Entrepreneurship Zone: 12 February 2025 : Nigeria: CEO grows dried fruit company from idea to modern factory

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Entrepreneurship Zone: 12 February  2025 : Nigeria: CEO grows dried fruit
company from idea to modern factory

 


 

 


 <https://www.firstcapitalbank.co.zw/> 

 


 

 


 

 



Employees at ReelFruit’s new factory.

 

Last month, Nigerian dried fruit snacks company ReelFruit commissioned its
new 800-tonne-per-annum processing facility in Abeokuta, Ogun State.

“This factory isn’t just a structure of bricks and mortar. It embodies my
long-term unwavering belief in Nigeria’s agricultural and manufacturing
opportunity. We are going to process our range [of] dried fruits at scale,
to serve customers across the country, as well as sell ‘Made in Nigeria’ to
the rest of the world, creating several hundred jobs, and positively
impacting farmers at scale. It is my hope that our factory stands as a
positive symbol in the business landscape of Nigeria for generations to
come,” commented the company’s founder and CEO, Affiong Williams.


Launching in uncharted waters


In 2012, after returning to Nigeria from South Africa where she had lived
for over a decade, Williams began exploring the Nigerian market to assess
the viability of dried fruit snacks. She imported fruit from South Africa,
packaged it, and distributed samples to potential customers. At that time,
this snack type was relatively unknown in Nigeria, with no other local
producers doing it at scale.

“I was working for an organisation in South Africa, called Endeavor,
providing entrepreneurial support. That is where the bug for
entrepreneurship bit. I started researching my business idea while still
employed in this job,” said Williams.

Initially, Williams planned to produce fruit juices but lacked the capital
for the necessary machinery. Through a process of elimination, dried fruit
emerged as a promising opportunity.

“It was tough to launch a product that nobody really knew. People would ask
why they would want to eat dried mango rather than fresh mango, for example.
We had an uphill battle.”

Acknowledging the difficulties of market acceptance, Williams shelved her
plan to start the business on all fronts simultaneously – opening a factory,
processing, creating a brand, and working with farmers.

“I realised we would need to focus on the market first. So, we designed our
brand and imported dried mango from Ghana in our second year, in 2013. We
packaged and distributed to as many retail shops as we could. Even though it
was challenging getting into stores and securing import supply, it was by
far the better strategy to gain market acceptance before integrating
backwards,” explained Williams.

Today, ReelFruit’s products – including dried mango, dried pineapple, fruit
and nut mix, and coconut flakes – are available in hundreds of stores
nationwide. The company has also exported to several countries.


Navigating the fundraising journey


In 2021, ReelFruit raised $3 million in Series A funding from investors
Alitheia IDF, Samata Capital and Flying Doctor Healthcare Investment
Company. The capital was earmarked for its new processing facilities and to
expand sales into the US and other international markets.

According to Williams, fundraising requires time and tenacity. “When I look
at other founders that have successfully raised, one common thread is
persistence. Most of those who have raised successfully have a minimum five
years’ track record in their line of business.



Affiong Williams, CEO of Nigeria-based dried fruit snacks producer
ReelFruit

“When you look at the agribusiness start-up space in Africa, there is not a
huge amount of capital available. Ideas are not enough to raise money on,
particularly when you are raising money towards physical assets.

“I started ReelFruit nine years ago and worked towards this funding round
for the past five years. At times, I was spending three to four full days a
week focused on fundraising for months at a time, supported by a full-time
team. Just building the data room (all of the necessary financial,
operational, and other data investors need for their due diligence) took
months of work. This all has to be balanced with keeping the day-to-day
operations going. I’ve seen a number of entrepreneurs having to retreat from
fundraising because they are spending too much time away from running the
business.

“That said, I am glad we fundraised when we did. If we had raised money in
the first year or two we would have likely misallocated the funds and
wouldn’t be a company today. We have a much better understanding of the
business now.”


Eyeing the American market


The US is the world’s biggest consumer market, estimated at $16 trillion.
On the other hand, Nigeria, despite being home to over 220 million people
and one of Africa’s largest consumer hubs, is projected to achieve a market
value of only $3 trillion by 2030. This disparity highlights why, for many
businesses in Nigeria’s food and agriculture sector, the US could be an
enticing target.

Williams sees the substantial Nigerian diaspora in America as a golden
opportunity for companies like hers to establish a presence in the US.
“There is no better market, or no lower hanging fruit, than your people in
another country,” she said. “I see a growing opportunity for products such
as mine and other food products that are becoming more global in their
standards, to sell to the Nigerian market in the US.”

It is estimated that as many as 5 million Nigerians live abroad, with a
significant chunk of these people residing in the US.

While the Nigerian diaspora in the US might feel a connection to their
homeland, it doesn’t guarantee they’ll choose a ReelFruit packet out of
nostalgia. Williams understands that to succeed, her product must also
appeal to the broader US audience, not just those with Nigerian roots. “Many
foods exported from Nigeria to the US are for Nigerians in the diaspora,
however, if people could produce food and snacks with wider appeal it could
be a big opportunity,” she noted.

—Howwemadeitinafrica

 

 


 


 


 

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