2017 in Retrospect: Market and Consumers
2017 has been a challenging year for both investors and consumers alike. For investors, both local and foreign, the story didn’t change much. It remained a tale of recession, lack of enabling environment and infrastructure, poor transportation network, poor access to funds, epileptic power supply and lack of government policies, among other factors. From the consumers’ corner, it would be hard to boast of a considerable improvement in their purchasing power.
In the midst of these disabling circumstances however, it was a fruitful year in the marketplace. The year was a busy one characterised by major inventions, business expansions, breakthroughs but not without some downsides.
Marketplace presents some key investments and innovations across sectors which combined to stir a growth in the economy, heavier pocket for investors and a better life for consumers. The list is not exhaustive, however, there were more worthy events.
Year on year, the ICT market has never been boring. The sector which is a major driver of the Nigerian economy and invested hugely in the development of other sectors has never been stranded of innovations.
Here are some of the products of the sector that found their way into the market and got consumers talking:
In the just-concluded year Tecno boosted its offerings with a number of improved devices including phone pad 3, Techno Camon cx Air and more recently, Phantom 8. The phantom 8 device got the backing of phone enthusiasts especially with its dual back camera and design except for its daunting battery capacity.
Apple also thrilled the market with IPhone 8, IPhone 8plus and the latest IPhone x, which is argued to be built with most advanced technology.
Indian investors also tapped into the prospect of the sector with the launch of Fero Mobile. The brand which is fast becoming popular in the market has within one year of entry into Nigeria released not less than four devices including Royale X2, being the most recent.
After contending with a major setback in 2016 due to exploding washing machine and faulty battery in Galaxy Note 7 to the extent that it was named one of the worst brands of the year, Samsung made a sudden rebound in 2017 with Galaxy S8 and Note 8.The entry of both devices quickly eradicated the negative impressions of the previous year and the brand now confidently competes with its arch rival, Apple.
The Infinix brand lost its place with the absence of durability feature and hard to come by accessories in the market. However, the brand is currently gaining some attention in the market with its 2017 arrivals including its latest flagship series, Infinix Zero 5 and Zero 5 plus.
The year also saw the rebirth of iconic Nokia 3310, with new and advanced features. The device had already established a trust among Nigerians in its first coming so it did not take too long before it made waves in the market.
Another major breakthrough that the year was noted for was the debut of the first made-in-Nigeria phone manufactured locally by AfriOne Limited. Although, the factory for the production of the said phone was officially opened in Lagos, not much has been heard of the device which is targeted at the middle income earners.
Major development that also grabbed consumers’ attention was the return of Motorola. The new owners of the brand, Lenovo came and wooed the market with different range of products including Moto E and Moto C. Although, the launch came with much hype, the devices didn’t really move the market.
Zinox Technologies Limited also boosted indigenous efforts with 14-inch Notebook, GTX which was brought to the market alongside Microsoft Inc., Intel Corp., Ashour Corporation and Tecsync Technology Co Ltd. The device is argued to be the world’s slimmest notebook.
2017 was another outstanding year for multinational ICT company, Hewlett Package which redefined printing technology with pocket-size Sprocket Photo Printer. The innovation, well accepted by Nigerians allowed users to print photos from a smartphone or tablet virtually anywhere and is designed to bring back the excitement of printed photos.
LG Electronics also didn’t fall off the radar in the year. Joining its range of products in Nigeria were Neochef microwave oven, LG Twin Wash Washing Machine and the all-New Gencool Air Conditioner.
The year 2017 saw most banks upgrade their investment in information technology infrastructure to enhance their digital presence and reduce physical operations. Notwithstanding, there were branches expansion. Some of the banks that opened new branches in the country included Wema, Fidelity and Union bank.
In the course of the year, Telecom Satellite Nigeria Limited also came on board with a pay-per-view TV–TSTV on October 1st. It was a major initiative that wooed consumers as a result of the flexibility and affordability hype that came with the offerings. It is still a shock till date as to why the company is not in sight.
The food and beverage sector also had new offerings for consumers. For instance, Coca Cola Nigeria Limited added 3 variants to its Five Alive brand and improved its Eva brand with 50cl Eva Twist Bottle. Euro Global also came on board with Power Spirits Drink (bottle and Can) and Golden Choco.
The retail arm also saw a significant increase. Marketplace observed that existing and new stores sprung up during the year. There were the likes of Miniso which opened new branch in Lekki Phase 2, LuLu Lingerie had its third store opened in Palms Shopping Mall in Lagos, Hubmart also came out with new outlet in Ikeja, Lagos, Spar increased it presence with a new outlet in Lagos, Yudala also enlarged its coast with 15 new wine outlets across the country. Aside the expansion of existing stores, there were also new entrants like Jendol in Lagos and Vanguard Store which is presently calling the shot in Osogbo, Osun State.
In the transportation and aviation sector, not too much activities took place, however, there were moves by Dikko Nwachukwu, a serial entrepreneur, to set up Jet West Airline, the campaign went wild and viral but there are no signs of it taking off anytime soon. However, there were route expansion by existing airlines like Medview and Air peace airlines. GiGM.com also enhanced its platform with mobile application to avail commuters with advance and real-time information on its service.
In the manufacturing sector, Lucky Fibres, makers of Nobel Carpet & Rug, boosted local capacity with its range of new and affordable floor coverings. It also impacted the beauty sector with ‘Lush Hair’ which was unveiled recently at the International Trade Fair. Other new investments which graced the $595.8m beauty industry were Epara Skin care and Stellarchem Nigeria Limited.
The Arts Market also got elevated with the debut of Artyrama, an online African Art Gallery.