November 2, 2017

VIK Industries launches new product

By Provdence Emmanuel
LAGOS—VIK Industries  Limited has introduced a new product “Nutzy peanut butter” into the market, saying it’s to challenge foreign domination of the market in Nigeria.

Speaking during the launch of the product, the Managing Director, Mr. Ajay Ramnanai, said that the idea of venturing into local production of groundnut spread was in realisation of foreign peanut butter brands dominating Nigeria’s store shelves over the years.

Ramnani added that extensive research had resulted in a high quality product that offers much value in terms of pricing and packaging, yet had the unique taste that only Nigerian groundnut varieties, widely acknowledged as among the best in the world, could offer.

He said that the nation’s agric value chain development appears to be gaining more traction with the new product which has opened new vistas of opportunities for groundnut farmers in terms of guaranteed uptake of products.

He explained that Nuttzy peanut butter can be applied in different ways including preparation of local soups, sauces and dips.

“The major advantage is local groundnut taste. I think the groundnuts available in Nigeria are of really good quality. They are of exportable standard and Nigerian groundnuts don’t taste like that anywhere in the world. It has a distinct flavour. So I think the fact that we have that flavour in our peanut butter is what really differentiates us. In terms of quality, we have a fully automated food factory so there is nothing compromising. In terms of the price, I’d say we’re less than half the price of all imported brands,” he said.

Ramnani said the company was looking forward to introducing other varieties apart from the “creamy” and “crunchy” variants currently in the market and has been well received going by results from and ongoing sampling and market activation campaign being implemented in different open markets and retail stores in major cities across Nigeria.

Speaking on the challenges facing the manufacturing sector, Ramnani advocated more support for the critical sector through a broad