DP World acquires controlling stake in Nigeria’s AFMCG

DP World acquires controlling stake in Nigeria's AFMCG

DP World’s Imperial has completed the acquisition of a controlling stake in Africa FMCG Distribution Ltd (AFMCG), part of the Chanrai Group of Companies – as Dubai’s port operator looks to expand its African arm’s reach.

AFMCG offers a nationwide and 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.

“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,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.

“AFMCG boasts unmatched route-to-market solutions in Nigeria and also 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 factory floor to customer door.”

DP World acquired Imperial Logistics Limited in March 2022. The acquisition intended to complement its existing footprint in Africa.

“Being one of the largest economies on the African continent, with attractive demographic and macroeconomic fundamentals, Nigeria boasts a significant consumer market and 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, Chief Operating Officer of DP World Logistics and Group CEO at Imperial.

In March, DP World announced its financial results for 2021, reporting revenue growth of 26.3 per cent to $10.7 billion.

According to the company, this growth was supported by acquisitions and new concessions, including Angola, Unico, and Transworld.

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