Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Spectranet and Nokia to provide 100+ Mbps ultra broadband services with FTTH to home and business users in Nigeria

Nokia GPON solution helps Spectranet better serve its customers by adding FTTH services to its current portfolio of...

Midea Showrooms And Stores In Nigeria

If you’ve been wondering where Midea showroom and stores are in Nigeria below is a list of Showrooms and...
- Advertisement -
  • Company sees revenue growing to $111 million in five years
  •  Suntory expands after buying soft-drinks brands from Glaxo
- Advertisement -

Suntory Beverage & Food Ltd.’s Nigerian unit is seeking to double sales over the next five years by adding products and widening distribution in Africa’s most populous country.

The drinks maker aims to increase sales to 40 billion naira ($111 million) from about 20 billion naira, Managing Director Chinedum Okereke said in a Monday interview in Lagos, Nigeria’s commercial hub. That will increase the unit’s contribution to its Japanese parent’s revenue in Africa, the Middle East, and the Caribbean to as much as 65 percent, he said.

“We have made a lot of investments in what we call in-store visibility,” he said, adding that he wants consumers to see the company’s drinks in both open markets and new shopping malls.

Read:  GE Launches GE Invent Program, An Online Skills Training Program for Entrepreneurs in Lagos, Nigeria

The West African nation is showing signs of recovery after lower oil prices caused the economy to contract in 2016. Suntory, which bought the local rights to manufacture and distribute Lucozade and Ribena from GlaxoSmithKline Consumer Nigeria Plc in 2016, was able to ride out the slump and is now preparing for growth, the executive said.

Suntory Nigeria launched Boost Sachet, a Lucozade brand aimed at those on lower incomes, last year and plans to import new soft drinks, juices, and flavored and vitamin-fortified water brands in the longer term to boost sales, according to Okereke. The idea is that “in almost every shop, in every neighborhood, you see Lucozade and Ribena,” he said.

Read:  Lucozade offers N200m airtime
Read:  Mirinda, Lucozade Unsafe For Consumption

The company sees sales growing at a double-digit percentage in 2018 after rising by “higher single digits” over the last two years, the MD said. Nigeria’s population of about 200 million, with an emerging middle class, is sufficient motivation for Suntory to invest, he said.

The company is looking to export products to West African countries, beginning with Ghana, according to Okereke. “We have a plan, a very aggressive growth agenda,” he said.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Challenges Facing Financial Inclusion In Nigeria

Financial inclusion is a term used to describe a population’s reasonable access to affordable financial services. Financial services in this...

The State of Financial Services in Sub-Saharan Africa: How Youth in Six African Nations Spend, Save, And Invest – Report

Since the reformation of financial sectors throughout Africa in the 1990s, there has been a focus on economic development in sub-Saharan Africa through the...

Coca-Cola HBC AG Q3 2019 Trading Update – Solid Quarter Despite Adverse Weather Conditions

Coca-Cola HBC AG, a leading bottler of the brands of The Coca-Cola Company, today announces its 2019 Q3 trading update. Third-quarter highlights Solid performance in a...

Income And Wealth Not The Driver For Prosperity In High-Growth Markets, Finds New Global Study

Three-quarters of people with a below-average income for their country report feeling prosperous; Six in ten people across high-growth markets say access to financial...

More Articles Like This