The Worldwide Brewing Alliance’s new report on the global economic impact of the beer sector has shown that the sector contributed $2.2bn to the Nigerian economy in 2019.
 
During a webinar, the Worldwide Brewing Alliance said the report, which was produced by Oxford Economics, showed the impact of the sector on different economies.
 
According to the report, the global beer sector contributes to Nigeria’s economy through its domestic and international operations, as well as the worldwide supply chain…
 
More details through:
https://punchng.com/beer-sector-contributes-2-2bn-to-nigerian-economy-report/
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Nigeria is the second largest investor in food and packaging technology in Africa with 390 million Euro, according to the Germany Machinery Association.
 
Managing Director, Fairtrade Messe, Mr Paul Maerz who stated this at a virtual event, noted that   the country’s food production has also grown by 41 per cent from 26 billion euro in 2016 to 36 billion euro in 2020 and expected to rise by 48 per cent by 2024, quoting  Euro Monitor.
 
He said: “With 390 million euro in 2020, Nigeria is the second largest investor in food and packaging technology in Africa, just behind Egypt, but well ahead of South Africa, Algeria, Morocco and other African countries…
 
More details through:
https://thenationonlineng.net/nigerias-investments-in-food-packaging-tech-hits-euro-390m/
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The plant protein market in Nigeria is surging significantly and has recorded a strong growth with a compound annual growth rate CAGR of 32.0 per cent during 2018 to 2020. According to a Consumer- Intel360’s Q4’20 Global Plant Protein Survey, Nigeria is witnessing a growing demand for plant-based protein diets, driven by the flexitarian consumer and the growing vegetarian (vegan) community. Plant protein industry is expected to continue to grow in Nigeria over the forecast period. It is expected to record a CAGR of 23.7 per cent during 2021 to 2027. The plant protein consumption in the country will increase from $45.8 million in 2020 to reach $211.8 million by 2027.
 
This shift from animal-based protein to plant-based protein is driven by the adoption of healthier food choices, availability of alternatives to animal proteinbased diets, sustainability and environmental concerns. Moreover, COVID-19 has reinforced the demand for plantbased products, especially plantbased meats, thereby inducing competition in the market. This business intelligence report from ConsumerIntel360 aims to analyze market opportunities and risks in plant protein industry in Nigeria…
 
More details through:
https://www.newtelegraphng.com/nigerias-plant-protein-market-to-hit-211-8mn-by-2027-report/
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In line with its commitment to give utmost priority to import substitution and grow the country’s agricultural sector value chain, Nigerian Breweries (NB) Plc, the foremost brewing company in Nigeria, has invested about $188 million (N78 billion) in sorghum and cassava cultivation over the last five years. Managing Director, NB, Mr. Hans Essaadi, disclosed this in Lagos recently as part of the activities in commemoration of the company’s 75th anniversary. Essaadi noted that this year alone, the company had spent a total of N20 billion on the sorghum value chain appropriated through direct purchase from commercial and smallholder farmers. He revealed that this considerable investment was necessitated by the increased demand for locally grown sorghum, stating that the company’s current sorghum requirement stands at 120,000 tonnes per annum.
 
“In the last five years, we have invested a total of about $188 million (N78 billion) in investigating and cultivating locally sourced raw materials with success obtained in sorghum, sorghum maltose syrup and cassava extracts,” he said. Essaadi stressed that it was gratifying to note that the investments in agribusiness have succeeded in creating economic prosperity for Nigeria, with at least 47,000 jobs created for commercial and smallholder farmers…
 
More details through:
https://www.newtelegraphng.com/nb-invests-n78bn-in-sorghum-cassava-farming/
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The Coca-Cola System in Nigeria, comprising the Nigerian Bottling Company (NBC) Limited and Coca-Cola Nigeria Limited, has pledged to invest $1.37 billion (N560 billion) in Nigeria in the next five years.
 
The brand stated this as it flagged off activities marking its 70th anniversary in Nigeria with key NBC and Coca-Cola Nigeria executives in attendance.
 
The Managing Director (MD) of NBC, Mathieu Seguin, in a chat with newsmen to kick-start activities for the anniversary, said, “As we continue to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate…
 
More details through:
https://dailytrust.com/coca-cola-earmarks-n560bn-for-investment-in-nigeria

Nigeria’s largest Fast-Moving Consumer Goods (FMCGs) companies have seen their profits surge to a five-year high and above pre-pandemic levels in the first half of 2021, a sign that an economic recovery is on for Africa’s biggest economy. Data compiled by BusinessDay show that Nestle Nigeria, Dangote Sugar, Flour Mills, Unilever Nigeria, and Nascon recorded profits above pre-pandemic levels…
 
More details through:
https://businessday.ng/business-economy/article/nigerias-largest-fmcgs-see-profits-surge-to-five-year-high/
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The British Deputy High Commissioner (DHC) in Lagos, Ben Llewellyn-Jones has reiterated that the UK will continue to drive a discussion on Nigeria as a safe  place for investment.
 
He gave the assurance after inaugurating Reckitt – a global leader in hygiene, health and nutrition, sub-Saharan Africa (SSA) Head Office in Lagos.
 
He indicated that UK was strengthening its economic partnerships with Nigeria, as part of a Government drive to ensure the country ‘s growing demand for investment is met by the UK’s expertise and innovation…
 
More details through:
https://thenationonlineng.net/uk-pledges-to-boost-investments-in-nigeria/
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Coca-Cola Co.’s Nigeria unit said it has seen a threefold increase in e-commerce sales this year after virus-induced lockdowns inspired a change in consumer habits in Africa’s most populous country.
 
The U.S. beverage giant saw a sharp rise in online sales of its products after Africa’s largest economy joined the global trend of imposing movement restrictions on people to contain the spread of the virus, according to its chief executive officer.
 
“The first one month of Covid-19 was the pivot point,” for e-commerce penetration in the company, CEO Alfred Olajide said at an interview in Lagos, Nigeria’s commercial hub. “We have more than tripled the e-commerce business that we have in our portfolio,” he said without sharing details as the company isn’t listed in Nigeria…
 
More details through:
https://www.bloomberg.com/news/articles/2021-06-27/coca-cola-nigeria-unit-triples-e-commerce-sales-amid-pandemic

Nigeria’s rapidly growing population is giving life to the baby food market, which has to ensure an estimated 7 million babies born in Nigeria every year are properly fed. Nigeria currently has a population of 211 million, which according to the United Nations is projected to increase by 90 percent to 401 million by 2050…
 
More details through:
https://businessday.ng/business-economy/article/baby-food-market-booms-on-nigerias-growing-population/
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The purchase of alcoholic drinks via e-commerce channels is gaining traction with Nigeria, Africa’s biggest economy, identified among the top five key markets with potential for growth, a new report by Euromonitor International, the world’s leading independent provider of strategic market research shows…
 
More details through:
https://businessday.ng/business-economy/article/nigeria-among-top-5-growth-markets-for-e-commerce-in-alcoholic-drinks/
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