Stakeholders in Africa’s retail industry have been advised to prioritise digitisation, skills development, and policy advocacy. These are seen as key enablers of sustainable growth in the sector.
Ade Sun-Basorun, Chief Executive Officer of FoodCo Nigeria, gave the charge during a courtesy visit by a delegation from the Africa Retail Academy (ARA) to FoodCo’s head office in Ibadan. He was represented by the company’s Chief Commercial Officer, Funmi Aiyepeku. Sun-Basorun said technology and innovation remain critical to scaling formal retail across the continent.
“While modern retail is undergoing different stages of evolution across Africa, what we can all agree on is that there are huge opportunities to scale the sector,” Sun-Basorun said. “If critical players can leverage technology, innovation, and local intelligence to bridge existing gaps, we will begin to see the formal retail sector unlock its full potential and make meaningful contributions to the economy.”
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He reaffirmed FoodCo’s commitment to deepening collaboration with ARA. He said this would focus on talent acquisition, capacity building, and advocacy.
Also speaking, Professor Uchenna Nzegwu, Head of Marketing at the Lagos Business School and Chairman of the 2026 ARA Congress, commended FoodCo for its four decades of contribution to Nigeria’s retail industry. He praised the company’s efforts in promoting gender inclusivity, innovation, and customer service excellence. He also called for stronger collaboration among stakeholders to make Africa’s retail sector globally competitive.
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FoodCo was founded in 1982. It is a diversified consumer goods company with interests in retail, restaurants, manufacturing, and entertainment. The company operates 23 outlets across Ibadan, Lagos, and Abeokuta and employs over 1,200 people. It has also been recognised by the Financial Times as one of Africa’s fastest-growing companies in 2021, 2023, and 2024.
The Africa Retail Academy, an initiative of the Lagos Business School, is the continent’s largest community of retail practitioners. It also hosts the annual Africa Retail Congress, which attracts more than 5,000 operators, investors, and academics.