Modern retail could serve as a critical driver in Nigeria’s push toward a N1 trillion economy, according to Ade Sun-Basorun, chief executive officer of FoodCo Nigeria Limited.
But to come into fruition, stakeholders must take bold, strategic steps to stimulate new growth, boost government revenue, and foster inclusive prosperity, Sun-Basorun said during a media briefing following the release of the Financial Times 2025 Africa’s Fastest Growing Companies list, where FoodCo was named the second fastest growing retailer on the continent.
The ranking, compiled in collaboration with data analytics firm Statista, also placed the company 21st among Nigerian companies and 66th overall across Africa. This marks the third consecutive time FoodCo has made the list, having featured in the 2022 and 2023 editions.
“We are deeply honoured to be recognised for the third time on the Financial Times List of Africa’s Fastest Growing Companies,” Sun-Basorun said.
“This long-running achievement is a testament to the dedication and hard work of the entire FoodCo team whose commitment has been central to our continued growth. We are also immensely grateful to our loyal customers for their trust and support, which have been key drivers to our success.”
Founded in 1982 as a fresh produce store, FoodCo has evolved into one of Nigeria’s largest diversified consumer goods companies with operations in modern retail, quick service restaurants, manufacturing, and entertainment.
Today, it runs the largest supermarket chain in South-West Nigeria and provides jobs to over 1,300 people.
FoodCo’s continued recognition by Financial Times underscores the growing role of formal retail in Nigeria’s economic landscape, particularly in providing structured market access for small and medium enterprises (SMEs), creating jobs, and formalizing the consumer economy.
“FoodCo’s continued presence in the Africa’s Fastest Growing Companies ranking since inception in 2022 underlines our company’s commitment to delivering value, innovation and customer service excellence,” Sun-Basorun said.
“This recognition not only highlights our growth but also supports our resolve to elevate the modern retail experience for over 237 million Nigerians. As we continue to build on our achievements, we remain focused on delivering greater value to our stakeholders and ensuring that we remain a leading player in modern retail in Nigeria and Africa.”
The Financial Times list ranks 130 companies based on their Compound Annual Growth Rate (CAGR) in revenue between 2020 and 2023, spotlighting companies that are helping to shape the future of business on the continent.
As Nigeria’s retail sector continues to adapt to economic uncertainties, currency volatility, and changing consumer behaviors, Sun-Basorun’s remarks add weight to growing calls for the modernization of retail as a path to deeper economic resilience and opportunity.
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