IT’S STILL A WIN-WIN FOR FOOD&BEV.EVEN THE KOKO MASTER TESTIFY!
Investment locally by forward looking processing and manufacturing consumer goods, Creative entrepreneurs will emerge out of the need to create alternative to the expensive products. Organisations like the Chi group, Olam group and Infinity snacks who have had hindsight of the Nigeria Market have continuously invest and are prepared for the emerging market. While a lot of organizations are still following negative overblown new stories therefore loosing opportunities others have taken the giant step. A case study of Perfetti Ver Melle an Italian company one of the world’s largest manufacturers and distributors of confectionery and chewing gum, in the sweet and chewing gum sector is one great story. They started out importing through a distribution company today they are manufacturing in Nigeria in less than five years.
A positive performance is predicted for the packaged food market in Nigeria over the forecast period although growth will be weaker than previously predicted due to the weakened economy. The economy should recover eventually from the effects of lower government revenue, with reforms put in place by the current government likely to yield results in the long run in terms of improved infrastructure. The increasing sophistication of Nigerian consumers and improving product quality will also be growth drivers over the forecast period. Food items that are fast and convenient, such as pasta and noodles, will continue to experience dynamic growth in Nigeria.
There is the need for the Nigerian producers, Manufacturers and Marketers to come showcase their product at the Lagos International Food and Beverage Fair come june. I will expect foreign organisation coming to showcase their product and have a feel of the Naija (slogan for Nigeria) market. savor the flavour of the people, have a direct feel of what the food and beverage business terrain is about then make a business decision to either invest directly or as partners.
One of Nigeria’s foremost musician and Nigeria’s first exported artiste knew music pays, only for a while food business is big business so investing in Koko Garri would probably be one of his wisest decision….www.lifbf.com