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TradeDepot highlights smaller packs and increased food spending as top trends that will shape Nigeria’s retail sector in 2021

TradeDepot, the B2B eCommerce platform for consumer goods in Africa, has today released new insights from its market data that highlights the trends that will shape Nigeria’s retail sector in 2021.

According to TradeDepot, the impact of the pandemic, rising inflation, border closures and other issues drove significant changes in behaviour for retailers, distributors and manufacturers in 2020. As the sector settles into the new year, TradeDepot predicts that some of the main trends that shaped 2020 – particularly smaller packaging for consumer goods and increased spending on food and essential goods due to dwindling disposable income and people spending more time at home – will continue to influence behaviour across the market.

The retail sector is the third largest contributor to Nigeria’s Gross Domestic Product (GDP) and more than 90 percent of the sector is made up of informal retailers. TradeDepot has built a network of more than 50,000 micro retailers, working with global distributors and manufacturers like Nestlé, Unilever, GB Foods and Danone to make household supplies such as milk, soap, detergent and other essentials more accessible and affordable. The top insights from TradeDepot’s data include:

Key trends from 2020

What do these trends mean for the Nigerian retail sector in 2021

Challenges and opportunities for 2021

According to Onyekachi Izukanne, CEO and Co-Founder of TradeDepot, “the retail sector is one of the strongest pillars of the Nigerian economy but the absence of data and verifiable insight often makes it difficult to assess the opportunities and challenges that abound in the space. The sector is also hampered by infrastructure and logistics issues that undermine the efforts of the industrious business owners. With some more support from government, public institutions and private sector players, there is the potential to transform the Nigerian retail market and achieve a quick win for boosting the nation’s GDP”.

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