In 1982, when FoodCo Nigeria opened its doorways as a small recent fruit and veggies retailer in Bodija, Ibadan, Oyo State, little did anybody know that 4 many years later, it might characteristic amongst an elite group of the continent’s high-growth corporations — not as soon as, however 3 times throughout the house of 4 years.
Sure, FoodCo has made the {Financial} Instances’ annual rating of Africa’s Quickest Rising Corporations for the years 2022, 2023, and 2025.
Within the just-released 2025 version, FoodCo ranked 2nd within the retail class and 66th general, out of a complete of 130 corporations listed.
{Financial} Instances disclosed that the finalists have been ordered primarily based on the best Compound Annual Progress in Revenues (CAGR) between 2020 and 2023.
FoodCo’s success is neither borne of luck nor coincidence. Relatively, it’s the results of over 40 years of strategic imaginative and prescient, customer-first pondering, an understanding of the Nigerian shopper panorama, and divine favour. It’s also a narrative deeply intertwined with the evolution of recent retail within the nation.
On the time FoodCo entered the market, fashionable retail was nonetheless within the infancy stage in Nigeria, with well-liked foreign-owned shops similar to Money N’ Carry, Kingsway, and Leventis Shops dominating the scene. It was additionally a time of {economic} growth, following the oil-fueled prosperity of the Nineteen Seventies. Going into the late 80s, international oil costs had fallen, and matched with structural weaknesses that have been ignored through the growth days, {economic} vulnerabilities set in. Many prime retailers closed store, and overseas operators utterly deserted the market.
FoodCo would courageous the percentages and proceed to construct. By the flip of the 90s, the corporate had established itself as an bold participant with 4 shops in its dwelling metropolis of Ibadan and an extension into Osun State. Nonetheless, inside points in addition to deepening instabilities within the nationwide economic system pressured the enterprise to close all however one retailer within the mid-2000s.
Talking concerning the interval, Ade Solar-Basorun, present MD/CEO of the corporate, recounts: “We had simply entered a interval of growth when the {economic} headwinds hit. Being one of some wholly indigenous-owned corporations on the time, we selected to remain true to our commitments to our clients and downsized as an alternative. From 5 outlets, we went down to at least one. Fortunately, below the robust management of the founder after which managing director, Mrs. Sola Solar-Basorun – my mom – the corporate bounced again and had grown to 13 shops by the point I took over in 2020.” At the moment, FoodCo is one among a handful of operators from the period nonetheless in enterprise.
Since assuming workplace, Solar-Basorun has been spearheading a revolution within the Nigerian fashionable retail sector pushed by indigenous operators. Beneath him, the enterprise now boasts 22 shops unfold throughout Ibadan, Lagos, and Abeokuta. The enterprise pursuits have additionally grown to incorporate manufacturing and leisure along with the legacy grocery store and restaurant chains. Direct employment is over 1200, and FoodCo continues to impression its communities through CSR interventions and partnerships, particularly throughout the MSME phase. At the moment, near 1000 small and medium-sized corporations, together with smallholder farmers, profit from entry to market alternatives by FoodCo.
Reacting to the 2025 Africa’s Quickest Rising Corporations rating, Solar-Basorun says: “We’re deeply honoured to be acknowledged for the third time on the {Financial} Instances Africa’s Quickest Rising Corporations listing. This long-running achievement is a testomony to the dedication and arduous work of your complete FoodCo staff, whose dedication has been central to our continued progress. We’re additionally immensely grateful to our loyal clients for his or her religion within the enterprise, which has been a key driver of our success.
“Since its inception, FoodCo has been pushed by the ambition to ship an enhanced fashionable retail expertise to Nigerians. We aren’t solely constructing a worthwhile enterprise however one that’s resilient, domestically rooted, and globally aspirational. Our tradition is based on innovation and an unwavering dedication to customer support excellence. So, from tech-enhanced operations to strategic partnerships and reward packages, we’ve embraced a forward-thinking method whereas staying true to our origins. As we construct on our achievements, we stay targeted on delivering larger worth to our stakeholders and advancing the expansion of recent retail in Nigeria.”
Although the Nigerian Client Items sector remains to be largely conventional, pushed by open markets, kiosks, and petty merchants, trade analysts imagine that there are ample causes for optimism. Regardless of the present {economic} challenges, final 12 months Euromonitor’s survey confirmed that grocery store gross sales elevated by 24.4 p.c within the earlier 12 months, whereas Oxford Enterprise Group predicts that fashionable retail can be a major beneficiary of the projected N96 trillion spend in family consumption this 12 months.
For Nigerian retail, FoodCo is now not only a place to buy, eat, and play, however proof that wholly homegrown corporations can scale with construction, serve with coronary heart, and develop with goal. And, if the final 40 years are any indication, the subsequent decade might even see the corporate not solely topping African rankings however turning into a worldwide case examine in retail success.
