Nigerian food and grocery market has gown by 175 per cent in the last 15 years from N6.9 trillion to N19 trillion, Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company (FDC) Limited has said.
“In the last 15 years, Nigeria’s food and grocery retail market has grown by 175 per cent, rising from N6.9 trillion to N19 trillion. With over 5,762 supermarkets across cities such as Lagos, Abuja, Port Harcourt, Ibadan, Kano, and Kaduna, chains like Shoprite and Spar attract middle- and upper-income consumers and help formalize retail”, said Rewane.
He said technology has been a major driver of this growth.
“Digital payments, apps like Siso and Jump n Pass, and delivery services like Glovo have reduced checkout times and improved convenience”, he said.
Nonethwless, he said despite this progress, formal retail still accounts for just 5–10 per cent of total sales.
With retail sales expected to grow 9.6 per cent annually through 2029, greater formalization could boost tax revenue, strengthen supply chains, stabilize prices, improve access to quality goods, and provide consumers with safer, more efficient shopping.
In another development, Rewane said government has become richer since the removal of subsidies
“Since subsidies were removed in 2023”, the government has become very rich—is the common man’s perception. Thus, when the FAAC shared by the government fell by 0.43% in October, many were left wondering. He said.
The amount shared was N2.09 trillion well above the average in 2023 and 2024. In recent times, government expenditure has come under intense public scrutiny, both for political and economic reasons.