The Nigerian retail market remains fragmented and dependent on informal sales channels such as neighbourhood markets and kiosks, which account for 90% of retail activity. As in most emerging markets, the bulk of household expenditure in Nigeria is directed towards food. But with traditional in-person shopping limited by lockdowns, and many households facing tighter budgets, the sector contracted by 8.49% over the course of 2020. Nonetheless, retail activity showed signs of recovery by the end of that year. Nigeria remains attractive for investors and retailers that apply growth strategies tailored to specific consumer preferences. While macroeconomic headwinds and currency volatility have weighed on consumer spending power in recent years, price sensitivity is leading to new opportunities for smaller packaging, localised retail developments and the sale of essential goods.
This chapter contains an interview with Juliet Anammah, Chairwoman, Jumia Nigeria; and Chief Sustainability Officer, Jumia Group.