After GSK, P&G, Others' Exit, 20 German Firms Move to Begin Operations in Nigeria
- About 20 firms from Germany have shown interest in setting up operations in Nigeria
- The companies said they will invest in resources and technical support to enhance export commodities
- They stated that they came to Nigeria to explore investment opportunities in Africa's largest economy
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Months after popular drugs and healthcare manufacturing giant GSK left Nigeria, about 20 German firms are ready to open shops in the country.
The companies expressed interest in investing resources and technical knowledge to enhance local production and improve Nigeria's export commodities.
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20 firms to boost technology and resources in Nigeria
The development follows a discussion between officials of the Nigeria Investment Promotion Commission and a private sector group comprising 22 firms from Germany and Europe on an experimental mission to analyze the potential investment opportunities in Nigeria.
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The delegation's leader and Deputy Head of the United Nations Investment and Technology Promotion Office, Michael Schmidt, said the meeting boosted bilateral ties with Nigeria and implemented agreements reached during an earlier visit to the country by German Chancellor Olaf Scholz.
According to Schmidt, the companies would invest in tech support in local processing and transfer of green and sustainable technologies.
Punch reported that Schmidt pointed out that the companies want to boost the industries' capacity in Nigeria, stating that they toured Lagos, Ibadan, and Abeokuta and rounded off in Abuja.
Per Schmidt, the meeting was critical because it brought together Nigeria's government, decision-makers, private sector, and UNIDO partners.
He revealed that 20 firms are part of the delegation and are in touch with more companies to assist various sectors in Nigeria.
He said:
"There is also indirect support to achieve industrialization by supporting local companies, improving their efficiency, access to international market and standards.
GSK and other companies' exit from Nigeria upsets jobs
Nigeria has suffered what many describe as a mass exodus of multinational firms from the country, which has put the country in a tight spot.
GSK's exit from Nigeria rattled the country's healthcare system as significant drugs that the British giant manufactured became instantly scarce and expensive.
Analysts have blamed the exit of the companies on the harsh operating environment and foreign exchange volatility.
The exit of multinational companies has thrown about 20,000 Nigerians into the labour market.
After Sanofi, GSK, another consumer giant moves to dissolve operations in Nigeria, gives reasons
Legit.ng reported that leading consumer goods manufacturer Procter & Gamble has revealed plans to dissolve its on-ground operations in Nigeria and turn the country into an import market.
The company's Chief Financial Officer, Andre Schulten, disclosed this during a Morgan Stanley Global Consumer and Retail Conference presentation.
The consumer giant stated that it is challenging to do business in Nigeria as a dollar-dependent company and that the macroeconomic reality in Nigeria is responsible for its decision.
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Source: Legit.ng
