Investments in food, packaging hit N488bn

Investments in agrofood, plastics, printing, and packaging sectors hit a total of €363 million (N488bn) as of 2022, it has been observed. Senior Project Manager, Fairtrade Messe, Freyja Detjen disclosed this in Lagos while briefing newsmen ahead of the 9th edition of agrofood and plastprintpack exhibition in Nigeria. Detjen stated that Nigeria’s investment in technology […]

Investments in agrofood, plastics, printing, and packaging sectors hit a total of €363 million (N488bn) as of 2022, it has been observed.

Senior Project Manager, Fairtrade Messe, Freyja Detjen disclosed this in Lagos while briefing newsmen ahead of the 9th edition of agrofood and plastprintpack exhibition in Nigeria.

Detjen stated that Nigeria’s investment in technology is driving unprecedented growth in the agrofood, plastics, printing, and packaging sectors.

According to him, with investments totalling €363 million in 2022, Nigeria ranks as Africa’s second-largest investor in food and packaging technology, trailing only South Africa.

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Despite significant strides in local food production, Nigeria remains a key player in the continent’s food import market, totalling US$6.9 billion in 2022.

He added, “Investments in plastics, printing, and packaging technologies continue to soar, underscoring Nigeria’s position as a regional leader in innovation and industry advancement.”

The international exhibition and conference, slated for March 26 to 28, 2024, is planned to be the largest yet.

Building on the resounding success of the March 2023 edition, organisers stated that enhancements across all facets of the event have resulted in expansion into three halls, a first in its history, solidifying its status as the premier gathering in Nigeria’s agrofood and plastprintpack industries.

The organisers added that exhibitors would attend from 17 countries including Austria, China, Germany, India, Italy, Nigeria, among others with key ministers from both the Federal and Lagos State governments in attendance.