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/ 02 Feb, 2022
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Food industry Nigeria

The industry is still dominated by the informal sector. However, the formal sector is also benefiting from the increasing demand.

The market for food and beverages was only able to record low growth rates of 1.5 per cent of the gross domestic product (GDP) in the crisis year of 2020, but in 2021 it will grow more again with a real growth rate of 6 to 7 per cent. Growth will be hampered by food price increases of up to 20 per cent. The market is highly fragmented, with large international food companies such as Nestlé and Unilever as well as local players Prima Foods and Yale Foods. The growing population and an increasing middle class will increasingly demand food and beverages. Beverage producers have recently expanded their capacities.

(Source GTAI)
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