Egbochie: Global Economy on Rebound Despite Ukrainian War

Chief Executive Officer of Fidossi Wines & Spirits, Mr. Fidelis Egbochie, speaks about the global economy and the Nigerian economy, including the wine and spirits segment and the future industry. Chinedu Eze brings the excerpts:

As a strong player in a vital sector, how will you describe the current state of the Nigerian economy?

The Nigerian economy has witnessed its fair share of challenges in the post-lockdown era. These challenges are not peculiar to the country – the US, UK, France, China, South Africa and Ghana are also struggling with various levels of economic challenges. 

The prevailing issues around the economy trickle down to runaway inflation, climate change, scarcity of FX, weakening local currency, widening fiscal challenges and insecurity which the government is strongly tackling 

Kudos to the Federal Government, it has been putting in place policies to address these top issues. With policy consistency, the country should be in a better position in the coming years.

Fidossi wines & spirits brand products are making impressive penetration in the Nigerian market. How will you describe the wine and spirits market in the country? 

Nigeria has the largest population in Africa. The demography of the country presents whooping advantages for businesses. The fairly growing middle class and the emerging young consumers with increasing urbanization keep driving preference for premium wine and spirit brands among the population. There is also an increase in the population of female consumers of these products. In addition to these drivers are lifestyle changes that are akin to what is obtainable in Europe and North America’s thriving markets. Young consumers keep demonstrating strong aspirations and are making consumption choices that reflect their focus.

Large cities such as Abuja, Lagos, and Port Harcourt are massive markets for wine and spirits brands locally. Although beer dominates the alcohol market, wine and spirit brands are fast taking market shares.

What sets Fidossi wines & spirits apart in a hugely competitive market?

Fidossi wines and spirits maintain a sustained commitment to delivering quality, tasty products in the wine and spirits category. We understand the taste palate of the premium consumers in the market segment better than the competition. Our products are sourced from the best vineyards in Italy and a few other European countries. From the vine gate through processing to retail and tables, we pay rapt attention to quality and taste. Our brands comprise Fidossi Spumante Red/White, Fidossi Moscato Rose/White, Festa Red Wines, Mood Luminous Wines, and San-Felice Toscana premium vintage wines, Vecchia Romagna Brandy 1820, Amaro Montenegro Bitters, and Select Aperitif amongst others.

These products can be purchased online and across retail stores such as D’Wine Bank, Pelssy Wine, Bakan Gizo, IC World, and so on. We recently won the West African Brand Excellence Awards and the National Quality Order of Merit Awards for the best wines and spirits distributor in Nigeria. The award recognitions are a validation of our competitive quality focus.

What is your projection for the future of the Nigerian economy?

The disruptive effects of the pandemic and ongoing wars in Ukraine certainly took a toll on the global economy. A rebound is currently underway. Like every other country, the Nigerian economy was hit heavily by those disruptions. Thanks to the cushioning efforts of the Federal Government, global finance agencies and corporate organisations, we are seeing a level of improvement in the economy.  

Meanwhile, the country is undergoing a revolution in its digital economy drive. Structures, systems, and processes are being put in place to fast-track a large-scale evolution of the digital economy.

More, the country especially has an attractive population. This is an investor’s delight. The population as of October 28, 2022, is 217,975,712 according to Worldometer, a digital research agency based in the United States.

With improved market conditions and regulatory regimes, the Nigerian economy will take off strongly in the nearest future. I believe this strongly. 

What is the future of the wine and spirits segments?

Research reports put the estimated value of the spirits market at $2.84 billion. The growth trend in the segment is about 7% year-on-year. The premium spirits segment is seeing an annual growth of about 20%. I expect this trend to continue barring any upset in the global economy in the coming years. The wine market which is valued at around $370 million has been predicted to grow at sic per cent each year by experts. Although accurate local consumption data are hard to come by, it is reported that an estimated 5 million people consume wine in Nigeria. This number is expected to grow as the country navigates the aftereffects of the lockdown periods and other socioeconomic challenges.

Finally, tell us about yourself

I studied Mechanical Engineering at Ambrose Alli University, Ekpoma. My family has a deep root in distributing well-brewed beer and beverages locally as my dad was a channel merchant who served as a major distributor to Guinness Nigeria, Nigeria Breweries Plc, Nigeria Bottling Company (Coca-Cola) and Consolidated Breweries for more than 25 years in the South-South region of Nigeria.

I helped build and managed my father’s business before venturing into the winery business 13 years ago. My exposure at those levels helped prepare me for the success we are recording in the wine and spirit segment. My vision is to deliver world-class wines and spirits sourced from the best vines and brewing houses globally to upscale retail shelves, premium events and households across Nigeria.