Modern retail has been identified as a key sector to unlocking Nigeria’s N1 trillion economic potential. According to Chief Executive Officer of FoodCo Nigeria Limited, Ade Sun-Basorun, a Top 5 retailer and operator of the largest supermarket chain in South-West Nigeria, operators within the sector must take bold strategic steps to unleash new sources of growth, increase government revenue, reduce inflation, and drive inclusive prosperity.

Sun-Basorun, who was addressing newsmen following the release of the Financial Times 2025 Africa’s Fastest Growing Companies in which FoodCo was listed as Africa’s second fastest growing retailer, expressed confidence in the future of modern retail despite the challenges facing the sector.

While stating his appreciation to the organisers for the recognition, he also acknowledged the pivotal role of the company’s staff and customers in driving growth for FoodCo.

The yearly ranking, compiled by the 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.

Sun-Basorun said: “We are deeply honoured to be recognised 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.”