Unilever To Invest $194m In Nigeria

 Busayo International, Investing, Investors

VENTURES AFRICA – Anglo–Dutch multinational company Unilever will this October start investing as much as 150 million Euro ($194 million) across its Nigerian production lines.
This investment will enhance local production capacity as well boost relations with domestic raw material suppliers.
Unilever global CEO, Paul Polman said the company plans to “Lift Africa”, for which the group has invested 50 percent of its turnover in Nigeria in the last three years and the country now holds around 50 percent of all its investments in Africa.
If growth rate increases “there is no reason why we cannot have half of our business in the region,” Polman added.
He encouraged investors to look beyond the current socio-economic challenges plaguing the country and focus attention on the
promising economic potentials, particularly with Nigeria now the largest economy in Africa and its investment climate very favourable, owed largely to a soaring GDP growth.
“We will continue to invest and our growth rate is accelerating. We also think that the enormous potentials in the country are being unlocked,” he enthused.
Incorporated as Lever Brothers (West Africa) Limited in April of 1923, NSE-listed Unilever Nigeria Plc is the oldest manufacturing company in Nigeria.