The 2024 GTCO Food and Drink Festival has brought a different angle to the entire celebration of African cuisine.
There is rising cost of living in Nigeria and the cost of food items are most affected.
It is the 7th edition of the GTCO Food and Drink Festival and it held from April 26 to 28, 2024. The venue was the GTCentre in Victoria Island, Lagos.
This family-friendly event became a must-attend for food lovers and entrepreneurs, drawing over 1.5 million visitors in 2023.
Interestingly, in that year, small food businesses generating approximately ₦2 billion in revenue.
But that was before President Bola Tinubu took over and made the famous “subsidy is gone” statement.
As a result, the 2024 edition came with new challenges. Parents and other attendees navigated the impact of rising food prices and cost-of-living pressures on their festival experience.
Changing Family Traditions
Families that attended the festival were advised to plan ahead to make the most of their time and budget.
In light of the recent hike in food prices, essential items such as rice, beans, and cooking oil had seen a significant increase.
This directly impacted vendors and attendees, affecting both the variety of food on offer and customers’ purchasing decisions.
For instance, during the 2024 festival, a popular food item like jollof rice saw a 20% price increase compared to previous years. This is largely due to rising staple costs, forcing many families to adjust their spending at the event.
GTCO Food And Drink Festival’s Family-Friendly Packs
Also, one of the challenges of the previous edition that came at a time Nigeria was reeling from Naira note scarcity, was payment irregularities.
To avoid such massive payment failures, attendees were encouraged to make payments by scanning a QR code. Organisers say it would help vendors and attendees maximise and explore the digital space to avoid potential issues with card payments.
Also, parents with young children were advised to bring their own snacks and beverages to mitigate the impact of higher prices on-site.
On the other hand, vendors were encouraged to offer value-added experiences, such as food tastings, demonstrations, and discounted family meals.
It was a strategy that helped attract customers who might have been hesitant to spend due to rising costs.
Fun Plus Budget-Friendly AwarenessÂ
Despite the price fluctuations, the GTCO Food and Drink Festival remained a vibrant and enjoyable event. It offered a wide range of attractions for all ages.
Also, the festival’s atmosphere fostered interaction between vendors and attendees, creating a sense of community and shared culinary exploration.
To maximise the experience, attendees were advised to review the event’s schedule in advance.
Furthermore, they were asked to identify must-see activities, and plan meals to balance enjoyment with affordability.
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As the cost of living continues to rise, these tips could help both families and vendors navigate the changing landscape of food festivals.
Also, it will make the most of the GTCO Food and Drink Festival 2024.
Driving Economic Growth
Additionally, for future events, the Nigerian government could collaborate with festival organisers to enhance the masterclasses offered at the festival.
By providing resources, industry experts and promoting culinary education, the government could support small food businesses and encourage entrepreneurship.
Experts believe this would drive economic growth within the culinary sector.
This partnership could lead to more robust masterclasses, offering valuable insights and skills to attendees.
Also, it could foster a stronger relationship between the government, entrepreneurs, and the broader community.