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No More Debate: Nigeria Tops South Africa as Africa’s Biggest Economy

Nigeria powers ahead as being the largest economy in Africa. As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy.

The debate between the two largest economies in Africa, South Africa and Nigeria, has finally been settled.

Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation.

But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops.

Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth.

GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used.

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Source: Business Day, March 2020

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Concerns rise over annual importation of 700,000mt of sugar into Nigeria

The Federal Government has raised concern over the annual importation of about 700,000 metric tonnes (MT) of sugar into the country despite the abundance of the resource locally. 

The Minister Trade and Investment, Adeniyi Adebayo, who was on a facility tour of the Flour Mills Nigeria Plc Sunti Golden Sugar Estates, in Mokwa, Niger State, stressed the government’s readiness to support the private sector in ensuring Nigeria achieved self-sufficiency in sugar production.

The move comes against the backdrop of the implementation of the Nigeria Sugar Master Plan, aimed at attracting over $1 billion annually in local and foreign direct investments, and creating an estimated 107,000 jobs over the first 10-year period.

The Minister said efforts by the private sector to boost sugar production would go a long way in reducing the level of unemployment, saying: “Nigeria is working towards being self-sufficient in sugar, we have been able to do it in cement, and we are trying to do it in sugar.

“As time goes on, we will not import sugar anymore; we will produce more than enough for our use and possibly export. We also want to take advantage of the Africa Developmental Free Trade Area Agreement, so that we can export to other African countries,” Adebayo said.

However the Chairman Suntai Golden Sugar Estates, John Coumantaros, disclosed that it has invested about N64billion into production in the country, and still intends to invest an additional N34billion in infrastructural development for the host community and the factory.

He disclosed that Nigeria consumes about 1.3million MT, while the Suntai and Savanah Farms produce about 600,000MT, meaning, the country imports 700,000MT of sugar annually.

The Chairman disclosed that added that the company plans to engage over 60,000 Nigerians in direct and indirect employment over the next 10 years, adding that “with about 17,000 hectares of land they would be producing about 100,000-150,000MT of sugar when the land is fully developed, we currently produce for the local market.”

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Source: The Guardian, January 2020

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Anticipation builds ahead of Lagos’ new international food and drinks trade show

Food and Beverage West Africa is expecting more than 5,000 visitors for 150 exhibitors

Food and Beverage West Africa, a new international food and drinks trade exhibition in Lagos, Nigeria, will create new opportunities for local businesses.

Food & Beverage Shows and Exhibitions Lagos, Nigeria , West Africa
Owners and people working across the food retail, distribution, catering and hospitality sectors can meet with representatives from more than 150 exhibitor companies from 20 countries at the show which opens its doors from June 18th to 20th 2019. With free admission, more than 5,000 visitors are expected to attend the three-day event at the Landmark Centre on Victoria Island.

Nigerian businesses are well represented, accounting for a third of exhibitors! Food and beverage businesses from Benin, Morocco, South Africa and Kenya are also participating. Additionally, there will be national pavilions for Egypt, Denmark, India, Pakistan, Turkey, Indonesia, and Sri Lanka, with exhibitors also travelling from as far away as New Zealand, China, the Philippines, the Middle East, and from across Europe.

The exhibition organisers is the team from BtoB Events, who had a great success with the launch of the Beauty West Africa exhibition last November. Later on this year, they are also launching the West Africa Automotive Show which is also in Lagos. BtoB Events’ Managing Director Jamie Hill remark: “Food and Beverage West Africa is the premier exhibition dedicated to West Africa’s food and beverage industry. “The exhibition will bring a host of guests and exhibitors from around the world together under one roof, to celebrate and explore future opportunities within the Food & Beverage industry. Guests can discuss opportunities face to face and start to build those all-important business relationships for future success.” Mr Hill wants to emphasise the importance of the role of local and regional businesses, with a dedicated SME Zone showcasing Nigerian small and medium enterprises (SMEs). “This will enable local SMEs to benefit from this annual platform and showcase what they have to offer alongside the local and international power houses across the sector,” says Mr Hill. “By offering local SME’s the opportunity to participate we hope to facilitate their growth in the market and work towards the long-term goal of increasing local production and exports from Nigeria across the region.”

Attendees will also have an opportunity to find out more about trade associations such as REFSPAN (Restaurant and Food Services Proprietors Association of Nigeria) and NASON (the National Association of Supermarket Owners of Nigeria) who are partners for the show. REFSPAN, which until recently has been known as AFFCON, changed its name to reflect its expanding membership from the fast food sector to restaurants in general and food service companies. Members include businesses such as Sweet Sensation, Mama Cass, and Chicken Republic, and it is offering free application forms to visitors to the exhibition.


Several other trader associations are also partnering the event: Eziukwu Road Traders Association, Onitsha Main Markets Traders Union (OMMATU), Ogbaru Main Market Traders Association (OMMTA) Onitsha, Balogun Business Association Nigeria, Oke-Arin Trades’ Association, Lagos, and the Association of Food Vendors in Nigeria (AFVN).
The event’s gold sponsors are Just Foods, West Africa’s leading provider of quality, global food equipment brand, and NASCO, an export and wholesale company based in the UK. Nigeria’s largest hypermarket business, SPAR, is the retail partner.

AgroNigeria is a media partner for the show. Its Executive Director Mrs Idongesit Mbaram described the importance of the event: “There has been a lot of concentration on the agricultural sector by the Federal Government and this concentration is cutting across every value chain in the agricultural sector. So definitely, food and beverage retailing is not the way it was five years ago. More investors and brands are coming up, thereby resulting in keen competition and where there is competition, innovation thrives.” The online community inspiring and motivating food entrepreneurs, FoodPrenuers Hub, has endorsed the show. Olushola Oladejo said: “We are supporting FAB West Africa because it is giving food entrepreneurs like us, a great opportunity to showcase our businesses to the world at the same time partner with international businesses. “The retailing sector in Nigeria is growing fast, due to Nigeria’s rapid urban developments and the country’s fast-growing middle class. This is a huge opportunity for retailers. Supermarkets are also increasing in their numbers across the country.”

While the show is fast approaching maximum capacity, BtoB Events is still inviting applications from exhibitors and potential sponsors who can find out more about the show on the FAB website, https://fab-westafrica.com/ or by contacting Mr Hill on Jamie.Hill@btob-events.com.

Anyone connected with the food and beverage industry, be that retailers, restaurateurs, bar owners, distributors, import/export businesses or regulatory can attend the show free of charge. Due to the anticipated level of interest, the show organisers are encouraging visitors to pre-register online for free at http://fab-westafrica.com/pre-registertoday-online/.

Alternatively, WhatsApp ‘PRESS’ to +2348183818456.

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Food & Beverage West Africa will showcase opportunities in Nigeria

Innovative Food & Drinks Trade Show gets huge local and international endorsement

More than 150 food and drink businesses, both local and international, are set to take part in a new trade show in Lagos, Nigeria. 

Food and Beverage West Africa (FAB) launches on Jun 18th-20th at the Landmark Centre, Victoria Island.

The show has secured the backing of many businesses and trade associations which recognise the significant opportunities the show will bring to food and drink retailers, restaurant owners and food distributors in Nigeria and West Africa. Such is the interest, more than 5,000 visitors from the F&B industry are expected to attend the free to-attend three-day event.

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