The Minister, Industry Trade and Investment Doris Uzoka Anite yesterday disclosed that Africa is the fastest growing consumer market globally, with over 1.2 billion consumers, which is projected to reach 1.7 billion by 2030.
However, she noted that consumer expenditure in Africa peaked at $1.4 trillion in 2015, growing at a compound annual rate of 3.9 per cent since 2010, and is predicted to hit $ 2.1 trillion by 2025 and $2.5 trillion by 2030.
The minister disclosed this at the 2024 celebration of the 11th African Day of Standardization in Abuja, with the theme: “Empowering Consumers Through Standardization to Achieve Their Rights to Safe Quality Goods and Services.”
She applauded the Standard Organization of Nigeria (SON) and the African Organisation for Standardization (ARSO) for their visionary decision to set aside the day dedicated to raise national awareness of its shared obligations in the field of standardization.
