GB Foods, manufacturer of the popular Gino tomato paste brand, has inaugurated its new N5.5bn ($14.5m) factory in Ogun State. The new factory will be used to make its mayonnaise brand, Bama, for the Nigerian and West African market. The …

In news that will shock few people in Nigeria, Shoprite has confirmed its exit from the country. For the financial year ended June 2020, the Nigerian stores registered a sales decline of -6.3% year on year, in Rand terms. In …

Nigeria’s B2B e-commerce startup TradeDepot has raised $10m in a new round of funding. The company, which has a distribution network of 40,000 small retailers in Nigeria, was launched in 2016. TradeDepot reportedly received a $3m investment from digital investor Partech in a …

Pricepally, the Nigerian buying platform, has secured an undisclosed investment from Germany’s GreenTec Capital Partners. Lagos-based Pricepally matches bulk buyers with farmers, manufacturers and wholesalers and offers 24-48 hour delivery on orders. Pricepally launched in November 2019. It has seen a …

Guinness Nigeria issued a notification of material circumstances, warning of the adverse effect of the COVID-19 lockdown on economic activity. It has particularly noted the impact on the on-trade sector. You can view Guinness Nigeria’s notification of material circumstances here. Guinness Nigeria has …

South African retailer Mr Price will exit Nigeria. The affordable clothing, sports goods and homewares retailer has said it will exit in H1 of its 2021 financial year. It has already closed four of its five stores in the country. Trendtype …

In Nigeria FrieslandCampina WAMCO, has revealed its turnover for the financial year ended 31st Dec 2019 reached N161.8bn ($417.8m), an increase of 8.5% on 2018. Profit before tax was N18.7bn ($48.4m), up 15% on 2018. The company has warned that despite …

20 startups have been selected as part of the 5th edition of Google for Startups Accelerator Africa Program. Among them are three companies seeking to reinvent logistics in African markets: Thumeza, Amitruck and Send. Google’s prestigious Startups Accelerator Africa Program …

Vanguard Pharmacy, a growing regional chain of retail pharmacies in Nigeria, has opened its fifth outlet. The new 750m² outlet is in Ibadan, the Oyo state capital. It soft launched in April 2020, during the lockdown for the COVID-19 pandemic. …

Spanish manufacturer GB Foods, owner of the popular Gino, Bama and Jago brands, has opened its N20bn ($52m) tomato processing factory in Kebbi state, in the north of Nigeria. The new factory has been built in partnership with the Central Bank …

The Nigerian federal government is prosecuting supermarket chains and pharmacies on charges of price gouging, related to price increases for key hygiene products such as hand sanitizer and face masks. The chains in question are Prince Ebeano, H-Medix Pharmacy and Stores, FAXX …

Nigeria’s Kano state will spend $9m to establish 200 milk collection centres across the state over the next five years. The programme will build 40 centres annually from this year onwards and is designed to help reduce the country’s dependence …

DHL Express has taken a minority stake in Link Commerce, the UK-based e-commerce platform that sits beneath MallforAfrica.com and DHL’s Africa eShop service. DHL is betting on a fundamental change in purchasing behaviours in the wake of the COVID-19 pandemic, which …

FoodCo Nigeria has launched its online supermarket during the COVID-19 pandemic. The new e-commerce platform integrates shopping and a payment portal and offers grocery items, takeaway food and books. The service is available in Lagos and Ibadan. FoodCo operates nine …

Ghanaian startup mPharma, which provides a digital prescription drug inventory service for pharmacies and their suppliers, has raised $17 million in its latest funding round. In March 2019 it raised $12m in a Series B round. The company has operated …