The CEO-designate of FoodCo Nigeria Limited, one of the leading super market chains in the Southwestern part of Nigeria, Ade Sun-Basorun, has charged consumer retail operators in Nigeria to take advantage of their knowledge of local business environment to reposition themselves for better performance and growth.
Sun-Basorun, who is the co-author of the article: “Africa’s Growing Giant: Nigeria’s New Retail Economy-” gave this charge during a media parley with journalists, adding that opportunities for growth still abound in the country despite the challenges facing the economy.
According to him, Food and Consumer Goods sector is projected to generate $40 billion in revenue by 2020. He, however, lamented that the organized retail sub-sector currently accounts for less than 20 percent of the total ecosystem, saying that the figure is grossly inadequate for the country’s growing middle-class and fast expanding urban population.
He maintained that integrating digitization into the core fabric of business operations would accelerate profitable growth for local operators in the space.