In Nigeria, citizens enjoy their consumer goods. Some goods are durable, and some are not. Some goods are also fast moving consumer goods. For a product to be a fast moving consumer good it means it sells out fast. Many people are always looking to go into business. Some would like the go into trading, however, they don’t know which goods move well in the market. Nigeria is filled with products and services that sell well, the people just must utilise them. Businesses that move fast in Nigeria are the easiest things to do if you have the time, interest and need quick cash. The fast pace of such businesses also breed competition, there are a thousand and one people running the same business idea as you. The fast moving consumer good industry in Nigeria is booming because the goods are always on demand causing the retail industry in Nigeria to take a new and better shape.
Here are some fast moving consumer goods in Nigeria.
Farm produce and processed foods
No consumer good moves faster than farm produced and processed foods. This is because it is a human need. Humans need food to survive so by default food items will sell fast. Food farm produce includes fruits, vegetables, tubers, rice, beans, chicken, beef, fish and every other food item produced on farms. Processed food is a category that houses our canned food, sachet food, boarding school provisions, garri and more. These goods move so fast, by 4 pm you may not find fresh produce to buy in the market. Marketers sell out daily quite often. Asides these goods being bought for home use, the numerous restaurants, bukkas and independent caterers in Nigeria, heavily patronize the market.
Phones and Accessories
Phones and phone accessories are another fast moving consumer good in Nigeria. For some reason, Nigerians buy them a lot. You can bet your house rent that a pair of earphones and apple USB cord are the most purchased items in the country. Nigeria has a narc for mobile devices hence the high demand, they cannot do without them. Times have gone from when only mum and dad had phones, now every member of the family owns a mobile phone. An individual has an average of 2 phones, a smartphone and a cellular phone. Reason being, a cellular phone lasts longer in battery life and durability. It is simply a backup. Also, when new phones come out, it gets sold out in minutes. Phone accessories are just as important as the phone, it is key to have a good charger, screen protector, phone case, earphones and more. The high demand for phone accessories makes it a fast moving consumer good in Nigeria.
Clothing and Fashion Accessories
Clothing and fashion accessories is a business with a lot of profit. Periodically, it is expected to have new additions to your wardrobe. Everyone wants to look good and expensive, however, not everybody can afford expensive brands, there more the market is the best place to be. The clothing and fashion industry is so big that thousands of vendors have moved to social media. Instagram vendors are the most popular of recent times. Markets like Balogun sell millions daily in clothing. It is dubbed the best place to purchase beautiful clothing, fabric and fashion accessories at affordable prices. It is also where a lot of online clothing stores get a whole lot of their stock. Fashion accessories are always in high demand making it a fast-moving product.
Cosmetics and toiletries are things you buy weekly or monthly. They include your soap, tissue paper, toothpaste, body lotion, face wash etc. These cosmetics and toiletries are essential for one’s personal beauty, hygiene and convenience use. Of recent times skin care has taken a whole new route. Nigerians are now more aware of what harsh products can do to their skin, the products that work for their different skin types and basic toilet care. Products like coconut oil, tea tree oil, sunscreen, vitamin c serum and black soap have skyrocketing demands for both men and women. Everyone wants fresh skin. Natural product is the new by-line for your goods to sell instantly. Asides that, toiletries are used every day and are bound to finish sooner than later hence the need to restock weekly.
Pharmaceuticals are another fast moving consumer good. Though unfortunate that the rate of purchase increases year after year, however, humans are exposed to more and more dangers as the world develops, practices are adopted, and people begin to ingest more and more harmful substances. The declining health rate of the Nigerian citizens has resulted in an increase in the use of drugs and other medications. What many see as a crisis, few see it as a profitable business venture.
Home appliances are always on demand. From blenders to fridges, microwaves, television sets, irons, kettles, name it. Though these consumer goods are durable goods, however, numerous homes always need to buy a new household appliance at some point or the other. Asides that, household appliances are the go-to wedding gift and thousands wed in Nigeria, every weekend.
Water is by far the fastest selling consumer good in Nigeria and around the world. The basic reason is that water is a need. All this water includes the sachet water, table water and water dispenser bottles of water. In some places water for the house and personal use is also purchased. Water is bought by corporate workers, labourers, schools, homes and more. Everybody needs water. The availability of water makes it relatively cheap however it sells like hot cake.
Computers & Accessories
The world cannot do without technology, this includes Nigerians. The Nigerian technology ecosystem is growing causing a greater demand for computing devices and accessories. Computing devices are needed in every single industry including farming. The world is moving into a digital age and computers are slowly replacing humans in the workforce. This just goes to show how important computing devices are. Some devices need their accessories for optimum functioning, easy use or protection. The fast growth of the technology ecosystem also calls for frequent purchases for updated gadgets to stay current with the tide.
Beverages come in different kinds, soda, beer, wine, energy drinks. Beverages are fast selling consumer goods because consuming them is a habit and way of life in Nigeria. As long as there are guests at home, weddings to be planned, parties, burials, movies and eating out, beverages will forever be paid for. The consumer satisfaction is that great.