FoodCo Ranked 2nd Fastest Growing Retailer in Africa By Financial Times Of London
FoodCo Nigeria, operators of the largest supermarket chain brand in the Southwest region, has emerged as the 2nd Fastest Growing Company in Africa – Retail Category – in the recently published Africa’s Fastest Growing Companies 2025 ranking.
The annual ranking, compiled by global business publication, Financial Times, in collaboration with data and analytics firm, Statista, placed FoodCo as the 21st fastest growing company in Nigeria and 66th overall. It also marks the third time the top retailer is making the list, having also made the 2022 and 2023 editions.
Financial Times disclosed that the list of 130 companies was ordered by the highest Compound Annual Growth in Revenues (CAGR) between 2020 and 2023.
In his response, Ade Sun-Basorun, CEO of FoodCo, expressed appreciation to the organizers for the recognition. He also acknowledged the pivotal role of the company’s staff and customers in driving growth for the business.
Sun-Basorun said, “We are deeply honored to be recognized for the third time on the Financial Times List of Africa’s Fastest Growing Companies. This long-running achievement is a testament to the dedication and hard work of the entire FoodCo team whose commitment has been central to our continued growth. We are also immensely grateful to our loyal customers for their trust and support, which have been key drivers to our success.
“FoodCo’s continued presence in the Africa’s Fastest Growing Companies ranking since inception in 2022 underlines our company’s commitment to delivering value, innovation and customer service excellence. This recognition not only highlights our growth but also supports our resolve to elevate the modern retail experience for over 237 million Nigerians. As we continue to build on our achievements, we remain focused on delivering greater value to our stakeholders and ensuring that we remain a leading player in modern retail in Nigeria and Africa.”
Established in 1982 as a fresh fruits and vegetable store, FoodCo is a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing, and entertainment. The company has previously been listed twice in the Financial Times annual ranking of Africa’s Fastest Growing Companies for the years 2022 and 2023.
FoodCo is a significant contributor to the economy of South-West Nigeria, providing employment for over 1,300 staff and offering critical access-to-market opportunities for small and medium-scale businesses.
