Why Flour Mills, Nigeria’s 64-year-old food giant, joined OmniRetail’s $20 million round
- Flour Mills of Nigeria invested $20 million in OmniRetail, marking a shift from customer to shareholder.
- OmniRetail has been recognized as the fastest-growing business in Africa twice.
- Corporate venture capital (CVC) investments have tripled globally from 2014 to 2024, indicating a rising trend.
Flour Mills' investment in OmniRetail represents a significant shift in the traditional business landscape of Nigeria, indicating a growing recognition of the strategic value of startups. This move could catalyze further investments from other traditional firms, fostering innovation and competition in the market. However, it also raises questions about the implications for other manufacturers using the same platform, highlighting the need for transparency and fairness in the evolving business ecosystem.
