Suntory Beverage & Food Nigeria has announced its decision to enlarge its footprint into the Nigerian food and beverage market. The new owners of the globally popular beverage brands, Lucozade and Ribena promised to sell affordable products to Nigerians of different classes.
According to the Managing Director, Suntory Beverage & Food Nigeria, Chinedum Okereke, very soon, different classes of Nigerians will be able to get Ribena and Lucozade products at affordable prices ranging from N50 to N200. His words: “Don’t be surprised if you later find a Suntory product at the rate of N25. We want everybody to be able to afford our.”
This development follows the recent completion of the divestment of the drinks bottling and distribution business between GSK Consumer Nigeria Plc and Japanese global beverage company, Suntory Beverage & Food, which ranks third after Coca-Cola.
Speaking at a press conference held in Lagos to officially announce the Company’s new acquisition, Okereke, described Suntory’s investment in Nigeria as a development that will yield many positive results.
“This is a clear demonstration of Suntory’s confidence in the Nigerian economy. The company relies on the strong connection between the Nigerian consumers and its Lucozade and Ribena brands and is especially confident of the nation’s immense potential for economic growth and the impressive productivity level of its people. Our conviction in the Nigerian market is responsible for the company’s decision to invest in the country and contribute to human resource empowerment to run the business as a wholly Nigerian company” he said.
“As a company, our desire is to consistently provide some of the country’s best quality drinks through well-researched market insight, expertise and dedication and to also deliver high-quality innovative products. Lucozade and Ribena have enjoyed impressive patronage over the years, so with a promise of continuous improvement and providing better value to our consumers, we are convinced of an improved and more rewarding relationship. Innovation, research and development will play a big part in the foundation of our operations in Nigeria” he also said.
With Suntory’s global credentials and successes, Suntory Beverage & Food Nigeria will gain a solid platform into the Nigerian soft drinks industry for its iconic Lucozade and Ribena brands.
Commenting further on Suntory Food & Beverage Nigeria’s entry, Okereke explained that the development is also an expression of the company’s trust in Nigeria as a nation.
He added: “Suntory Beverage & Food Nigeria is a wholly Nigerian Company both in its operations and its people, we are glad to take off with a dedicated and committed team of Nigerians that will be consistently challenged to create bigger and better brand ideas for our loyal consumers.”
Addressing Journalists on Tuesday, Okereke observed that although many people are complaining of recession in the country, “Suntory sees great opportunities in the crisis. Nigeria remains a huge market that cannot be ignored with the strong economic indications. We decided to seize the opportunity to backwards integrate.”
He stressed that the company has been in Nigeria for over 30years, manufacturing from Agbara industrial area of Ogun State. He, however, noted that the company usually import some of its raw materials for production, but has put structures in place which now allows it access to raw materials within Nigeria.
Okereke stated that Suntory now has local manufacturers that have been trained and empowered to produce raw materials for production. According to him, the global management board plans to have a wholly Suntory Nigeria company to ensure local participation and be able to connect with the people.
