Industry Summit: Experts chart new course for FMCG brands amid shifting consumer behaviours

By Ayodeji Babatunde

Marketing, advertising, and business executives gathered recently at the Industry Awards and Summit to explore strategies for navigating the fast-evolving consumer landscape in Nigeria’s Fast Moving Consumer Goods (FMCG) sector.

Themed “Understanding Changing Consumer Preferences in Troubled FMCG’s Space,” the summit brought together key figures across the FMCG ecosystem, including Chief Executive Officers, Chief Experience Officers, marketing specialists, creative leads, and communications heads.

Delivering the keynote address, Lampe Omoyele, Managing Director of Nitro121, detailed the multiple pressures confronting the FMCG space — from supply chain disruptions and volatile foreign exchange rates to escalating production costs and shrinking consumer purchasing power.

Drawing on survey findings, Omoyele noted that consumers are most frequently switching brands in food and beverages, household goods, and personal care segments. Explaining the shift, he said:

“Economic concentrations are forcing consumers to shift, the majority of them. That’s a key point for business owners and brand managers to note. Then, the question was also asked: how have we adjusted? Some are buying in bulk, some are constantly comparing prices.”

He added:

“Even for fuel now, when you have to buy petrol, it is being guided by how much a particular petrol station is selling. Even if the difference is just one naira per litre, some people are making that conscious decision.”

Omoyele advised brands to focus on maintaining product quality while introducing affordable, smaller pack sizes that better fit varying consumer budgets, helping companies strike a balance between accessibility and profitability.

In another presentation, Stanley Obi, Co-Founder and CEO of Innova Hive Integrated Limited, examined how trends such as the growth of e-commerce and the rise of eco-friendly packaging are reshaping consumer expectations. Obi encouraged brands to invest in strong marketing models and to prioritize building trust and delivering quality, noting that customers are increasingly willing to switch to brands offering superior value and experiences.

Marketing consultant Toyin Nnobi emphasized the need for companies to adapt their business models to meet evolving demands. She recommended the use of AI, data analytics, and predictive modeling to personalize customer experiences and stay ahead of shifting trends.

Anthony Eigbe, Vice President of Creatives and Communications at UAC of Nigeria Plc, also addressed attendees on navigating tough economic conditions. He stressed the importance of agile, consumer-centric communication strategies:

communications must keep pace with consumer behaviour shifts, he said, urging brands to streamline internal approval processes to respond quickly to market changes.

The summit concluded with a panel discussion moderated by Gift Uche-Ewule, Assistant Brand Manager at Indomie. Panelists — including Roseline Abaraonye, Chief Commercial Officer, N.N Fems Group; Efe Obioma, Founder, BrandSparks; Nana Milagrosa, Chief Experience Officer, MPXM; Celestine Umehi, CEO, Arewa24; and Remi Akande, Director of Marketing and Corporate Communications at LAPO Microfinance Bank, represented by Awoniyi Olaolu — offered rich insights on how FMCG brands can survive and thrive amid growing economic pressures.

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