P&G, Colori Cosmetics production agreement to attract $35 bln foreign investment to Nigeria
Procter & Gamble (P&G), a consumer goods manufacturer has signed a production agreement with Colori Cosmetics for the local production of Oral B products in Nigeria.
The parties to the agreement explained that the partnership represents a new investment of $35 million with additional direct jobs of over 200 expected to be created.
The deal is expected to further promote localisation, technology advancement in Nigeria, support the government’s economic diversification drive as well as create an export hub of manufactured goods in Nigeria.
The ceremony was witnessed by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
P&G’s Managing Director for Nigeria, Adil Farhat said P&G would continue to partner with the Nigerian government, “as we increase our economic and social footprint, in support of the diversification and localisation objectives of Nigeria.”
“P&G is excited to partner with Colori on this project and is committed to investing in Nigeria and Nigerian talents now and for the long haul.
“On behalf of the entire staff of P&G, I would like to say a big thank you to the (CBN) Governor for hosting us today as we seal this agreement.”
Also, the Managing Director of Colori Cosmetics Nigeria, David Feng, said his organisation was delighted about the partnership.
“The cooperation with Procter and Gamble (P&G) particularly is a huge honour. We see it as a priceless opportunity to grow with Nigeria as we aim to be one of the top-class intelligent plants in Nigeria and in the whole of the African market at large.
“We aim to work with hundreds of local businesses to provide a healthier lifestyle to the people,” he said.
In his remark, CBN Governor, Emefiele called on multinationals and other manufacturing companies operating in the country to work towards the production of their goods in the country.
Emefiele urged other multinationals to follow suit and collaborate with partners to strengthen industrialisation in Nigeria.
He revealed that about two years ago, Unilever established its margarine plant in Ogun, also with the support of the central bank.
“I encourage other multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria. I also encourage indigenous corporations by saying rather than import goods that can be produced in Nigeria, they should begin to produce those goods here in Nigeria.
“We believe this will help to enable the build out of a more resilient economy that creates jobs and supports skills transfers for our growing and youthful population.”