The COVID-19 pandemic posed a significant threat to the operations and profitability of the QSR industry in 2020, both globally and in Nigeria. QSR operators in Nigeria were also faced with additional threats from the frail macroeconomic environment. In 2020, Nigeria had two successive currency devaluations in March and July bringing the official rate to ₦380/US$ from ₦306/US$. This was followed by restriction of access to foreign exchange from the official windows for food imports, thus, forcing operators to source foreign exchange from the parallel market which sold between ₦460 – ₦480/US$. We estimate the QSR industry’s revenue grew by a meagre 2% to about ₦281 billion in 2020.This report provides useful insights on various aspects of the QSR industry.
Key benefits of the report include: