in the industry and identifies the possible winners and losers in the sector.

In this report, Coronation Research asks the question: if Nigeria’s population is growing at 2.6% per annum and the urban population is growing at 4.6% per annum, shouldn’t food and consumer product sales, in inflation-adjusted terms, be growing at between 2.6% and 4.6% per annum?

They should, but the sales of the main listed food and consumer product companies, when adjusted for inflation, are not growing in line with Nigeria’s population figures. A close look at some of the players within the sector reveals Nestle Nigeria has shown positive inflation-adjusted growth over the past eight years, but the record for Flour Mills of Nigeria, Unilever Nigeria and PZ Cussons Nigeria is open to question.

One could then wonder, if Nigerian consumers are not buying the bulk of their food and consumer products from these companies, then who are they buying from, where, and at what prices? To answer these questions, Coronation Research devised a model household living on a modest income in Lagos and sent them shopping in outer Lagos.  The shopping basket they brought back has not so pleasant news for the main listed companies.

In the shopping baskets are products from an array of companies, most of them unlisted companies.  Although Nestle Nigeria, Flour Mills of Nigeria, Unilever Nigeria and PZ Cussons Nigeria all feature, there are many more products from unlisted – generally smaller – companies.  To find out the new players, their winning strategy and what the future portends for the industry, visit to download the full report



Coronation Merchant Bank is a leading African financial institution with business outlays spanning across Investment & Corporate Banking, Global Markets/Treasury Services, Securities Trading/Brokerage, Asset Management and Trustee Services.

Since its inception in 2015, the group has been at the heart of economic growth, connecting customers to opportunities through its wide range of distribution channels and robust digital services. Coronation MB applies its extensive knowledge of the sub-Saharan region, backed by its in-house research capabilities to provide solutions to the most complex financial problems.

The Bank’s operational style, staff conduct and service delivery models are built on 6 core principles; Leadership, Integrity, Innovation, Teamwork, Excellence & Developing People. These principles inform its value proposition and social pact with its clients and stakeholders.

Driven by its vision of becoming Africa’s premier investment Bank, the bank has been the recipient of numerous International and National awards for product innovation and sound corporate governance practices. Some of the international awards it received include 2019 Best Investment Bank in Nigeria by Global Finance, 2019 Best Investment Bank in Nigeria by Global Banking & Finance Review,  2018 Best Investment Bank in Nigeria by World Finance, 2018 Fastest Growing Investment Bank by Global Banking & Finance Review, 2018 Best Investment Bank by Global Business Outlook and 2018 Best Investment Bank in Nigeria by BAFI Awards.

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