February 21, 2018

Nigerian Food Industry Worth over 1trillion Naira – Report

Nigerian Food Industry Worth over 1trillion Naira – Report

The Association of Fast Food and Confectioners of Nigerian (AFFCON), an umbrella body of Quick Service Restaurants (QSR) has revealed that the Nigerian food industry is estimated to be worth over a trillion Naira, with the Fast Food segment gulping over N250 billion, and this number is still expected to rise in the future.

Euromonitor, a leading research firm also stated that the Nigerian food industry is one of the best-performing industries in country despite the economy downturn and huge decline in consumer spending power over the years. The industry has grown so well and consumers are still making the switch from unpackaged and unbranded products to packaged products as they become more aware.

They further revealed that apart from providing aesthetic appeal, the packaging of food products also has a protective role to play. This was revealed at a stakeholder’s forum held at the La Casera factory this week. Read more

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