NIGERIA: British international soap maker PZ Cussons expands its operations into Nigeria with the opening of a new palm oil refinery factory
Record ID:
235424
NIGERIA: British international soap maker PZ Cussons expands its operations into Nigeria with the opening of a new palm oil refinery factory
- Title: NIGERIA: British international soap maker PZ Cussons expands its operations into Nigeria with the opening of a new palm oil refinery factory
- Date: 3rd January 2012
- Summary: LAGOS, NIGERIA (RECENT) (REUTERS) STREET SCENE STREET LAMP WITH PZ CUSSONS LOGO SOAP PACKAGING VARIOUS OF SACHETS OF SOAP BEING PACKED VARIOUS OF CHRISTOS GIANNOPOULOS, CHIEF EXECUTIVE, CUSSONS NIGERIA TALKING TO COLLEAGUE (SOUNDBITE) (English) CHRISTOS GIANNOPOULOS, CHIEF EXECUTIVE CUSSONS NIGERIA SAYING: "Our biggest investment as has been announced is with our joint venture with Wilmar whereby we are currently in the process of erecting a palm oil refinery and we expect that to be operational sometime in the third quarter of 2012." FACTORY WORKERS PACKING SOAP VARIOUS OF SACHETS VARIOUS O WORKERS PACKING SOAP (SOUNDBITE) (English) CHRISTOS GIANNOPOULOS, CHIEF EXECUTIVE OF CUSSONS' NIGERIAN UNIT SAYING: "Both Nigeria, Indonesia, Thailand, Ghana and Kenya which are the other developing countries that we operate in will become a much bigger part of the group as we go forward." WORKERS PACKING SOAP
- Embargoed: 18th January 2012 12:00
- Keywords:
- Location: Nigeria, Nigeria
- Country: Nigeria
- Topics: Business,Industry,Employment
- Reuters ID: LVADVCBUXGMRZUXM6LVBQFJU9BVS
- Story Text: Consumer product maker PZ Cussons expects a $56 million palm oil refinery in partnership with Singapore's Wilmar International to be operational by the third quarter of 2012, the Chief Executive of Cussons Nigeria, Christos Giannopoulos has said.
"Our biggest investment as has been announced is with our joint venture with Wilmar whereby we are currently in the process of erecting a palm oil refinery and we expect that to be operational sometime in the third quarter of 2012," he said.
Giannopoulos said the joint venture company, PZ Wilmar will invest 100 billion naira in Africa's second biggest economy over the next 5-7 years to develop palm oil plantations that will feed the refinery and reduce import bills.
He estimated that Nigeria imports around 300-400,000 tonnes of palm oil a year.
Nigeria was the biggest palm oil producer in the world 20-25 years ago before Malaysia overtook it.
Giannopoulos said PZ, the Nigerian subsidiary of the British soap and shampoo maker, contributes around 30-35 percent of the revenues to the group, showcasing the rising middle income class in emerging markets and strong economic growth.
He added that PZ was also witnessing strong growth in various developing countries.
"Both Nigeria, Indonesia, Thailand, Ghana and Kenya which are the other developing countries that we operate in, will become a much bigger part of the group as we go forward," he said.
Nigeria's government is keen to diversify its economy away from over-reliance on crude oil, which currently makes up 95 percent of forex earnings, and on imported goods.
Giannopoulos said he expected consumer spending in Nigeria to expand after reforms to the banking sector which boost lending to the economy and the government fixes its infrastructure.
The Chief executive said last year, sales grew 20 percent in the first quarter for the company, which has operated in Nigeria for more than 100 years. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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