BusinessDay

FoodCo listed as Africa’s second fastest growing retail company by Financial Times

Omni-channel retailer, FoodCo Nigeria Limited, has been listed as one of Africa’s fastest-growing companies in the 2022 inaugural FT Annual Africa Fastest-Growing Companies ranking.

According to the list compiled by global financial intelligence media, Financial Times, in collaboration with the consumer market and data specialists, Statista, FoodCo is Africa’s second fastest growing retail company.

FoodCo is also the only company operating within Nigeria’s organized retail sector mentioned on the list.

In his reaction, Ade Sun-Basorun, chief executive officer of FoodCo, described the recognition as a win for the company’s staff, key stakeholders and Nigeria’s growing modern retail sector.

Sun-Basorun said: “We are both excited and honoured at this recognition from the Financial Times. As a proudly Nigerian brand with a rich heritage stretching back 40 years, we are elated to have been able to build a sustainable business through the support and loyalty of our stakeholders including our staff, customers, investors and host communities. We are truly grateful for their support over the years.”

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“Beyond building a sustainable business, we have also been passionate about contributing our quota towards growing the modern retail sector in Nigeria to make it fit for purpose and adaptable to the needs of today’s increasingly sophisticated consumer. Accordingly, this recognition is a timely reminder that even though modern retail is sub scale in Nigeria, it still has a key role to play in the evolving matrix of the continent’s consumer goods and retail ecosystem.”

Established in 1982 as a fresh fruits and vegetables store, FoodCo has evolved over the years into a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing and entertainment.

The company currently operates the largest supermarket chain brand in South-West Nigeria outside Lagos with 15 outlets spread across Oyo, Lagos and Ogun States.

FoodCo was adjudged the Retailer of the Year for two consecutive years at the BusinessDay Nigerian Business Leadership Awards (2020 and 2021).

It also won the award for 2020 Retailer of the Year at the Marketing Edge Brands And Advertising Excellence Awards. The company ranks among the Top 5 supermarket chain brands in Nigeria.

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