African food and business are coming to Lagos for CANEX WKND

The CANEX WKND event, set to take place in Lagos from November 5th to 8th, will feature culinary offerings from Nigeria, other African nations, and the African diaspora. In addition to authentic Nigerian cuisine and other regional dishes, attendees will have the opportunity to participate in the Jollof Wars, a friendly competition celebrating the popular Jollof rice.

The organizers, the African Export-Import Bank (Afreximbank), aim to elevate African food and its related business on both a global and continental scale. Currently, Africa spends an estimated $65 billion exporting food outside of its borders annually, but there's a need to increase the value derived from the continent's agricultural output.

One major issue is the lack of investment in food entrepreneurs, uneven standards hindering cross-border transactions, additional costs imposed by imported packaging, and limited access to both global and regional markets. A significant challenge is the tendency to export raw agricultural products and then purchase processed goods from other countries.

This results in a loss of value for African producers. For instance, cashew nuts, shea butter, and olive oil produced in Africa often fetch a significantly higher price overseas after processing. Afreximbank is addressing these issues through its gastronomy vertical, which has been active since 2023. Initiatives include introducing African food entrepreneurs to international expos, such as ANUGA in Germany and the Americas Food and Beverage Show in the United States.

The bank also collaborates with the African Organisation for Standardisation (ARSO) to harmonize food standards and safety across the continent. By facilitating connections among food operators, Afreximbank aims to create a retail network in Africa that supports local suppliers, ultimately leading to increased demand for African food products on African shelves.