New Telegraph

Fairtrade: Nigeria Ranks Second Largest Investor in Food, Packaging Technology

With investments in food and packaging technology amounting to €363 million in 2022, Nigeria has been adjudged as Africa’s second-largest investor, trailing only South Africa with €381 million and leading Egypt with €319 million. This was made known by the Senior Project Manager, fairtrade Messe, Freyja Detjen, during a press conference to herald this year’s 9th agrofood and plastprint- pack Nigeria Tradeshow and conference in Lagos on Tuesday.

Detjen also explained that fairtrade and the Organisation for Technology Advancement of Cold Chain in West Africa would co-organise the 6th West African Cold Chain Summit & Exhibition (WACCSE) by OTACCWA along- side agrofood & plastprintpack Nigeria 2024 in a bid to deepentheir cooperation in the cold chain industry. She said that the fairtrade’s 9th agrofood and plastprintpack Nigeria trade show and conference was scheduled to hold from March 26 to 28 at Landmark event center, Lagos.

According to her, the German organiser of the trade show event, fairtrade, decided to choose Nigeria for their exhibitions because the country has been the hub for investments in food & packaging technology in the continent. Speaking further, the fairtrade’s senior project manager stated that Nigeria’s food production had witnessed a remarkable surge of 39.6 per cent in recent years, from €26 billion in 2016 to €36.3 billion in 2020, and this is projected to rise by 48 per cent between 2021 and 2024, from €42.3 billion to €62.6 billion. (Euromonitor International). She pointed out that despite significant investments in local food production, Nigeria’s food imports totaled $6.9 billion in 2022 (WTO), positioning the nation as one of Africa’s foremost food importers.

In addition, Detjen added that with €143 million in 2022, Nigeria emerged as the second-largest investor in plastics technology in Africa, showcasing an annual growth rate of 17.6 per cent between 2016 and 2022. Similarly, the fairtrade’s of- ficial explained that Nigerian imports of printing & paper processing technology have surged by 17 per cent annually, reaching €92 million in 2022, securing Nigeria’s position as the second- largest investor in sub-Saharan Africa.

According to her, Nigeria leads in packaging technology investments in Africa, with €183 million in 2022, surpassing South Africa with €175 million and Egypt with €162 million. With the above records, she said they want to invest more hence their reasons of coming. She said: “Nigeria is the largest economy in Africa. It is not the decreasing rate but about the number of opportunity rate that makes it possible.”

While speaking on the three days international exhibition and conference on global innovations for Nigeria’s agrofood & plastprintpack industry, the German trade show specialists noted that global technology leaders from 17 countries, including over a hundred world-class exhibitors from Austria, Bulgaria, China, France, Germany, Ghana, India, Italy, the Netherlands, Nigeria, Poland, South Africa, Spain, Taiwan, Tunisia, Türkiye, and Ukraine, were showcasing tailored products and solutions for the Nigerian market. Also, active participation of key ministers from the new government, both at the Federal and Lagos State levels.

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