A new consumer outlook report has revealed that Nigerians now spend over half of their monthly income on food, as rising living costs continue to squeeze household budgets across the country.
The report, released by Lagos-based marketing communications firm SEID, stated that 50.1 per cent of Nigerians’ earnings are allocated to food expenses.
It also found that 18.5 per cent of households have adopted solar energy solutions to cope with increasing electricity costs.
The findings were contained in SEID’s inaugural Nigerian Consumer Outlook Report 2025 (NCOR 2025), which surveyed more than 7,000 Nigerians across the country’s six geo-political zones.
Speaking at the launch of the report, Managing Partner at SEID, Tubosun Akeju, said the document serves as a “blueprint for decision-makers who want to stay ahead” in one of Africa’s largest and most dynamic markets.
“At SEID, we are dedicated to helping businesses make strategic decisions through contextualised insight.
“The market has experienced multiple layers of changes in recent years – from generational and cultural shifts to technological innovation to changes in government policies,” Akeju said.
According to him, shifts in Nigeria’s economic environment — from inflation and new policy measures to global uncertainties — are forcing dramatic changes in consumer habits.
The report also highlighted that 31.7 per cent of Nigerians rely on self-employment as their primary source of income, signalling a shift towards entrepreneurship amid tough economic conditions.
NCOR 2025 provided an in-depth analysis of emerging spending priorities, brand loyalty patterns, and consumer trends.
It further explored the impact of fintech adoption on retail experiences and noted a growing preference for locally-made products over imported alternatives.
“For multinationals, development agencies and investors, NCOR 2025 offers a vital resource for decoding behavioural shifts and identifying entry points in a market that continues to shape trends across West Africa,” Akeju added.
He emphasised that understanding the realities facing the Nigerian consumer is now more crucial than ever for brands and policymakers aiming to tap into the country’s untapped opportunities.
The report’s release comes amid ongoing concerns over the rising cost of living, with food inflation topping the list of challenges for millions of Nigerian households.
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