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Bimbola Oyesola
Backed by a resolve to promote local production of various consumer goods, Promasidor Nigeria Limited, has set off a race to lead Nigeria’s roughly N25 billion worth cereal market with the introduction of a cereal product fortified with cocoa.
The breakfast cereal, Sunvita Choco Crunch which fits the ready-to-eat (RTE) and require preparation (RP) categories aims to win the wide interest of consumers driving the fast pace of growth in the cereal segment.
With a combination of lower price point, 80 percent local content composition and inclusion of NUTRI-V, a blend of seven micronutrients, the company seem poised to not only shrug off competition in the retail market segment but grab a front in the southeast and southwest, the regions which account for over 70 per cent of Nigeria’s cereal demand.
Anders Einarsson, Promasidor’s managing director said the company’s veering into the cereal market was informed by the nutritional lack in the array of available products and the opportunity to address the challenge with local content development. It has taken the firm two years to come up with a well-wrought plan for sustainable local supply system, especially in the sourcing of key ingredients including cocoa, maize and soya, he said, during the product launch on Friday.
After spending its first six years to establish itself as a strategic diary enterprise in the country, the subsidiary of South Africa based Promasidor Holdings is now looking to drive a significant portfolio in the beverage based products with initiatives such as Sunvita Choco Crunch.
In the seasoning segment, the company touts itself as the biggest brand in the consumer powder segment and second lead in the country under solid brands of seasoning.
“It has taken us two years to fine-tune our local supply system and our fantastic research and marketing team have worked very hard to ensure that not only do we have a product that has a phenomenal nutritional portfolio, but the product comes with a fantastic local composition. We will significantly increase local content agenda,” the managing director said.
Although Nigeria’s economy appears to be swimming in troubled waters with decline in international oil prices, setting a tone for the possibility of naira devaluation, the consumer goods firm is optimistic that the product demand will be unaffected due to its low price.
