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Survey: Nigerian consumer sentiment during the coronavirus crisis

Nigerian consumers are more optimistic about the economic recovery of their country than consumers in the UK, US, and South Africa. Despite the global oil crisis impact and risk of currency devaluation, consumers are optimistic about economic recovery following the coronavirus situation.

Nigeria is in the early stages of the COVID-19 contagion, with the government implementing a 14-day lock-down from 30 March–14 April, 2020 in three major states (Lagos, Abuja and Ogun).

Nigerians are more concerned about public health, safety of family and health of vulnerable relatives than the economy during the COVID-19 crisis.

Although 4 out of 5 Nigerians are concerned about the economy, this ranks lower in their list of concerns compared to countries such as South Africa. Two-thirds of Nigerian consumers have already experienced a drop in income; however, consumers expect to increase spending on household essentials, home entertainment, and fuel.

Most categories are expected to see a relative shift to online channels, but consumers expect to continue shopping in-store for groceries.

These exhibits are based on survey data collected in Nigeria from March 27 –31, 2020. Check back for regular updates on Nigerian consumers’ sentiments, behaviors, wages, spending, and expectations for the future.

About the author(s)

Yaw Agyenim-Boateng is a parter in McKinsey's Lagos office; Damian Hattingh is a partner in the Johannesburg office where Puso Thahane is a consultant; Sian Kiri is a consultant in the Nairobi office.

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