Local Food Industry Gets $1m Support Fund to Drive Growth

 Omolabake Fasogbon

Efforts to advance the food industry received a major boost with a $1 Million support fund being set aside for the empowerment of players across food value chain. 

The fund was announced recently in Lagos, on the sidelines of the 2nd Nigeria Food Summit, themed: “Making Nigeria a Global Food Destination.” 

Announcing the fund, Investment Strategist, Kola Oyeneyin, while delivering keynote address at the summit reiterated its purpose to accelerate industry growth, and address the challenge of capital access. 

He said, “The success of any industry is deeply tied to access to capital. The Nigerian food industry is brimming with potential, but we risk stalling its growth without the right funding structures. This fund empowers food entrepreneurs to scale, innovate, and compete globally.”

Convener of the summit, Gbolabo Adebakin, stated that the summit was long overdue, citing slow growth in the industry, and the urgency to position Nigerian cuisine on the global stage. 

“Nigeria’s culinary heritage is one of the richest in the world, yet it remains underrepresented globally. This summit is a call to action for food entrepreneurs, chefs, and policymakers to take ownership of our industry’s growth. We must innovate, collaborate, and harness the full potential of our local flavours and agricultural resources to make Nigeria a true food destination, “he added.

The summit attended by key stakeholders, including chefs, food scientists and entrepreneurs also featured key panel discussions centered on sector’s growth. 

Topics explored by different resource experts included: The Past, The Present, The Future of the Nigerian Food Industry; Launching, Sustaining, and Scaling a Food Business in Nigeria; A Fully Automated Food Industry: The Future is Tech as well as Running a Business in Nigeria: Beyond the Clout.