Geldof and other investors buy minority stake in Nigerian biscuit maker Beloxxi

Rock star Sir Bob Geldof and other investors have bought a minority stake in Nigerian biscuit manufacturing company Beloxxi Industries, with an investment of $80m.

Geldof's fund 8 Miles intends to acquire more interests in companies in Africa by the end of this year.

Nigeria is considered to be one of the fastest growing countries in the world and UN estimates predict it will be the third-largest country after China and India by 2050, reported Financial Times.

The investment will enable Beloxxi to enhance domestic production and expand its export base into neighbouring countries.

The other investors include African Capital Alliance and DEG, a German development finance institution.

Beloxxi CEO Obi Ezeude was quoted by Financial Times as saying that it has reduced its reliance on imported raw materials in order to make the biscuits affordable.

The country's inflation has grown to more than 16% this year.

Several companies such as Unilever are struggling to keep prices affordable.

Beloxxi has a workforce of approximately 2,300 people and operates through a network of nearly 400 distributors.