Minister of Industry, Trade, and Investment, Doris Uzoka Anite, Tuesday, said Africa is the world’s fastest-growing consumer market, currently with over 1.2 billion consumers and expected to reach 1.7 billion by 2030.
Minister Anite made these remarks at the 2024 celebration of the 11th African Day of Standardisation in Abuja, themed “Empowering Consumers through Standardization to Achieve Their Rights to Safe Quality Goods and Services.”
She highlighted that consumer expenditure in Africa was $1.4 trillion in 2015, with a compound annual growth rate of 3.9% since 2010.
This figure is projected to rise to $2.1 trillion by 2025 and $2.5 trillion by 2030.
Represented by Permanent Secretary, Amb. Nura Abba Rimi, the minister noted that African consumers face challenges such as misleading advertisements, poor service quality, counterfeit products, unsafe items, substandard services, lack of transparency, and safety hazards from overpriced goods.
She said: “The implementation of standards across the African continent has changed the narrative, serving as a safety net for consumer rights. The Nigerian government has also implemented policies and programs to establish an enabling environment for consumers to thrive. Initiatives like consumer protection programs, have streamlined bureaucratic processes, eliminated bottlenecks, and improved the welfare of consumers.”
Director General of the Standard Organization of Nigeria (SON), Ifeanyi Chukwunonso Okeke, emphasised that this year’s theme highlights the importance of consumer rights in Nigeria.
He also underscored global efforts to raise awareness about consumer rights and the role of standardization in protecting these rights.
Okeke noted that Nigeria remains a significant player in commerce and trade across Africa. He assured that through SON, Nigeria will continue to offer essential standardization support for both manufacturers and consumers.