Reckitt Doubles Down on Nigeria with Long-term Strategy – Africa.com
British consumer goods giant Reckitt & Co. is doubling down on its presence in Nigeria despite a volatile economy, high inflation and a weak currency. While rivals such as Procter & Gamble and Diageo have downsized, Lidjitter believes the worst of Nigeria’s economic woes are over. General Manager Akbar Ali Shah said currency reforms under President Bola Tinubu had made the economy more stable over the past year than in previous years, making it easier to remit currency. return profits. Encouraged by this, the company plans to expand its Lagos factory, increase production, and export to neighboring African countries. The country has weathered the recent economic downturn through local production and now 90% of its products are manufactured in Nigeria. Among other things, it “bags” products, making them accessible to price-conscious consumers.
source: traffic light
