The 2025 Industry Summit & Awards will bring together top experts to address the pressing issue of declining consumer purchasing power in Nigeria’s fast-moving consumer goods sector.

The summit themed ‘Understanding Changing Consumer Preferences in a Troubled FMCG Space’, organised by The Industry Newspaper, is scheduled for May 2-3, 2025, in Lagos.

The summit comes at a crucial time when the Nigerian manufacturing sector is grappling with unsold goods worth N1.4tn due to inflation, reduced consumer spending, and rising production costs.

The Manufacturers Association of Nigeria reported earlier this year that inventory losses in 2024 were exacerbated by soaring inflation and high electricity tariffs, putting severe pressure on manufacturers.

It noted that the event aims to provide actionable solutions for businesses navigating economic turbulence.

The convener of TIES, Goddie Ofose, emphasised that manufacturers must evolve with shifting consumer preferences to remain competitive.

Ofose said, “Inflationary impact is real and continues to dig deep into consumers’ pockets. Manufacturers must adapt quickly or risk even greater losses.”

The CEO of NigerBev Limited, Dr Obinna Ike, will chair the summit, while the keynote address will be delivered by Lampe Omoyele, Managing Director of Nitro 121 Limited.

Other industry leaders expected to share insights include the former marketing director of CHI Limited, Toyin Nnodi; co-founder of Innova Hive Integrated; and Stanley Obi.

A panel discussion will also feature top executives such as Ayo Awosika, GM Commercial, UAC Foods, and Remi Akanda, Director of Marketing & Corporate Communications at LAPO Microfinance Bank. The session will be moderated by Gift Uche-Ewule, Assistant Brand Manager at Indomie.

“As Nigeria’s FMCG sector struggles with economic headwinds, the 2025 Industry Summit aims to equip businesses with strategies to navigate shifting consumer behaviours and restore market stability,” Ofose stated.