Entrepreneurship Zone: 12 May 2025: It’s tough out there: Nigerian entrepreneur adapting to a difficult business environment

Mon May 12 09:51:27 CAT 2025

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Entrepreneurship Zone: 12 May 2025: It’s tough out there: Nigerian entrepreneur adapting to a difficult business environment

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Debby Lawson, founder and COO of Fastizers, speaking during launch of the company’s Nibit brand.

Nigeria’s difficult economic environment is forcing snack food manufacturer Fastizers to rethink aspects of its operations – from shrinking pack sizes to launching new product lines such as bread – as it grapples with rising input costs and pressure on consumer spending.

“It’s a really tough terrain now. It’s very, very tough,” the company’s founder, Debby Lawson said in a recent interview with How we made it in Africa.

The country’s macroeconomic challenges have deepened in recent years. Inflation exceeded 30% in 2024, while the naira has significantly depreciated against the US dollar over the past two years. Although exchange rates have somewhat stabilised and inflation has started to ease, Lawson said consumer purchasing power remains severely constrained.

Founded 15 years ago, Fastizers is best known for its Fun Cookies brand, a product with a shortbread-like taste. Around 90% of its sales come from low-to-middle income consumers in Nigeria – a demographic that is highly sensitive to price increases. Even a small rise, Lawson explained, can drive customers toward cheaper alternatives.

With raw material and logistics costs climbing, Fastizers has had to find ways to absorb rising expenses without passing them on to consumers.

One tactic has been to reduce pack sizes. “We had to keep shrinking,” Lawson said, noting that a product that once weighed 50 grams is now sold in a 15-gram version. “But it gets to a limit where you cannot shrink anymore.”

Some of the company’s premium offerings have also struggled to gain traction. “We realise that those high premium-priced products [are] not really working as we expected,” she noted. “Right now, we are going massively into these smaller products.”

The challenging conditions have also prompted the company to diversify its product line. It recently entered the bread market, launching a new offering under the Fun Bread brand. “Bread is very filling,” said Lawson.

She added that the current environment demands flexibility, as long-term business planning has become increasingly unrealistic. “Things are changing each day. So your five-year plan – by the time you get there, everything has changed,” she said. “The economy is very volatile now.”

-Howwemadeitinafrica

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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