Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food-and-beverage stories from across the African continent. Past editions can be found here.
Nigeria: Guinness Nigeria Posts A Net Loss
Guinness Nigeria, a subsidiary of the British drinks giant Diageo, closed its 2023/2024 fiscal year in the red, reporting a net loss of ₦54.7 billion naira ($33 million). This is despite a 31% rise in sales to ₦299,5 billion ($180.4 million). Although, the company improved sales of non-alcoholic malt beverages, ready-to-drink beverages and the company's international spirits brands, its experienced difficulties. As such, the devaluation of the naira resulted in a net foreign exchange loss of 93 billion naira ($56 million) in 2023/2024. Founded in 1962, Guinness Nigeria markets a diverse array of international spirits, beers, and beverages. Its flagship brands include Guinness Foreign Extra Stout, Guinness Extra Smooth and Harp Lager Beer.
Ghana: An Agricultural Project is Launched
In Ghana, the Italian company Bonifiche Ferraresi (BF) has just begun a 90 million euro ($98.5 million) agricultural production project in the North Tongu district of the Volta region. The project involves the installation and development of a 5,000-hectare agricultural estate dedicated to the cultivation of rice, corn, soybeans, tomatoes, bananas and wheat. According to project managers, the estate will eventually be expanded to 25,000 hectares.
Egypt: Coca-Cola HBC Receives $130 million Loan
Coca-Cola HBC, one of the world's largest bottlers of Coca-Cola products has secured a $130 million loan from the European Bank for Reconstruction and Development (EBRD) to support its ongoing investments in Egypt. The loan will enable the company to finance the company’s CapEx and working-capital requirements. This financial package with support its investment in Egypt across several key areas, including employee training and development, water and energy efficiency, renewable energy, sustainable packaging, and digital innovation.
Algeria: A Grain Storage Center Is Unveiled
In Algeria, work has begun on the construction of a cereal storage centre in the Wilaya Province of Algiers. It will be built within six months in Rouiba and will have a storage capacity of 5,000 tonnes of cereals. This come as the country is one of the largest grain importers in Africa along with Egypt.
Ghana: Thai Union To Invest In Cold Chain
In Ghana, seafood giant Thai Union Group has commissioned a temperature-controlled cold storage facility at Tema in the Greater Accra region. Costing a total of $14 million, the facility has a storage capacity of 8,000 tonnes dedicated to tuna. This is the Group's first major investment in Ghana since the 2010 acquisition of Pioneer Food Cannery (PFC), which specialises in the manufacture of canned tuna.
Tanzania: A Grain Storage Facility Is Launched
In Tanzania, the National Food Reserve Agency (NFRA) has just commissioned a grain storage complex in the Babati district, based in the Manyara region. This new facility mobilised a total investment of 18 billion shillings ($6.6 million). It comprises 8 modern silos with a total capacity of 27,400 tonnes of grain. It will be dedicated to maize, sunflower, barley, soya and sorghum. It should be recalled that Tanzania is one of the biggest grain exporters in East Africa.
