Unilever Nigeria to sell Spreads business after 30% increase in turnover

NIGERIA - Shareholders of Unilever Nigeria Plc have approved the proposed sale of its spread business unit to Netherlands based consumer staples and packaged food company, Sigma Bidco. According to Vanguard, the company also unveiled its financial report, having recorded 30% increase in turnover to US$251.59 million from US$193.34 million in the previous year, 2016,…

Dangote Sugar revenue declines 30.9% on lower prices in the first quarter

NIGERIA - Dangote Sugar Refineries has reported margin expansion amidst slowed sales impacting on revenue, which declined 30.9% to US$113.84 million due to lower prices in the first quarter. The Vanguard reported that although the company recorded 10.9% increase in after tax earnings to US$14.68 million, these were way too below the estimates by analysts…

Nigeria agric products exports worth US$81m in three months

NIGERIA - Nigeria’s exports in agricultural products including cashew nuts, biscuits, cocoa butter, sesame seeds, frozen shrimps, biscuits and others were estimated to be worth US$81.02 million between January and March 2018, a 558.46% increase compared to the same period in 2017. ThisDayLive reported the increase in agricultural commodities which stood at 45,462 tonnes was…

Indomie maker Dufil Foods acquires May&Baker Noodles for US$2.14m

NIGERIA - Dufil Prima Foods, the maker of Indomie noodles has acquired three noodles production lines of May&Baker Nigeria Plc, a maker, seller and distributor of consumer products for US$2.14 million as it consolidates its market position in pasta. Mr. Girish Sharma, Chief Operating Officer of Dufil Prima Foods confirmed that the acquisition of Mimee…

Nigeria’s Lagos State to commission the ‘biggest in Africa’ rice mill in Feb 2019

NIGERIA - Nigeria’s Lagos State has revealed that it was planning to commission and start production for 32 metric tons per hour rice mill in February 2019, which Adebowale Akinsanya, Commissioner for Works described as the biggest in Africa, according to the Guardian Nigeria. This forms part of the Federal Government’s initiative to self-sufficiency and…

Java House considers entry into Nigeria to double investment in domestic market

KENYA - Java House, Kenya’s chain of coffee houses will double outlet numbers in the domestic market in the next two years before rolling out expansion into and out of East Africa, with plans to enter Nigeria. In an interview with Reuters, the Chief Executive Paul Smith said the plans include a debut of 25…

Nigeria to adopt standards on sugar and allied products

NIGERIA - The Standards Organisation of Nigeria (SON) is considering adopting African and developing new standards on sugar and sugar products such as glucose and sucrose to improve intra-African trade as well as promote harmonisation of standards across the continent. The standards will be considered for cane sugar, brown sugar, white sugar, glucose and sucrose,…

Higher production of cashew earns Nigeria US$402m

NIGERIA - Nigeria’s cashew production has increased from about 90,000 metric tonnes in 2011 to 220,000 metric tonnes valued at US$402 million at the end of 2017, reported the Vanguard. Despite challenges relating to unfavourable climate, the cashew industry has managed to improve, the figures showing production more than doubled since 2011. According to Tola…

Kellogg’s to invest US$420m for a stake in the Nigerian Tolaram Africa Foods

NIGERIA - Kellogg’s announced it was investing US$420 million for an unknown stake in the Tolaram Africa Foods (TAF), a packaged foods manufacturer for the Nigerian and Ghana market as the US food and cereals company seeks to strengthen itself in the continent. The acquisition, announced in its first-quarter financial report will strengthen its position…

Nigerian Breweries introduces Singapore’s Tiger Beer into the local market

NIGERIA - Nigerian Breweries Plc (NBP) has launched a new beer into the local market, Tiger Beer brand from Singapore in an event tagged ‘uncage’, as reported by the Vanguard. The launch of the Tiger Lager into the Nigerian market scales up competition by major brands to increase beer market share. The new brand, an…