As the cost of foreign goods continues to soar due to a weakened naira and high import costs, more Nigerians are turning to locally made products — not by choice, but out of necessity. The shift in consumer behavior signals a major transformation in household spending, driven by inflation and economic reforms.
This growing trend came under focus during a recent episode of Drinks and Mics, a Nairametrics podcast hosted by Ugodre Obi-Chukwu, alongside Arnold Dublin-Green and Tunji Andrews. The episode featured financial educator and founder of the MoneyWit Club, Oler Oladele, who shed light on how Nigerian families are adjusting to the country’s harsh economic realities.
“Beyond GDP and exchange rates, the real question is: how are people actually living?” Oler asked during the discussion. “The impact of these reforms is being felt in our homes, at our dining tables, and in supermarket aisles.”
With foreign trips for shopping becoming rare and import volumes reportedly declining, Oladele pointed to a broader shift in consumer preferences. “Many people no longer casually ship things from abroad or shop in Dubai. That era is behind us,” she noted.
Analysts have linked this import decline to Nigeria’s recent balance of payments surplus, with Oladele suggesting it was driven more by falling imports than rising exports.
The change in consumption comes on the heels of sweeping reforms initiated by President Bola Tinubu’s administration. Since May 2023, the removal of fuel subsidies, unification of exchange rates, and adjustments to electricity subsidies have restructured the economy — but not without consequences.
Inflation surged to 34.8% in early 2025, its highest in two decades, with food and energy prices leading the spike. “Even when global oil prices fall, if the naira weakens, households still suffer,” Oladele warned.
However, podcast co-host Tunji Andrews suggested that consumer adaptation may be softening the blow of imported inflation. “People just aren’t buying imported goods as much anymore. Substitution is happening,” he said, sharing a personal experience about unknowingly switching to a locally produced cereal brand.
Oladele described the evolving landscape as one marked by both resilience and humility. From luxury items to everyday essentials, Nigerians are adjusting priorities.
“It’s not just about cars or travel anymore,” she said. “Even choices like which brand of kitchen towels to buy are now influenced by price — sometimes even by the household help who manage daily purchases.”
This shift, she emphasized, reflects a deeper change in how Nigerians live. “The elite may not notice until they start shopping like everyone else. But families, especially, feel it every single week.”
When asked whether the exchange rate remains the top concern for ordinary Nigerians, Oladele responded, “Not in the same way. People have adjusted, and they’re finding ways to navigate around it.”
According to the panel, this adaptive spirit may be the true story of Nigeria’s economic moment — a pivot not just in policy, but in daily life. As foreign goods grow more expensive and economic pressures mount, Nigerians are responding not with despair, but with pragmatism.
“It’s no longer theoretical,” Oladele concluded. “These changes are real, and they’re reshaping how Nigerians consume, survive, and adapt.”
