• Thursday, October 31, 2024
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BusinessDay

Ghana’s bitters firm seeks revenue growth in Nigeria

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Another bitters beverage product from Ghana, Agya Appiah, has found Nigeria’s big market and Africa’s largest economy a fertile ground for expansion and revenue growth, as the product was last weekend officially introduced to consumers.

Already, Alomo Bitters, from Ghana’s Kasapreko Company, has been in Nigeria since 2011. Nigeria’s bitters market is valued at about N33 billion ($165m) while Ghana’s bitters market value is put at $30 million.

The Nigerian market is very critical in Africa and hard to ignore, the managers of Agya Appiah bitters told BusinessDay in Lagos, saying “that is why we took the bold decision to enter the market.” The recent rebasing put Nigerian economy at $510 billion, the biggest in Africa with highest population of about 170 million.

Agya Appiah, according to the managers, contains 13 different African herbs, is entering at a time the Nigerian bitters market is experiencing growth with more players investing in the industry.

The acting CEO of Agya Appiah Bitters Limited Ghana, Andrew Akolaao, said “the objective of playing in the Nigerian market is to grow its market, satisfy consumers who are desirous of bitters with pure extract of African herbs and create economic opportunity in Nigeria.

“We are conscious of the proliferation of bitters drink in Nigeria as we are determined to stand out.”

The product, which has been approved by Nigerian NAFDAC, simply contains herbs extracts and ethanol developed in association with Centre for Scientific Research, Ghana, he said.

The product goes through several checks before it would be released into the market, Akolaa said, saying “our interest is equally to look after the health aspect of the consumer.”

In attempt to penetrate the Nigerian market fast, he said the company had engaged distributors and designed an elaborate marketing plan in addition to signing on bloggers for the product promotions.

Akolaa, who emphasised the relationship between Ghana and Nigeria, was particularly happy on the peaceful elections in Nigeria recently; a development he said would open the market for more products. He was also confident of the market acceptability of Agya Appiah as it will meet consumers taste.

 

Daniel Obi

 

Nigeria's leading finance and market intelligence news report. Also home to expert opinion and commentary on politics, sports, lifestyle, and more

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