• Saturday, December 09, 2023
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DP World accelerates Africa coverage as Imperial acquires stake in Nigeria’s AFMCG

DP World accelerates Africa coverage as Imperial acquires stake in Nigeria’s AFMCG

DP World-owned Imperial has acquired a controlling stake in Africa FMCG Distribution in Nigeria, part of the Chanrai Group of Companies.

AFMCG represents multinational fast-moving consumer goods (FMCG) companies and their brands and distributes various products across the African continent. The company’s Dubai media office said in a statement on Tuesday that it also offers co-manufacturing, co-packing, sourcing, and value-added services in the FMCG industry.

According to Ahmed Bin Sulayem, DP world’s group chairman and CEO, the deal supports the company’s goal of being the premier market access and logistics partner in Africa.

“AFMCG boasts unmatched route-to-market solutions in Nigeria and also offers strategic value to DP World from a supply chain and fintech perspective, in line with our strategic objective of leveraging assets and logistics to create an integrated global supply chain – from factory floor to customer door,” Sulayem stated.

Read also: How higher raw material costs hit Nigeria’s biggest consumer goods firms

According to Mohammed Akoojee, chief operating officer of DP World Logistics and Group CEO at Imperial, Nigeria is one of the major economies on the African continent, and it has the scales to be leveraged.

“Being one of the largest economies on the African continent, with attractive demographic and macroeconomic fundamentals, Nigeria boasts a significant consumer market and AFMCG presents an ideal opportunity with the necessary scale for us to leverage to sell truly pan-African solutions to our principals and clients,” Akoojee said.

Leveraging its business legacy built through the Chanrai Group of Companies for over 130 years, AFMCG has developed longstanding relationships with multinational FMCG companies, established itself as a leading player in the Nigerian consumer market, and demonstrated good corporate citizenship through its broad-based social impact initiatives.