FoodCo ranked second fastest growing retail company in Africa by Financial Times
Omnichannel retailer, FoodCo Nigeria Limited, has been listed as one of Africa’s fastest growing companies in the FT Annual Africa Fastest-Growing Companies’ inaugural 2022 rankings.
According to the list compiled by global financial intelligence outlet, the Financial Times, in conjunction with consumer market and data specialists, Statista, FoodCo is the second fastest growing retail company in Africa. .
FoodCo is also the only company operating in Nigeria’s organized retail sector mentioned on the list.
In his reaction, Ade Sun-Basorun, CEO of FoodCo, described the recognition as a victory for company staff, key stakeholders and the growing modern retail sector in Nigeria.
Sun-Basorun said, “We are both delighted and honored by this recognition from the Financial Times. As a proudly Nigerian brand with a rich heritage dating back 40 years, we are delighted to have been able to build a sustainable business through the support and loyalty of our stakeholders including our staff, customers, investors and communities. reception. 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 to the growth of the modern retail sector in Nigeria to make it fit for purpose and adaptable to the needs of the today’s increasingly sophisticated consumer. Accordingly, this recognition is a timely reminder that even though modern retail is on a lower scale in Nigeria, it still has a key role to play in the evolving matrix of the continent’s consumer goods and retail ecosystem.
Founded in 1982 as a fresh produce 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 in South West Nigeria outside of Lagos with 15 outlets spread across Oyo, Lagos and Ogun states.
FoodCo has been named Retailer of the Year for two consecutive years at the BusinessDay Nigerian Business Leadership Awards (2020 and 2021).
It also won Retailer of the Year 2020 at the Marketing Edge Brands And Advertising Excellence Awards. The company ranks among the top 5 supermarket chain brands in Nigeria.