Value of Nigerian Retail Sector Spikes, Stimulating Economic Growth

Nigeria’s economic growth is poised to receive a significant boost, thanks to the modern retail sector, according to Ade Sun-Basorun, Chief Executive Officer of FoodCo Nigeria Limited.

Sun-Basorun emphasized that substantial investments in this sector would have far-reaching benefits, including stimulating economic growth, increasing government revenue, and curbing inflation.

FoodCo’s recent recognition as Africa’s second fastest-growing retailer in the 2025 Financial Times list of Africa’s Fastest Growing Companies is a testament to the company’s dedication to excellence.

This prestigious ranking, compiled by Financial Times and Statista, highlights companies with the highest revenue growth rate between 2020 and 2023.

Ade Sun-Basorun expressed his gratitude to the company’s loyal customers and team members, citing their trust and hard work as key drivers of FoodCo’s success.

The company’s consistent performance, marked by its third consecutive appearance on the Financial Times list, demonstrates its commitment to innovation, customer satisfaction, and operational efficiency.