FoodCo Nigeria Limited, a leading omni-channel retailer, has been named one of Africa’s fastest growing companies in the inaugural FT Annual Africa Fastest Growing Companies ranking for 2022.
FoodCo is Africa’s second fastest growing retail company, according to a list compiled by global financial intelligence media, Financial Times, in collaboration with consumer market and data specialists, Statista. FoodCo is also the only company on the list that operates in Nigeria’s organized retail sector.
Ade Sun-Basorun, Chief Executive Officer of FoodCo, described the award as a victory for the company’s employees, key stakeholders, and Nigeria’s growing modern retail sector.
“We are both excited and honored by this recognition from the Financial Times,” he said. As a proudly Nigerian brand with a rich heritage dating back 40 years, we are overjoyed to have been able to build a sustainable business with the help and loyalty of our stakeholders, which include our employees, customers, investors, and host communities. We are truly grateful for their years of support.”
“We have been passionate about contributing our quota to growing the modern retail sector in Nigeria to make it fit for purpose and adaptable to the needs of today’s increasingly sophisticated consumer.” As a result, this recognition serves as a timely reminder that, while modern retail is small in Nigeria, it is still important.
FoodCo began as a fresh fruits and vegetables store in 1982 and has since evolved into a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing, and entertainment. With 15 locations in Oyo, Lagos, and Ogun States, the company currently operates the largest supermarket chain brand in South-West Nigeria outside of Lagos.
FoodCo was named Retailer of the Year for the second year in a row at the BusinessDay Nigerian Business Leadership Awards (2020 and 2021). It also won the Marketing Edge Brands And Advertising Excellence Awards for 2020 Retailer of the Year. In Nigeria, the company is ranked among the top five supermarket chain brands.
