Economy
Reelfruit Raises $3m to Increase Product Offerings
By Adedapo Adesanya
Amid an uncertain macroeconomic environment in Nigeria, the leading dried fruit snack brand, ReelFruit, has raised a Series A investment of $3 million to expand its production, increase its product offerings and double down on exports to the US and other international markets.
This latest round was led by Alitheia IDF which invested 67 per cent or $2 million while other investors included Samata Capital and Flying Doctor Healthcare Investment Company.
ReelFruit says with the capital, it will scale up its dried fruit production, develop new products, and increase exports by 10 x to 15 metric tons (MT) in the first year.
Key to its expansion plans, ReelFruit will acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 MT to 30 MT, with job creation part of the package as it plans to hire over 200 people in its first year.
The company added that with its greater supply of dried fruit, ReelFruit will continue to innovate new products for the local and international markets.
As part of its efforts to secure high-quality raw materials, ReelFruit plans to deepen its existing work with Nigerian fruit farmers. The company will form an agro-extension services programme for 250 registered mango and pineapple producers.
The programme is also expected to boost fruit yields and help support a steady supply of high-quality raw materials for the factory.
Further, to meet strong demand for its dried fruit snacks, ReelFruit will diversify its local and international sales channels and plans to launch an e-commerce channel for direct US sales by next quarter.
ReelFruit will also unlock more business-to-business (B2B) opportunities including white-labelling and co-packing to support the national drive toward import substitution as local buyers will be able to buy dried fruit locally.
The company also disclosed that it will double last year’s revenues by November 2021.
Speaking on the development, Mrs Affiong Williams, ReelFruit CEO/Founder noted, “This investment takes ReelFruit to the next level. We can meet increased demand for our products and tackle one of our biggest challenges – raw material supply.
“We are thrilled that this will unleash a greater impact on our value chain by increasing farmer incomes and creating up to 300 decent jobs for Nigerians.”
On the part of the lead investors, Mr Tokunboh Ishmael, Alitheia IDF co-founder said the company was “proud to support ReelFruit’s ongoing efforts to boost food production in Nigeria and positively impact communities through deliberate partnerships with local farmers, distributors, and retailers.
“The investment will strengthen the company to unlock further growth, upskill farmers and improve economic outcomes for thousands of women who play a significant role in the production of ReelFruit’s products.”
By Adedapo Adesanya
The United States has lamented Nigeria’s import ban on 25 different products, particularly in agriculture, pharmaceuticals, beverages, and consumer goods, as it rationalised the recent decision to slap a 14 per cent retaliatory tariff.
The United States Trade Representative, in a statement on Monday posted on its X platform, said Nigeria’s restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit US market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for US businesses looking to expand in the Nigerian market,” it wrote.
Last week, the administration of President Donald Trump imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the US.
In response, the Nigerian Minister of Trade, Industry, and Investment, Mrs Jumoke Oduwole, said Nigeria would take a pragmatic approach and will boost non-oil exports to deal with the drawbacks from the US move.
She also said Nigeria will be willing to negotiate and will be speaking with the World Trade Organisation (WTO) on the way forward.
On his part, the Minister of Finance, Mr Wale Edun, said that the Economic Management Team (EMT) would meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the US.
He said the EMT will afterwards, make recommendations to cushion its impact on the nation’s economy.
The Minister also said the federal government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Mr Edun also assured that while the adverse effect on Nigeria will be through an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
By Adedapo Adesanya
Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.
Speaking on the development, Mr Edun welcomed the development, calling it a timely response to Nigeria’s youthful demography.
He said this fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.
On his part, NSIA CEO, Mr Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.
“With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative,” Mr Umar-Sadiq said.
By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.
By Adedapo Adesanya
The Minister of Finance, Mr Wale Edun, has said the country’s Economic Management Team (EMT) would meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.
Mr Edun made the disclosure while speaking at an event organised by the Ministry of Finance Incorporated (MOFI) on Monday.
The Trump administration recently imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.
He said the EMT will afterwards make recommendations to cushion its impact on the nation’s economy, noting that the federal government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Mr Edun stated that while the adverse effect on Nigeria will result in an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
The Finance Minister noted that the US, which is at the centre of the tariff war had on April 2, announced that it would exempt mineral exports, including oil.
“Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out.
“There’s global uncertainty at a huge level, so nobody knows exactly what will happen- the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.
“So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”
Mr Edun also highlighted plans to look at budget adjustment, expenditure prioritisation as well as innovative non-debt financing strategies.
According to him, Nigeria had recorded a trade surplus in the last three years (2022-2024) with the US.
“Nigeria-US Trade has been in surplus in the last 3 years (2022-2024). Nigeria’s exports to the US were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022-2024, respectively.
“Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to N5.08 trillion in value while non-oil was just N0.44 trillion.
“Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.
“The adverse effect on Nigeria will be through oil price plunge. We are intensifying efforts to ramp up crude oil production to curtail any price effect
“We are also focusing on non-oil revenue mobilisation by FIRS and Customs, budget adjustment and prioritisation where possible, and also and innovative non-debt financing strategies,” the Minister said.
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