Nestlé CEO lauds China's pro-consumption plan as "best news" for consumer goods industry

Nestlé CEO Laurent Freixe praised China's new consumption-boosting action plan as "the best news for the consumer goods industry" and see China as "a prime location" for initating innovation. 

The plan was issued last week by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, aiming to vigorously boost consumption, stimulate domestic demand across the board, and increase spending power by raising earnings and reducing financial burdens.

It is the latest effort by the world's second-largest economy to make domestic demand the main engine and anchor of economic growth.

During an exclusive interview with China Global Television Network (CGTN) on the sidelines of China Development Forum 2025, Freixe said China's consumption-boosting action plan presents a significant opportunity for the consumer goods industry, especially for Nestlé as a market leader. 

"I think it is great news for the industry. China is a huge consumer market and has a lot of potential supporting consumption. Certainly the best news for the consumer goods industry. We are the leaders in this industry. So we will take advantage of that great opportunity that the government package will be offering to our industry," said Freixe.

Nestlé, the Swiss food giant, has been present in China for nearly 40 years. China currently stands as Nestlé's second-largest market globally, generating over 40 billion yuan in annual revenue.

Since 2020, the company's new investment in the Chinese market has exceeded 2 billion yuan and it plans to further increase investment in pet food, coffee, and infant formula.

Freixe underscored China's dynamic consumer landscape and its openness to innovation.

"So exciting about China, the size of the consumer market, the fact that the consumer is very open to innovation, new flavors, new products. So that's exciting. But it's also demanding because we have to move at the pace of the Chinese consumer. We see China as a prime location for developing new products, new services and taking advantage end to end, from farm to fork, of AI technology," he said.

Nestlé CEO lauds China's pro-consumption plan as "best news" for consumer goods industry

Nigeria's fuel market is undergoing a rare shake-up as competition pushes prices lower, bringing relief to local consumers while raising concerns over business durability.

In the capital city of Abuja, the state oil firm Nigerian National Petroleum Company (NNPC) has been selling petrol at about 815 naira per liter (about 0.57 U.S. dollars per liter), down from about 0.66 U.S. dollars per liter earlier in 2026. Other stations supplied by private giant Dangote are offering even lower prices, selling at around 750 naira (about 0.53 U.S. dollars) per liter.

For millions of Nigerians, the drop has been easing pressure on transport, food and daily living costs.

"I spend relatively lower on fuel and, by implication, transportation now than what it used to be," said Salifu Usman, a local resident in Abuja.

"We are happy with what we are seeing, because, of course, for a very long time, we are witnessing the crash down of price, even during festive period," said Jonathan Madaki, another resident.

The price cut has also allowed for higher profit margins for local small business operators, who have long relied on petrol-powered generators to cope with chronic power shortages.

Behind the price cuts is a growing battle for market share. The Nigeria-based Dangote Refinery, the largest in Africa, has boosted domestic supply and slashed its wholesale price to around 700 naira (about 0.49 U.S. dollars) per liter.

The move has forced importers and the state oil company to lower their own prices to stay competitive. But as margins shrink, analysts warn, what now appears to be a price war may not last.

"My own interpretation is that we are going to that stage where, especially those that, if it keeps coming down, I think those that bring in products may find it not so attractive again. So I don't actually see how sustainable this price war, if I may use that term, will be," said energy expert Paul Ogwu.

Nigeria petrol price cuts ease living costs, raise durability concerns