By Atoyebi Nike
Affiong Williams, founder and Chief Executive Officer of ReelFruit, says the company’s ability to survive Nigeria’s repeated economic crises lies in its long-term vision, market understanding, and deliberate product diversification.
Speaking at the 2025 BusinessDay CEO Forum in Lagos, Williams reflected on ReelFruit’s 13-year journey through inflationary pressure, naira devaluation, and unpredictable policy shifts. She emphasized that despite the odds, the fruit processing company has managed to stay the course.
“There’s been a lot of resilience, a lot of surviving and holding on,” she said. “Our staying power gave us the chance to see the remarkable opportunity in processing fruit in Nigeria.”
Founded after Williams returned from South Africa, ReelFruit was borne out of a mission to create jobs and value in a high-impact sector. Drawing inspiration from former agriculture minister Akinwumi Adesina and market research, Williams ventured into dried fruits—a relatively untapped market in Nigeria with global potential.
Recalling her early challenges, she noted, “When I moved back, someone told me you can’t build a scalable food business if you’re not selling a N100 product. That used to haunt me, but it turned out to be one of our biggest advantages.”
That low-cost entry point became crucial as inflation surged and the naira continued to depreciate. By targeting price-sensitive consumers, ReelFruit retained its market share while competitors struggled with rising production costs.
“Because we were selling to the most resilient target market, we were able to recover from different volatile situations,” she said.
As economic pressures mounted, the company scaled its diversification efforts—expanding manufacturing and serving a broader range of clients. ReelFruit now produces for retail shoppers, industrial food processors, and foreign export markets.
“That diversification has become our hedge,” Williams said. “We produce for different market segments, and that has helped us stay afloat and continue to grow.”
ReelFruit’s products are now available in over 1,000 stores nationwide. The company is also increasing its export footprint and servicing local manufacturers, supporting Nigeria’s broader push for import substitution and industrial growth.
Still, Williams emphasized that sustained progress in the sector depends on broader economic stability.
“Whatever we invest now, if those calculations change suddenly, it’s difficult to recover at scale,” she said. “We’re hopeful for a period of macroeconomic stability that will encourage real growth, not just survival.”
