Ayodele Olalere
Two Nigerian entrepreneurs, Omowunmi Owokoniran and Segun Sosanya have explained how the economic policies of President Bola Tinubu inspired them to establish their now successful food exportation company, FoodsbyMomi.
According to the duo, President Tinubu’s economic policies aimed at shifting Nigeria from an import-dependent nation to an export-driven economy inspired them to begin exportation of Nigerian food to foreign countries which has now become a success.
As former importers of foreign goods, Segun and Wumi said they had first hand experience of the impact of the naira devaluation on Nigerian businesses which has led to rising cost of the dollar making it increasingly difficult for them to sustain their import-based business.
They said having realized that importation was no longer profitable, they decided to focus on exportation
“Instead of struggling to chase dollars, why don’t we focus on exporting and earning in dollars?” Omowunmi asked one day. That single question sparked immediate action,” said Segun,a New Product Planning and Development Expert and a Global Expansion & Market Strategy Specialist
With their new found business, the pair said they engaged Federal Institute of Industrial Research Oshodi, FIIRO consultants, and also was equally at National Agency for Food and Drug Administration and Control, NAFDAC, after which they visited farms in different states to source for farm produce and later began processing them for exportation.
Segun said their breakthrough came in 2024 when they attended the Nelly NBC London Trade Fair which is one of the UK’s biggest trade events for African products.
“FoodsbyMomi quickly became the first Nigerian food brand to completely sell out at the event, proving that there was a massive demand for authentic Nigerian food in the diaspora. Today, FoodsbyMomi is the fastest-growing Nigerian food brand in the UK,”Segun said
On her part, Omowunmi Olabinjo, a seasoned cosmetologist and visionary
entrepreneur , recognized for her steadfastness and dedication to quality, said the company has been able to use technology in processing and preserving its food exports at impeccable quality that reflects global standards.
“FoodsbyMomi is an innovation driven company. It is one of the first Nigerian food companies to invest in state-of-the-art freeze-drying technology, a process that preserves food for years without preservatives. This revolutionary approach ensures that Nigerians abroad can enjoy fresh, homemade meals without worrying about spoilage,” said a trader of good standing.
Speaking on the impact of Nigerian food on the foreign market, the pair said the market was formerly taking over by food exported from other countries but with the coming on board of FoodsbyMomi, Nigerian food has now become the toast of foreign countries.
Segun noted that FoodsbyMomi received wide acceptance at the NBC London Trade Fair 2024 was nothing short of phenomenal. He added that their products have also been the toast of Nigerians and other foreigners in the UK.
” Our stand became the go-to spot for food lovers, Nigerian expatriates, and global buyers seeking authentic Nigerian flavors and we sold out faster than we ever imagined! This overwhelming acceptance inspired us to scale up production and return with even larger quantities, ensuring that no one misses out on the FoodsbyMomi experience,” he said.
He added: From the moment our products hit the shelves, UK residents have been raving about the world-class packaging that instantly signals premium quality. Our sleek, airtight pouches and elegantly branded containers are designed to lock in freshness, maintaining the rich aroma, color, and texture of our products from Nigeria to your kitchen. Whether it’s our freeze-dried Ofada sauce that rehydrates into a perfectly balanced, restaurant-quality dish in minutes or our dehydrated vegetables that retain their natural vibrancy and nutrients, every bite is a “wow” moment.”
The acceptability of their products in the UK market have also served as encouragement for them to expand.
“Today, FoodsbyMomi is no longer just a brand, it’s a movement. The demand has skyrocketed, and supermarkets across the UK are now stocking our products because of the unparalleled customer demand. The diaspora has spoken: they want real Nigerian food, and they want FoodsbyMomi.”
With the support of financial institutions in Nigeria, the duo expressed optimism of growing the company into a multi-billion dollar company in the future.
“Together with our partners and investors, this synergy has driven our rapid growth. We aim to scale FoodsbyMomi into a billion-dollar Nigerian food brand while contributing to Nigeria’s export diversification and foreign exchange earnings.
Our goal is to make Nigerian food a global powerhouse while ensuring that more dollars flow into the Nigerian economy rather than out of it,” they said.
