Exciting news from Fairtrade and OTACCWA reveals a 39.6% surge in Nigeria’s food production between 2016 and 2020, with projections that see this growth skyrocketing to 48% by 2024, reaching a staggering €62.2bn. A recent press release by President Bola Ahmed Tinubu on his discussion with Nigerian governors speaks to government efforts on reducing food insecurity, which will in turn contribute to increased food production.
Not to be outdone, Ghana’s food market is predicted to follow a similar trajectory, with Statista anticipating an impressive 8.4% annual growth between 2024 and 2028.
What does this mean for you?
Imagine a bounty of fresh, locally-sourced produce readily available at your fingertips. With increased food production comes a higher demand for quality ingredients and supplies, positioning food businesses like you to thrive in these dynamic markets.
How can your business take advantage of this?
Rising food production is good news for everyone in the food industry. From restaurants to suppliers, increased food productions means more unique opportunities for innovation like:
Menu specials
With increased food production comes a wider variety of fresh ingredients. With this, you can experiment with special dishes featuring locally-sourced ingredients that were previously unavailable or scarce. This enhances the dining experience and attracts customers seeking unique and innovative meals they haven’t tried before.
Expand product lines
Whether it’s introducing new menu items, launching specialty products, or diversifying into event catering services, you can leverage the abundance of ingredients to expand their offerings and capture new market segments.
Forge partnerships
Collaborating with other businesses like food delivery companies or event organizers can be mutually beneficial for both you and your customers. This can lead to opportunities for cross-promotion and joint ventures, further expanding the reach and impact of your business.
As food production in Nigeria and Ghana continues to soar, the opportunities for growth and success are limitless. With Vendease as your procurement partner, you can navigate this landscape with confidence, knowing that you have the support and resources needed to thrive.
This week in Vendease
⚒️ Listen to Aaashii Pandya, the CEO of Taj restaurant, share practical tips for running a successful restaurant in our Restaurant Hack series. Watch the full video.
? Or CEO, Tunde Kara has been announced as a speaker for the Oxford Africa Business Forum in March 2024. Learn more.
? We’re creating an insightful report on the effects of food inflation on businesses and individuals and we’ve created a short 3-minute survey to gather your insights. Fill the survey.
? The Vendease January market insights report predicts the prices of high-demand supplies you need for your business.
