Retail in Nigeria

Webhaptic Intelligence research agency provide well-detailed and comprehensive research on Retail in Nigeria and the retail industry in Nigeria market research. In 2019, strong growth was recorded in the Nigerian retailing landscape. This growth was driven by the positive results recorded from e-commerce, mobile e-commerce, food and drink e-commerce, and variety stores.

In 2019, traditional grocery retailing continued to dominate in Nigeria, however, the ongoing expansion of modern grocery retailers impacted the landscape, and became more of a growing threat to traditional retailers. Modern grocery retailers attract consumers through having larger shopping spaces, with air-conditioned facilities and a more extensive array of products, often at discounted or promotional prices.

In 2019, the ongoing rise of urbanisation, partnered with the increase of busy consumers, especially time-poor women who have entered the workforce, saw a growing demand for convenient retailing options. This has been a boost for modern grocery retailers, who often offer a wider range of products under one roof, allowing consumers to do weekly, or monthly shops, in one trip.

With interest rate as high as 30 per cent, investors say capital is one of the major challenges facing the Nigerian retail market. The project cost of building shopping structures here is expensive and it is often with limited local expertise. Nigeria’s Minister of Industry, Trade and Investment, Olusegun Aganga has identified the retail sector as a major driver that could channel economic growth, job creation and wealth for West Africa largest economy.

The increase in tech-savvy young adults in Nigeria boosted all forms of e-commerce during 2019 and spearheaded the growing demand for convenient payment methods and because of the use of smart market trends in Nigeria it is much faster. As internet access increases, sales and usage of smartphones both continued to rise in 2019.
Discover the latest market trends and uncover sources of future market growth for the Retailing industry in Nigeria with research from Webhaptic Intelligence’s team of our best analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
We can provide good detailed information on the retail industry statistics in Nigeria.
If you’re in the Retailing industry in Nigeria, Webhaptic expert team`s research will save you time and money while empowering you to make informed, profitable decisions.

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