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The consumer goods industry and business in Nigeria are already conquered by top companies like Nigerian Breweries.
However, there is still a lot of chance to succeed in the fast-moving consumer goods (FMCG) sector
FMCG products are low cost and non-durable goods which sell quickly and have shorter shelf life than many consumer goods. However, the prices of these goods are almost too high for the average Nigerian and an eg. some chocolate products.
Since FMCG are constantly in high demand, small businesses looking for an opportunity to join the space can still achieve this by finding the flaws in big companies.
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In 2019, FMCG expenditure was highest in Nigeria with US$41.7bn) for the whole of Africa. Even so, the industry needs more people.
Fast-moving consumer goods business to engage in
- Food – Snack, fruit, grains and vegetable packaging, beverages, chocolate, candies.
- Cosmetics – Personal hygiene products
- Textiles
- Hardware
- Household, cleaning products
- Footwear
- Toys
- Made up products – Every product idea is valid
How to engage in FMCG in Nigeria
- Get a unique product design
- Find a product manufacture
- Establish a contract with the manufacturer
The largest producers in the consumer goods business and the fast-moving products succeeding on the Nigerian market:
- Dangote Group – Doesn’t make FMCG, focuses on intermediate consumer products like pasta, sugar.
- Nestle – The only FMCG made by Nestle is Chocomilo.
- Nigerian Breweries – Makes FMCG like soft drinks (malt, ferouz).
- Chi Limited – Makes FMCG, juice drinks and snacks.
How to have a successful consumer goods business in Nigeria
The consumer goods sector is competitive and the dominance of top consumer goods companies makes it tougher. There is a chance to succeed as a small business owner in the FMCG sector with these simple tips.
Beat the competitor – discover what you are best at doing and excel at it. Also, supply at a lower cost.
Quick response – consumers like availability and satisfaction to every high expectation. Also, be the first to adapt to new consumer needs.
Quality and standard – This point underlines what the FMCG sector is about. Listen to consumers’ specifications especially when they stress quality.
Marketing, advertising and branding – This differentiates a business from its competitors and gives consumers’ assurance.
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What to consider in starting a FMCG consumer goods business
- Risk
- Efficiency is key to growth, employ a lot of workers
- Compliance with the strict regulations
- Understand the business more
- Build a stronger bond with consumers, offer free samples from time to time
- Aim at becoming resilient
