Nigeria Drops €304M on Food & Packaging Tech, Nabs Africa’s #2 Spot!
Nigeria is making serious money moves in the food and packaging technology game! In 2023 alone, the country poured €304 million into the industry, securing the second spot in Africa’s investment leaderboard. We might be trailing behind South Africa, which led with €398 million, but we’re way ahead of Egypt, which clocked in at €281 million. Not too shabby, right?
Big Numbers, Bigger Impact
According to Freyja Detjen, the Exhibition Director at Fairtrade Messe (the brains behind agrofood and plastprintpack trade fairs), Nigeria’s food production scene is booming. We’ve seen a 39.6% increase in recent years, jumping from €26 billion in 2016 to €36.3 billion in 2020. And hold onto your hats because it’s projected to skyrocket by 48% between 2021 and 2024, reaching €62.6 billion! That’s some serious growth right there.
But here’s the kicker: Nigeria still imported a massive US$6.1 billion worth of food in 2023 despite all this local investment. There’s still a huge demand that local production hasn’t fully covered yet.
Nigeria’s Tech Investments Are No Joke
It’s not just food tech that’s getting the cash flow. Nigeria is also flexing in plastics technology, dropping €134 million last year, making us Africa’s fourth-largest investor in this sector. And check this out – we’ve been growing at 13.9% annually from 2016 to 2023. Talk about steady progress!
Let’s not forget the print and paper processing sector—Nigeria saw a 17% annual surge, hitting €92 million in 2022. That makes us the second-largest investor in sub-Saharan Africa. We’re also flexing in packaging tech, ranking fourth in Africa with a cool €139 million investment in 2023. Only South Africa (€194m), Algeria (€161m), and Egypt (€145m) put in more.
Agrofood & Plastprintpack Nigeria 2025 – Get Ready!
Now, if you’re in the business, you definitely don’t want to miss the 10th edition of Agrofood and Plastprintpack Nigeria, which will be held March 25-27, 2025, in Lagos. It’s set to be an electrifying event with around 100 top exhibitors from over 15 countries. Expect major participation from Nigerian government heavyweights and pavilions from China, Germany, Poland, the Netherlands, and South Africa.
This event isn’t just about showing off cool new tech; it’s a golden opportunity for collaboration, business expansion, and knowledge-sharing between Nigerian and global players. This is where you need to be if you’re in food production, packaging, or any related field.
Final Thoughts
Nigeria is going all-in on food and packaging technology, and the numbers don’t lie. With steady investments, rising production, and international collaborations on the rise, we’re shaping up to be a major player on the continent.
