It is a known fact that Covid 19 lockdowns Across the whole world in 2020 has led so many countries to recession. The lockdown led to disruption and complete shutdown of most businesses while each country looked for solution to combat the deadliest virus ever in the history of humanity.
In Africa, the economic impact of the global lockdown was seriously felt by many countries due to their dependent on western nations either for the purchase of their raw agricultural produce like Cocoa, Rubber, Gold or even crude oil in the case of Nigeria and there was massive drop in their prices during this time
This singular effect led to massive drop in their revenue base and in turn affect their GDP growth rate projected for the period
Despite this negative effect of this pandemic in 2020, the food and beverage industry in Africa especially in Nigeria outperformed their projection in terms of sales revenue even though the profit margin was not very robust due to high cost of raw materials.
So the likes of Coca Cola, Heineken, AB-InBev, Nestle, Dangote group, Flour Mill of Nigeria , Olam group, Pepsi co, etc. were resilient in their performances and were able to declare impressive result for the year and contributed immensely to their global sales and profitability compared to their other offices around the world.
Teelad is also proud to have contributed to the impressive performance of these companies having been their strategic partners for many years and we were instrumental to what they were able to do during this time.
Teelad looks forward to deepening our relationship with these blue chip and upcoming companies even now and in the future.