DP World’s Imperial acquires stake in AFMCG Distribution in Nigeria
Acquisition aligns with DP World’s aim to become the leading market access and logistics partner in Africa
Imperial, owned by DP World, announced a strategic acquisition of a controlling stake in Africa FMCG Distribution (AFMCG).
The move aligns with Dubai’s five-year plan to expand the emirate’s trade partnerships with promising global markets. Last year, Dubai adopted a five-year foreign trade plan to boost its status as an international business hub, focusing on high-growth markets including Africa, Latin America and Asia.
Part of the Chanrai Group of Companies, AFMCG is a multi-faceted business distributing products for over 130 years. It has established itself as a leading player in the Nigerian consumer market.
The business offers a nationwide route-to-market solution across multiple channels in Nigeria. Its services also extend to co-manufacturing, co-packing, sourcing, and value-added services in the fast-moving consumer goods (FMCG) sector.
Imperial, owned by @DP_World, announces the strategic acquisition of a controlling stake in Africa FMCG Distribution Ltd (AFMCG). The move aligns with Dubai’s five-year plan to expand the emirate’s trade partnerships with promising global markets.https://t.co/i2zquJyvTv pic.twitter.com/4pMHienPai
— Dubai Media Office (@DXBMediaOffice) July 12, 2022
DP World has been expanding its business in Africa, a region presenting trade opportunities for further development in the key sectors of ports and logistics, trade corridors, and e-commerce among others. With a surging population of more than 1.4 billion across more than 50 nations, Africa is centrally positioned to fit into the global trade and supply chains.
Read: DP World sees gross volume growth of 1.9% in Q1 2022
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said: “This transaction is aligned with our ambition of becoming the leading market access and logistics partner in Africa by connecting trade flows into and out of Africa. AFMCG offers strategic value to DP World from a supply chain and fintech perspective, in line with our strategic objective of leveraging assets and logistics to create an integrated global supply chain – from the factory floor to the customer’s door.”
“Being one of the largest economies on the African continent with attractive demographic and macroeconomic fundamentals, Nigeria boasts a significant consumer market. AFMCG presents an ideal opportunity with the necessary scale for us to leverage to sell truly pan-African solutions to our principals and clients,” said Mohammed Akoojee, COO of DP World Logistics and Group CEO at Imperial.
Subodh Chanrai, chairman of AFMCG, said: “This strategic transaction further enhances our foothold in this significant market and allows us to offer further benefit to our principals and keep pace with the evolving needs of the African consumer.”
