Procter & Gamble (P&G) organizes a major investment summit in Lagos for its international suppliers
June 26th 2013, Lagos:
Leading consumer goods company, P&G organized on June 26 in Lagos a major investment summit gathering a large number of its main international suppliers. The objective of the summit was to share P&G's positive business experience in Africa and in particular Nigeria and South-Africa, and thereby encourage its suppliers to commit new capital investments in these two countries where P&G already has major expanding manufacturing sites.
The event was held at the Federal Palace Hotel, Victoria Island, Lagos, and was attended by a number of top Government officials. These included the Dr. Bright Okogu the DG of Budget office who represented the Nigerian Minister for Finance and coordinating minister of the economy, Dr. Ngozi Okonjo Iweala at the event; The Director General of the Department of Trade and Industry South Africa – Ms Pumla Ncapayi and other officials of the DTI and the Nigerian Investment Promotion Commission (NIPC). Also in attendance were over 40 representatives from P&G's leading international suppliers as well as senior P&G executives.
The event was co-hosted by P&G's Vice President for West Africa – Mr. Manoj Kumar and P&G South and East Africa Vice President, Mr. Stanislav Vecera. During the event several P&G executives shared the company's African success story and highlighted the strong economic growth and attractive business climate of the region.
Standa Vecera spoke on the economic growth and development of Sub-Sahara Africa noting how the region is becoming a more attractive and hospitable destination for investors. He stated for example that according to the World Bank, economic growth in sub-Saharan Africa is expected to significantly outpace the global average over the next three years and that six of the world's ten fastest growing economies of the past decade are in sub-Saharan Africa. Taking South Africa as a case study, Mr. Vecera attributed the country's investment popularity to its relatively well developed infrastructure, stable political environment and relatively large domestic market.
In his address at the event, P&G Nigeria's Vice President - Manoj Kumar detailed Nigeria's robust and steady GDP growth, stable exchange rate, strong banking sector, massive human and natural resources as some of the reasons that Nigeria is becoming an increasingly attractive investment destination for foreign investors.
He went on to issue an invitation to the guests at the event to consider start up of operations in Nigeria and to enjoy the 'first-mover advantages' that can still be found in the country.
The Coordinating minister of the economy represented by the DG Budget office, Dr Bright Okogu, commended P&G for lending support to the Nigerian Government's drive to promote foreign investments in the country. He discussed the strong prospects for growth of the Nigerian economy, the improved macroeconomics, banking system as well as the various policy reforms that have been put in place to help benefit investments in Nigeria. While thanking the suppliers for making out time to attend the event, he affirmed the stand of the Nigerian government that Nigeria is a safe and sound economy in which foreign investors will not regret investing, he further urged the suppliers at the event to take advantage of the huge investment opportunities in Nigeria”
One of the pillars of P&G's global business strategy is to maintain strong momentum in developing markets, including Africa in general and Nigeria and South Africa in particular. The event was a success and testimony to P&G's commitment to Africa and its contribution to development of the region in partnership with African stakeholders.
About P&G Africa
P&G serves more than 200 Million Consumers across Africa. The Company has one of the strongest portfolios of trusted, quality leadership brands including Pampers®, Ariel®, Always®, Pantene®, Mach3®, Iams®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun®, Fusion®, Febreze®, Ambi Pur®, and Vicks®.
P&G Africa has 3 regional offices based in Johannesburg, South Africa; Lagos, Nigeria and Nairobi, Kenya with multi-category manufacturing plants in South Africa and Nigeria. The P&G community includes over 4,000 direct and indirect employees, and our products are sold across Africa primarily through mass merchandisers, grocery stores, membership club stores, pharmacies, department stores, salons and in high-frequency stores. We continue to expand our presence in other channels, including department stores, perfumeries, pharmacies, salons and e-commerce.
P&G Africa is wholly owned by The Procter & Gamble Company, a publicly traded company. Its stock is listed and traded on the New York Stock Exchange and NYSE Euronext–Paris under the symbol “PG.”