Nigerian biscuit maker Beloxxi lures $80M private equity investment

Nigeria’s snacks industry has attracted the interest of a private equity firm founded by Sir Bob Geldof in a boost for Africa’s biggest economy.

A consortium led by sub-Saharan Africa-focused 8 Miles has bought a minority stake in Nigerian biscuit maker Beloxxi for $80m in a deal described as a bet on the company’s ability to meet the rising demand of a growing consumer class.

Growth in the snacks market of large cities such as Lagos has been strong in recent years, but the investment comes as the country struggles through the worst economic crisis in decades, driven by low oil prices and worsened by a flailing government response that has included capital controls and import restrictions.

Read more: Nigerian biscuit maker Beloxxi lures private equity investment – FT.com

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