Following the Manufacturers Association of Nigeria (MAN) statement in early January 2025 that the sector’s unsold goods accumulated to a total of N1.4trillion, which was attributed to inflationary pressures and declining consumer purchasing power, the organisers of The Industry Summit, has designed the sixth edition of the summit to address the consumer preferences in a troubled fast moving consumer goods (FMCG).
Announcing the 2025 theme: “Understanding Changing Consumer Preferences in Troubled FMCG’s Space”, the convener of The Industry Summit & Awards (TIES), Goddie Ofose stated that the dwindling purchasing power of consumers as become one of the major reasons that manufacturing sector declared heavy inventory loss in 2024, and organisations must design innovative approach to tackling this menace in 2025.
According to him, “Inflationary impact is real and it has continued to dig some holes in the pockets of consumers, which in turn results in consumers’ preferences. Manufacturers must adapt to the shifting consumer preferences if they must survive,” he added.
Ofose revealed that the organisers have selected Dr. Obinna Ike, chief executive officer/managing director of NigerBev Limited as the chairman of the event while Mr. Lampe Omoyele, managing director of Nitro 121 Limited will deliver a keynote paper on the theme.
Also lined up as guest speakers are Mrs. Toyin Nnodi, former marketing director of CHI Limited, Mr. Stanley Obi, immediate past Prime Business Director at Grand Oak/Co-founder/CEO of Innova Hive Integrated and Mr. Anthony Eigbe, Vice President, Creative & Communications, UAC Nigeria Plc.
The Industry Summit convener said, “We have carefully selected the 2025 members of faculty who possess vast experience in product innovation, marketing, advertising, brand management, distribution value chain and communication that would look at these issues dispassionately and proffer solutions to this new market challenge.”
This year’s programme, which is scheduled for Friday, May 2, 2025 for lecture and Saturday, May 3, 2025 for dinner and awards, will also feature a panel session.
The panel members include Mr. Ayo Awosika, GM, Commercial, UAC Foods, Mr. Remi Akanda, Director, Marketing & Corporate Communications, LAPO Microfinance Bank, Mr. Adeola Amosun – Group Media Manager, Tolaram, Mr. Gbemileke Lawal, Marketing Manager, Grand Oak Limited, and Ms. Oluseun Mudashiru, Brand Manager- Big Bull Rice, TGI Group.
Others are Mrs. Roseline Abaraonye, Chief Commercial Officer (CCO), N.N. Fems Group, and Mrs. Ifeoluwa Esther Obafemi, Head, Digital, Media & Insights (Digital Transformation), Sub-Saharan Africa (SSA), FrieslandCampina WAMCO while Ms. Gift Uche-Ewule, Assistant Brand Manager, Indomie will the moderate the session.
The The Industry Summit 2025 event is a two day programme with lecture taking place at Chartered Institute of Bankers of Nigeria, Victoria Island on Friday May 2 and dinner & awards to be held on Saturday May 3, 2025 at Civic Centre, Victoria Island.
In 2024, Nigerian manufacturers recorded an accumulation of N1.4 trillion worth of unsold goods, attributed to inflation, diminishing consumer purchasing power, and a surge in electricity tariffs.
