Food consumption in Nigeria is expected to increase by 16 per cent to N5.8 trillion, a tendency which is to continue through to 2013, according to yesterday’s forecast by Business Monitor International (BMI), a London-based research and business adviser.
BMI has for 25 years specialised in political risk analysis, financial markets analysis and macroeconomic forecasts on 175 global markets.
According to its recently released Nigerian Food and Drink Report Q3 2009, the research advisor said, “Although growth over five years forecast period is fairly undynamic, considerable economic development must still take place before food consumption begins to grow at a more robust pace”
The report states.”Providing investors a hybrid of tremendous untapped potential and a notoriously challenging regulatory environment, Nigeria remains a market not suited to the faint of heart. The potential of the country’s food industry has attracted renowned multinationals of the calibre of Cadbury, Nestle and Unilever”
BIM’s country risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multinational organisation in over 125 countries around the world.
Earlier this year, Cadbury’s Nigeria subsidiary reported that a year-on-year net loss of N2.8bm ($19m US) for FY08 despite increasing its turnover by 22 per cent year-on-year to N24.3bn, according to statistics from a Companies and Markets report.
The company recovering from an accounting scandal that resulted in it being fined by Nigeria’s Securities and Exchange Commission lat year after it was found to have over-stated its financial position between 2002 and 2005.