From The Report: Nigeria 2023
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The second-largest contributor to GDP, the retail sector has long been a driver of growth and a bellwether of Nigeria’s economic trajectory. Several challenges have impeded the sector from fully leveraging the potential of its large consumer market, such as inflation, volatility in the exchange rate and a vulnerability to external price fluctuations. However, there is room for optimism, highlighted by the continued expansion of retail real estate offerings. Although the Covid-19 pandemic had a negative impact on traditional retail activity, it also spurred a growth in e-commerce. The fast-moving consumer goods segment underpinned recovery following the pandemic, reflecting a general shift in consumer preferences that began during the health crisis and continued through 2022. With household consumption set to reach N96trn ($228.7m) by 2025, Africa’s largest consumer market is poised for considerable growth.

This chapter contains an interview with Ebele Enunwa, CEO and Founder, Sundry Markets.