FoodCo Ranked Top Retailer In 2023 Financial Times’ Fastest Growing African Companies

Leading consumer goods company and omni channel retailer, FoodCo Nigeria, has been listed among Africa’s Fastest Growing Companies for the second year running.

The annual listing, which is compiled by global business reporting newspaper, Financial Times (FT), in collaboration with statistics and consumer insights platform, Statista, ranked FoodCo 39th out of the 100 fastest growing companies in the continent.

According to a statement by Financial Times, the companies were ranked according to their Compound Annual Growth Rate (CAGR) between 2018 and 2021. FoodCo was the only modern retail player among the 26 Nigerian companies featured.

Speaking on the listing, Ade Sun-Basorun, Chief Executive Officer, FoodCo, thanked the Financial Times for the recognition. He also expressed appreciation to FoodCo staff and customers for their support in helping the company actualise its potentials.

He said: “We are elated at this recognition from Financial Times, more so as it is our second consecutive year on the list. For us, times like these call for sober reflection given our humble beginning as a small corner shop to where we are today as a Top 5 retailer in Nigeria.

“The FoodCo journey has always been marked by a passion for what we do, commitment to our stakeholders, and a firm dedication to nurturing the growth potentials of the Nigerian retail sector. We are grateful to all our staff for their hard work towards making us the fastest growing retail company in Nigeria. We are also thankful for the loyalty of our customers who have kept faith with the FoodCo brand for all of our 41 years. We pledge to continue to do our best to live up to the trust conferred on us.”

FoodCo is a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing and entertainment. Established in 1982, the company currently boasts 19 stores spread across Lagos, Oyo and Ogun states with over 900 staff.

FoodCo operates the largest supermarket chain brand in South-West Nigeria, outside Lagos, and is ranked among the Top 5 supermarket chain brands in the country. It is currently one of only two omni channel retailers in the country and has become a key access to market channel for small scale and cottage industries in South-West Nigeria