Nigeria's evolving consumer landscape presents both challenges and opportunities for businesses as they navigate the complexities of promoting sustainable products and practices in a rapidly changing market environment.
Understanding the Global Context
Global consumer demand has surged in recent years, exacerbating environmental degradation and resource depletion. This surge has led to detrimental effects such as global warming, heightened pollution, and biodiversity loss. In response, nations are increasingly taking measures to mitigate the negative environmental impacts of commercial activities.
Sustainable development has emerged as a vital concept, emphasizing the need to minimize adverse environmental and societal impacts while promoting eco-friendly practices. This approach advocates for integrating environmentally sustainable practices into the production of goods and services at all levels. Concurrently, green consumption, characterized by environmentally conscious purchasing behaviors, has gained traction.
Despite positive consumer attitudes towards environmental protection, the market share of eco-friendly products is limited to 17.3% globally, according to a report from Circana and the New York University Stern Center for Sustainable Business. Nonetheless, consumer preferences are increasingly shaping businesses' sustainability strategies. A growing segment of consumers prioritizes sustainability and ethical considerations when making purchasing decisions, compelling businesses to incorporate social and environmental concerns into their operations. Consequently, companies are developing eco-friendly products, implementing sustainable practices, and. . .
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