Affiong Williams, Founder and CEO, ReelFruit, a dried fruit processing and distribution company, has shared how her business made a strategic decision to diversify into retail, industrial and export segments to survive and scale up her business.
She noted this during a panel discussion themed ‘Builders of the New Nigeria: Stories of Scale, Grit and Innovation’, during the 13th edition of Business Day’s CEO forum.
Her insights painted a picture of how an enterprise grounded in purpose, yet fuelled by adaptability and strategic foresight, can become a key ingredient for building the ‘New Nigeria’ from the private sector outward.
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According to Williams, “Navigating such challenges has meant strategic decision-making, especially around market diversification. We deliberately structured our manufacturing to serve retail, industrial and export segments. That diversification helped us weather past storms.”
She offered a compelling account of how her business journey was sparked not by profit, but by purpose.
“I didn’t go into business simply to make money. I was genuinely concerned about the unemployment crisis in Africa,” she said.
Influenced by ongoing conversations around agriculture in South Africa, Williams began researching fruit processing and soon identified a significant market gap. “I thought, I can build a business that sources Nigerian-grown fruit and distributes it globally.”
That idea has since flourished into a thriving enterprise.
Read also: Made in Nigeria, exported to the world: Affiong Williams’ ReelFruit revolution.
“What began as a mission-driven venture has now opened the door to real commercial opportunity. Today, we’re present in over a thousand retail outlets across Nigeria, and our products are being exported internationally,” she said.
However, Williams did not downplay the harsh realities of doing business in a volatile economy.
“I cannot overstate the importance of macroeconomic stability to our sector,” she said.
Strategic selectivity and awareness
On ReelFruit’s expansion into global markets, Williams emphasised strategic selectivity and an awareness of global competition. “When you operate internationally, you’re not just competing with local brands anymore, you’re up against world-class players. That’s why understanding the trends and growth drivers in each market is critical,” she explained.
Selecting the right market entry points is key. “We look for countries with long-term potential places where we can take calculated, patient bets. We want markets deep enough to serve various consumer tiers.”
Cost of entry also emerged as a central consideration. “… understanding what it takes to penetrate a new market and how long it might take before you recoup your investment is crucial.”
ReelFruit’s first attempt to break into the U.S. market served as a wake-up call. “We realised it wasn’t going to be sustainable the way we were doing things. We had to rethink and restructure for cost-effectiveness”.
“Many businesses run out of steam not because there’s no opportunity, but because they simply can’t fund their way into the market. Timing and resource planning are everything”, she concluded.
