Nestle to Invest $1 Bln in Africa Over Next 2 Years
Tuesday, February 8, 2011
LAGOS (Reuters) – Nestle, the world’s biggest food group, said on Thursday it would invest 1 billion Swiss francs expanding capacity in Africa over the next two years.
Chief Executive Paul Bulcke made the comments at the opening of a 12 billion naira factory to produce Maggi seasoning cubes in the southwestern state of Ogun in Nigeria, sub-Saharan Africa’s second-biggest economy.
“This latest investment is proof of our commitment to Africa in which we will invest 1 billion Swiss francs over the next two years,” Bulcke said.
Nestle has operated in Nigeria for five decades. The new factory in Ogun is its 27th in Africa.
Several global brands in the fast-moving consumer goods sector have announced investment in Nigeria in recent weeks, including the world’s largest Coke bottler Coca-Cola Hellenic (CCH) and British soap and shampoo maker PZ Cussons.
Nigeria is Africa’s most populous nation, with more than 150 million people, and is seen as one of the world’s last relatively untapped but scaleable frontier markets.