IFC, a member of the World Bank Group, is investing $20 million in Food Concepts Plc to help the Nigerian quick service restaurant and bakery operator improve its social, safety and corporate governance standards. It will also expand operations in Ghana and Nigeria, and increase the availability of convenient and affordable food.
IFC will provide a financing package consisting of a $13 million equity investment and a $7 million loan to the company, which will use the long term funding to help develop about 40 new quick service restaurants, double bakery production, and establish a poultry production farm in Nigeria.
Food Concepts expansion plan is expected to create hundreds of jobs, benefitting a number of smaller businesses in its supply chain.
Deji Akinyanju, founder and CEO of Food Concepts, said, AIFC’s long term capital and loan will allow Food Concepts to implement its long term growth strategy. IFC’s global expertise will also enable us to become a leading regional quick service restaurant and bakery operator, using best practices in corporate governance, insurance, financial management, and environmental and social matters.
Solomon Adegbie Quaynor, IFC Country Manager for Nigeria, said, AIFC’s investment in Food Concepts underscores our commitment to supporting Nigeria’s private sector, especially its SME sector. Our partnership with Food Concepts will also help develop reliable food supply chains and strengthen the competitiveness of West Africa’s agribusiness and food processing sectors, which are vital to the region’s development.
Supporting small and medium enterprises and agribusiness are key priorities for IFC in Africa, since these sectors account for the bulk of employment on the continent. Across Africa, IFC is supporting projects across the food supply chain, including processing, logistics, and distribution.
