• Monday, May 27, 2024
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Operators seek ways to improve Nigeria’s coffee, tea market

Operators seek ways to improve Nigeria’s coffee, tea market

Stakeholders in the Nigerian coffee and tea market are set to shine a spotlight on the transformative potential of circular economy practices in the sector.

The West African Specialty Coffee Association (WASCA) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture have collaborated to host an event next month aimed at exploring the circular economy and regenerative coffee and tea agriculture.

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“The expo will shine a spotlight on the transformative potential of circular economy practices in the coffee and tea sector. This year, we wanted to celebrate the incredible heritage of West African tea, an often-underappreciated aspect of our industry,” Larry Segun-Lean, president of WASCA, said.

According to Segun-Lean, circular economy principles will promote resource efficiency, waste reduction, and sustainable sourcing.

“This approach can lead to cost savings, environmental conservation, and enhanced product quality. International guest speakers will share their expertise and insights on how circular economy practices can reshape the industry’s landscape,” Segun-Lean said.

The expo will feature international guest speakers, interactive workshops, tasting experiences, networking opportunities, and a marketplace showcasing innovative products and solutions aligned with circular economy and regenerative practices.

According to a report by Fitch Solutions, consumer coffee spending in Nigeria is expected to reach $286.8 million in 2023, making it one of the top five coffee markets to watch.

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It said consumer spending via retail on coffee in Nigeria is forecasted to increase by an annual average of 9.3 percent over the medium term with spending levels increasing from $1 on average per capita in 2019 to $1.3 in 2023.

“Consumer interest in coffee is emerging, but non-alcoholic beverage preferences in Nigeria remain orientated towards carbonated drinks, fruit and vegetable juices, tea and hot chocolate,” the report added.