Successfully received positive feedback from the exhibitors
Over 10 exhibitors from around the country participated in LFBF 2013. These companies include HONEYWELL, DANSA FOODS, TAFSAN BEVERAGES, IDEES STEW MIX, CADBURY NIGERIA PLC, GRAND CEREAL and Lagos State Commercial Agriculture Development Project, 20 booths were occupied.
Since 2012, lifbf has grown from 12 exhibitors to 30 exhibitors from the country. Trade visitors for 2000 to 20,000.
Over 15 million sales was generated during the 4 day event.
FACTS & FIGURES
- The Nigeria food industry caters to a population predicted to grow from its 2013 level of 173million to 239million in the next 10 years
- The Central Bank of Nigeria (CBN) reported Nigeria already spent USD$1billion on food imports between January & May 2015
- The fast food industry generated USD$1.2 billion in 2014 (growing 15%) with new restaurants and retail outlets meeting the demand of the growing middle-class
- 42 ongoing hotel projects in Lagos that will need kitchen equipment.
- Vegetable oil/fat, dairy, baked goods, cereal, and chilled foods are the key product categories in the food sector, a fast-growing trend amongst Nigeria’s emerging middle class is processed food
- Dairy is the second-largest segment in Nigeria’s food and beverage industry, has been posting an 8% CAGR over the last three years generating $2.02 billion (N347 billion) in revenue in 2013
- There is a strong need for sustainable supply chains to counteract the huge volume of waste (40-60% of fruits and vegetables produced are wasted through supply chain, refrigeration, processing and distribution issues).
- 3 major supermarket chains have all announced significant expansion plans across Africa’s largest economy with DIA joining Shoprite and Walmart in a race for market share.