Nigeria Business & Finance Updates

Golden Penny strengthens market share with new product

Golden Penny strengthens market share with new product

In a bid to strengthen its market share, increase product offering and alternatives to consumers, Golden Penny has introduced a new product, Jollof noodles, to the Nigerian market.

According to the Category Manager for noodles, Golden Penny, Chiaka Eluchie, introducing the product to the market was part of an effort to give Nigerians access to quality, affordable and healthy nutrition.

She added that the brand is one of its kind made from a unique blend of spices designed to meet consumers ever changing needs.

She noted that the firm which currently holds the third position with about 10 percent of the noodles market share worth over N109 billion, has intentions of increasing the market share even further.

In her words, ‘‘For us, Golden Penny Noodles is one of the top three brands in this category for over 10 years, so we are using this launch to excite our consumers by giving them another flavour . We have done so much research on wheat flavours on appeal to consumers, so we decided to come out Jollof noodles flavour .

“This brand is one of its kind made from a unique blend of spices that gives that intriguing jollof taste which is ready in five minutes. You know Nigerians have that nostalgic feeling about jollof, so this what we have recreated in the noodles. We have actually designed it to meet consumer needs.

‘‘We are known for producing quality products and we have done a lot of feasibility studies to identify what the Nigerian consumers want. We have about 10 per cent of the N109 billion noodle market and we are planning to increase this further.

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“All the things we do is to seek ways to feed Nigerians with more quality products. In the noodles market, there are about 16 brands which we currently hold the third position”.

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