Affiong Williams
Affiong Williams, the CEO of ReelFruit – a Nigeria-based dried fruit snacks producer – believes now it’s the splendid time for Nigerian meals and agriculture corporations to export, given the nation’s present financial challenges.
The West African nation is grappling with a number of financial headwinds as a consequence of a robust US greenback, worldwide inflation, and home coverage shifts. On 16 January, the naira reached a document low of 1,305 to the greenback within the parallel market. Additional intensifying shopper considerations, Nigeria’s inflation price surged to twenty-eight.92% in December, its highest in 27 years.
“Many Nigerian corporations have enter prices in {dollars} both instantly or not directly. So, the inflationary impression of the devaluing naira is hedged whenever you [export and] earn {dollars},” says Williams. She additionally mentions {that a} weak naira makes ReelFruit’s merchandise extra aggressive on abroad cabinets.
Given the pressure of home inflation on the spending energy of Nigerians, Williams underscores the significance of focusing on markets with larger disposable incomes. Even capturing a modest portion of a dollar-paying market can help companies in navigating Nigeria’s robust financial local weather.
Learn our full interview with Affiong Williams: Feeding the Nigerian diaspora in America – A primary agribusiness alternative
