
Africa’s economic reset requires moving from ambition to execution
The Africa Commerce Convergence Summit keynote address identified four elements that must converge if the continent is to achieve a meaningful economic reset.
Photo: Mushin Market in Lagos. Photo: Wikimedia Commons
Today, in Nigeria and many West African markets, modern trade continues to attract attention because it is easier to measure, easier to standardise and easier to analyse.
Yet a significant share of food purchasing still happens inside open markets, neighbourhood stalls, and informal retail environments where consumers make decisions very differently.
According to Lagos-based insights consultancy Pierrine Consulting, many households do not arrive with fixed shopping lists and predetermined brand choices. Instead, purchasing decisions are often shaped in the moment by available cash, visible alternatives, seller recommendations, quantity perceptions and immediate value comparisons.
This makes open markets far more influential than they often appear on paper; they do not simply facilitate transactions, they actively shape purchasing behaviour.
Price sensitivity is changing how consumers evaluate brands
Pierrine notes in a recent market report that economic pressure continues to influence food purchasing across the region. Although food inflation in Nigeria has moderated from previous highs, consumers remain conscious of spend size and are increasingly willing to compare alternatives before committing to a purchase.
“This is particularly visible in categories such as seasonings, cooking aids and packaged food products, where consumers can often choose between several acceptable options within seconds,” the consultancy notes.
“In these situations, the strongest brand does not automatically win. The product that feels most affordable, most visible, or most strongly recommended often gains the advantage.
“This helps explain why smaller and local brands continue to find opportunities despite having fewer resources and lower overall awareness than larger competitors. They are often competing more effectively at the moment of decision.”
The seller has become an influencer
The consultancy believes one of the most overlooked realities of open-market commerce is the influence of the seller.
Consumers frequently rely on traders and market vendors to suggest alternatives, recommend products, explain price differences, or substitute unavailable items.
In highly price-sensitive environments, these recommendations can have a meaningful impact on what ultimately enters the shopping basket. This creates a form of influence that operates very differently from traditional marketing.
“A brand may invest heavily in advertising, but the final decision can still be shaped by a conversation taking place across a market stall,” Pierrine emphasises.
For food brands, this means that visibility, trader relationships and point-of-sale presence often matter far more than is reflected in conventional brand planning frameworks.

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Vongani Mageza brings more than 20 years’ experience across financial services and FMCG) companies such as FNB and Diageo.

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