Amid Nigeria’s harsh economic climate, snack manufacturer Fastizers is making tough operational shifts—ranging from product downsizing to entering new markets—in order to weather rising production costs and shrinking consumer purchasing power.
“It’s incredibly difficult right now. The terrain is extremely tough,” said Debby Lawson, founder of Fastizers, in a recent conversation with How We Made It in Africa.
Over the past two years, Nigeria has faced severe economic headwinds. Inflation soared above 30% in 2024, and the naira’s depreciation against the US dollar has further strained business operations. While the exchange rate has recently stabilized and inflation is easing slightly, Lawson emphasized that the spending power of everyday Nigerians remains critically low.
Founded 15 years ago, Fastizers is best known for Fun Cookies, a shortbread-inspired snack that appeals primarily to low- and middle-income consumers, who account for nearly 90% of its sales. However, this demographic is highly price-sensitive—making even small price hikes enough to send customers toward cheaper alternatives.
To avoid pricing out its customer base, Fastizers has had to absorb increasing input and logistics costs. One major strategy: reducing product sizes. “We’ve had to keep shrinking,” Lawson shared. “What used to be a 50-gram snack is now just 15 grams. But there’s only so much you can reduce.”
The company’s attempts to market higher-end offerings have also met resistance. “Our premium-priced products haven’t performed as expected. So now, we’re scaling back and focusing heavily on smaller, affordable items,” Lawson said.
In response to market realities, Fastizers has also diversified its product line, recently entering the bread segment with the launch of Fun Bread. Lawson explained, “Bread is a filling option and meets a basic need, which is important in this kind of economic situation.”
She stressed that in a rapidly changing economic environment, adaptability is more crucial than long-term forecasting. “Things are shifting daily. Your five-year plan may no longer be relevant by the time you reach year two. The economy is just too unpredictable.”
As businesses like Fastizers continue to navigate Nigeria’s volatile economy, agility and innovation remain key to survival.
