Only 18% of Nigerian retailers have accessed formal loans—FMCG report

A new report by commerce technology company Omni, has revealed that only 18% of Nigerian retailers have been able to access formal loans despite widespread demand for financing.

The report, launched at the Omni Insights Forum in Lagos on Friday, noted that access to credit remains the biggest challenge facing Nigerian retailers, with 74% of retailers identifying access to credit as critical to sustaining daily operations.

The report, titled “Decoding the Nigerian FMCG Sector: FMCG Industry Report 2026”, was officially launched by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who emphasized the need for greater visibility and collaboration across the country’s trade ecosystem.

What the report is saying

According to the report, Nigeria’s Fast-Moving Consumer Goods (FMCG) sector continues to offer strong long term growth prospects despite recent macroeconomic headwinds.

The industry is estimated to be worth $25 billion and serves a population of about 238 million people.

• The report noted that rapid urbanization, a youthful population and increasing digital adoption continue to support the sector’s resilience and growth potential.
• One of the key findings of the report is the growing use of digital payment channels among retailers.
• According to the report, more than three quarters of retailers now use digital payment solutions, creating opportunities for embedded finance products and data driven lending models that could help bridge the existing credit gap.

The report further identified technology enabled distribution, embedded finance and digital commerce platforms as becoming increasingly important infrastructure for the movement of goods, capital and market intelligence across the FMCG value chain.

More insights

Speaking at the event, Oduwole described the FMCG sector as a major contributor to Nigeria’s economy.

• “The FMCG industry is more than a commercial category; it is a critical driver of jobs, manufacturing growth, trade and consumer welfare”.
• “Strengthening visibility across the value chain and fostering collaboration among stakeholders will be essential to unlocking the sector’s full potential,” she said.

According to the Minister, Nigeria’s more than 40 million micro, small, and medium-sized enterprises account for the overwhelming majority of businesses in the country and drive roughly 80% of retail transactions.

She added that the Federal Government is implementing reforms aimed at strengthening productive capacity, expanding trade, attracting investment, supporting enterprise growth, and creating sustainable jobs.

Founder and CEO of Omni, Deepankar Rustagi, said the report was designed to provide stakeholders with valuable insights into the realities and opportunities shaping the sector.

The report launch coincided with Omni’s seventh anniversary and formed part of the Omni Insights Forum, which brought together manufacturers, distributors, retailers, investors, financial institutions, policymakers and development partners to discuss the future of commerce, capital, data and inclusive growth in Nigeria.

• “As we celebrate seven years of building technology infrastructure for commerce, we are proud to contribute something bigger than ourselves to the industry”.
• “The FMCG Industry Report 2026 provides a data driven perspective on the realities, opportunities, and future of one of Africa’s most important sectors”.
• “We hope it becomes a valuable resource for business leaders, investors, and policymakers to shape the future of commerce,” he said.

What you should know

Last year, a report by NielsenIQ ranked Nigeria as Africa’s fastest-growing MCG market, recording a remarkable 54.1% growth in value in 2025 from 34.3% in 2024

According to the report, the top five FMCG key markets, South Africa, Nigeria, Egypt, Morocco, and Kenya, account for an estimated $42 billion in FMCG value across Africa.

Despite economic headwinds and declining volumes in 2024, the report indicated that Nigeria’s FMCG market is showed a strong recovery in 2025. Transactions value and volume, which fell by 3.1% and 10.7% respectively in 2024 rebounded with 4.8% and 5.4% growth.