German company injects N7bn into Nigerian economy

German multinational, Beiersdorf Global says it has invested N7 billion in Nigeria’s domestic economy in the last 18 months, despite its economic crisis.

Also, the global skin-care giant has disclosed that over 150 jobs have directly been created, while more than 1,000 indirect jobs had been created indirectly with the injection of N7 billion into the Nigerian economy.

An Executive Board member for Americas, Russia, India, Middle East and Africa, Mr. Stefan De Loecker said this at the unveiling of the firm’s Nigerian office and production centre in Lagos.

De Loecker unveiled the company’s Nigerian office alongside Country Manager of Beiersdorf Nigeria, Mr. Godwin Harrison, and Executive Secretary of Nigerian Investment Promotion Commission, Ms. Yewande Sadiku, among others.

Creating more jobs

After the inauguration, De Loecker stated that Beiersdorf “we are going to create more jobs in the future for Nigerians.”

The board member explained that the fund was basically invested in setting up a subsidiary of Beiersdorf Global in Lagos and constructing its production centre.

Largest market

“Beiersdorf has set its production centre in Nigeria already. The production site is ready. We have done test-running. Currently, we are importing our products. But by September, we will start production. Beiersdorf Global has been in Nigeria for over 50 years as a brand. But we believe that the best way to serve our consumers is really to be in Nigeria. The market size of Nigeria is huge.

“Nigeria will become 14th largest market in the world by 2050. What we do now is commercialise the international range of Nigeria here in Nigeria. We can look at the right range or the right format. We can assure Nigeria of good quality,” the board member explained.

The Country Manager of Beiersdorf Nigeria, Mr. Godwin Harrison said he was excited about the prospect the future holds for Beiersdorf Nigeria, thereby promising to delight its teeming customers with strong brand and product innovation.

“The investment emphasised how important the Nigerian market is for Beiersdorf The government has continuously supported us as part of the industrialisation initiative and today we will like to express our gratitude to all those responsible,” he said.

Source: Voice of Nigeria