If you are familiar with the local slang ‘Naija no dey carry last’, you should know a bit about the fundamental nature of the market. That slang’s usefulness is broad. Unlike what many people know, its meaning is deeper. It speaks to the economic landscape as it speaks to the human attributes observed in a competitive environment. The market is resilient. Growth opportunities aren’t always scarce across segments despite the optics.
Nonetheless, to sustain operations amid the 2026 squeeze, especially the local economic reforms and destabilising global supply chain shocks, it is important to adjust to consumer realities.
Every business exists for consumers. With over 220 million people and one of the youngest consumer populations in the world, Nigeria remains Africa’s biggest commercial opportunity — but the forces shaping how these consumers spend today look different from even two or three years ago.
Just two days ago, a top business publication in Lagos narrated how consumers are trimming purchase appetite, a befitting description of current consumption trend, via its Instagram account, “Nigerian households are increasingly putting off purchases of houses, cars and other high-value assets as persistent inflation continues to erode purchasing power, despite signs that consumer confidence is gradually improving.
“According to the survey, households recorded negative outlook indices for the purchase of houses (-63.8), cars or motor vehicles (-62.9), investments (-43.7), household appliances and consumer durables (-42.9), and rent (-28.1) in the current month, underscoring widespread reluctance to commit income to expensive assets”, it added.
If you run a business, I am sure you don’t want to be caught napping by the consumer ‘shedding’ and ‘trimming’ patterns and the effects on your bottom lines. Here are a few factors you should know about and tips on how to manage them:
1. Cost of living has redefined what “value” means
Food dominates Nigeria’s household budget. Food inflation, therefore, remains the single biggest pressure on consumers’ pockets. Whatever inflates food prices will inflate the prices of everything else in the country. Consequently, local purchasing power is taking a hit, with the prices of rice, cooking oil, protein, and vegetables continuing to rise faster than wages. Having committed a large percentage of their income to food purchases, there is very little space to accommodate other products and services pitched by businesses. Effectively, consumer expectations have shifted from wanting things simply “cheap” to wanting them “affordable “. As a business, you don’t have to retreat; rather, recalibrate. Pivoting to pitching smaller pack sizes in the ₦50–₦200 range or a scaled-down version of your original services would keep consumers. Meanwhile, ensure you are not cutting corners by lowering quality.
2. Loyalty is being replaced by experience-seeking
Relying solely on legacy goodwill to keep existing customers isn’t a perfect strategy at this time. Local consumers are switching brands at a rate that should worry any marketer. Projections from a recent conference suggest 8 in 10 Nigerian consumers will be willing to switch brands in 2026, up from 5 in 10 in 2025. Price is no longer the main reason people leave. Experience has overtaken price by more than two to one as the dominant factor in brand loyalty. In practice, this means service quality, responsiveness, and how a brand makes someone feel at the point of interaction now matter more than a long-standing name or a familiar jingle.
3. Commerce is skewing towards mobile and social
Conversion journey is becoming largely mobile-led. Discovery and conversation functionalities are great conversion tools offered by social media platforms. WhatsApp, TikTok Shop, Instagram, and Facebook Marketplace offer retailers opportunities to adapt to purchase habits. Urban consumers are prioritising convenience, digital payments, hygiene, and trust, while peri-urban consumers remain more price-driven, pragmatic, and loyal over longer periods. A single national campaign increasingly needs two different playbooks.
4. Optimism and constraint coexisting
As I said earlier, Nigeria is never squeezed – ‘Naija no dey carry last.’ The pressure on their wallets hasn’t produced pessimism. Based on reports, Nigeria is one of the African markets showing particularly strong consumer optimism for 2026, alongside Guinea and Côte d’Ivoire, even as budgets are constrained. This upside isn’t disconnected from its demographic reality. A young demographic profile and repeated exposure to economic volatility have shaped a consumer who is cautious about today but not disengaged from expectations of a better future. Mastercard data shows Nigerian consumers actually increased discretionary spending on travel and lifestyle services last year, signalling pockets of renewed confidence even within a tight economy.
In conclusion, it can be said that Nigerian consumers are far more resilient. Pessimism hasn’t overthrown their confidence in what the future holds. A typical Nigerian consumer always makes space for what truly matters, no matter the squeeze. However, it is wise to adapt to the factors shaping local purchase habits.
