Suntory Beverage & Food Nigeria Limited, said it is seeking to double its revenue over the next five years by introducing new products and expanding its distribution network.
The Nigerian unit of Japanese food and beverage company, Suntory Beverage & Food Ltd, said it planned to increase sales to ₦40bn ($111 million) from about ₦20bn, the company’s Managing Director, Chinedum Okereke said on a Monday interview with Bloomberg in Lagos. The boost in sales will increase the local unit’s contribution to its parent company’s sales in Africa, Middle East and the Caribbean by as much as 65%, he said.
“We have made a lot of investments in what we call in-store visibility,” he said, adding that he wants consumers to see the company’s drinks in both open markets and new shopping malls.
The company said it launched Lucozade Boost Sachet last year for consumers in the lower end of the income scale and has plans to introduce new soft drinks, juices and flavoured and vitamin-fortified water brands in the longer term to increase sales.
The idea is that “in almost every shop, in every neighborhood, you see Lucozade and Ribena,” he said.
The firm sees sales growing in the double-digits in 2018, from single-digits over the last few years. Nigeria’s large population and a growing middle class is enough incentive for Suntory to stay the course.
The company is also exploring exporting its products to neighbouring West African countries starting with Ghana, said Okereke.
“We have a plan, a very aggressive growth agenda,” he added.
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