Rite Foods Limited is surmounting its different business challenges as it grows further and stronger in Nigeria.
This was discovered during the British Broadcasting Corporation interview recently, with Mr. Seleem Adegunwa, Managing Director of Rite Foods Limited who explained that; “Everything is a challenge. You have to produce the power to run the plant yourself because you’re not on the grid, gaining access to market is another, amongst other things”.
Despite the fact that Nigeria is the ‘business hub’ of Africa, Nigeria is home to the continent’s biggest population and biggest economy, but the challenge lies in convincing Nigerians to buy locally made products over imported goods.
It was clear that Rite Foods Limited is a company that is striving to build its brand beyond those challenges in Nigeria.
The Food and Beverage Company has put the horse before the cart by producing high quality products.
Mr. Seleem Adegunwa told BBC interviewer that , “If anything, being a Nigerian owned brand initially would almost become negative because people think that what is produced locally can not just be as good as foreign made goods, but what we have been able to do in the last 28 months is to show that actually, you can be a proud Nigerian brand even with a host of challenges”.
It is worth to note that the company has invested over N30billion and has tripled production capacity.
However, BBC had earlier gathered from Bismarck Rewane, a finance expert that, Nigeria just came out of a recession and after the recession, there were some adjustment policies that took place and that the currency has lost about 60% of its value.
Establishing the fact that “all of these has made homemade goods much more competitive than imported goods, so people will have taken advantage of the current value, the size of the market, the changing demographic and the fact that there is growth taking place after six quarters of negative growth”.
“Nigeria is home to 200 million people, and its consumer market is estimated to be worth $150bn, which means there’s a lot of potential for growth, although there is stiff competition from international brands both in the continent and abroad” -BBC.
It would be recalled that Rite Foods Limited , producer of Bigi soft drinks, Bigi premium drinking water, Fearless Energy drinks, Bigi and Rite sausages acquired ISO 9001: 2015 Certificate, issued by the Standard Organization of Nigeria- SON at the Rite Foods Factory in Ososa, Ogun State in conformity to the requirement of ISO: 9001: 2015 Quality Management System Standard.
“ISO 9001: 2015 Quality Management System approach provides globally recognised and acceptable solutions to address the challenges associated with consistently meeting requirements and addressing future needs and expectations of customers in an increasing dynamic food and beverage production environment”. -Mrs. Mojisola Kehinde, Director Laboratory Services of SON.