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IFC Report Highlights Food Concepts as a Business that Creates Opportunity at the Base of Pyramid


In Washington, D.C.
Loren Nadres
Phone: +1 202 473 6507
E-mail:
LNadres@ifc.org


Washington, D.C., October 10, 2012—Leadership, local knowledge, and financial sustainability are key components in creating opportunity at the base of the economic pyramid, according to a new report by IFC, a member of the World Bank Group.

Launched today, Being the Change: Inspiring the Next Generation of Inclusive Business Entrepreneurs Impacting the Base of the Pyramid highlights the personal stories of the leaders of some of IFC’s inclusive business clients. These clients have developed innovative and successful business models that expand access to goods, services, and livelihoods for poor people, while generating strong financial returns.

“By bringing low-income producers and consumers into their supply chains, these companies are pioneers,” said IFC Vice President, Business Advisory Services Nena Stoiljkovic. “Creating inclusive business models in developing economies is a top priority for IFC, and critical in building prosperity.”

Based on interviews with 14 founders and CEOs of IFC client companies, including Deji Akinyanju of Food Concepts Plc. in Nigeria, the report identifies a number of lessons on inclusive business, including the need to balance short-term returns with long-term goals and the importance of knowledge of local conditions, needs, and capabilities. The stories also reflect the overarching optimism these leaders share about the future of inclusive business.

Since 2005, IFC has invested over $7 billion in more than 300 companies that focus on inclusive business models in over 80 countries, reaching 250 million people. IFC aims to increase the number of financially sustainable, inclusive business models operating at scale to help address the issue of access to goods, services, and livelihoods for billions of low-income people.


For more information about inclusive business at IFC, including the report, previous publications, and case studies, visit www.ifc.org/inclusivebusiness.

About Food Concepts Plc.

Headquartered in Nigeria, Food Concepts is a leading West African quick service restaurant and bakery operator. Its main line of poultry restaurants, “Chicken Republic,” launched in 2004 and now has 65 outlets in Nigeria and Ghana. To facilitate backward and forward integration strategies, the group also comprises Butterfield Bakery Nigeria (includes 9 plant bakeries) and Free Range Farms (a state-of-the-art poultry farm and poultry processing plant). Food Concepts works closely with its network of small-scale suppliers and distributors, providing them with inputs and training and working to improve their livelihoods. It has also added Pizza Republic and Reeds, a fine-dining Thai fusion restaurant to its portfolio.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org.

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