Experts to Tackle Declining Consumer Purchasing Power at Summit

Following the statement by the Manufacturers Association of Nigeria (MAN) in early January 2025 that manufacturing sector in Nigeria recorded unsold goods worth N1.4 trillion, which was attributed to inflationary pressures and declining consumer purchasing power, the organisers of The Industry Summit, has designed the sixth edition of the summit to address the consumer preferences in a troubled fast moving consumer goods (FMCG). 

Announcing the 2025 theme: “Understanding Changing Consumer Preferences in Troubled FMCG’s Space, the convener of The Industry Summit & Awards (TIES),” the organizer, Goddie Ofose, said the dwindling purchasing power of consumers had remained one of the major reasons why manufacturing sector declared heavy inventory loss in 2024. He therefore advised that organisations must design innovative approach to tackling the menace in 2025. 

According to him, “Inflationary impact is real and it has continued to dig some holes in the pockets of consumers, which in turn results in consumers’ preferences. Manufacturers must adapt to the shifting consumer preferences if they must survive.”