Unilever to Invest $14 Million In a New Nigerian Plant

Unilever, one of the biggest conglomerates in the world, has revealed plans to invest €10m (N4.3bn) in a new plant in the country as part of its expansion programs.

The revelation was made by the Unilever Executive President/CEO, Mr. Luc-Olivier Marquet during an interview with the MARKETING EDGE team at International Convention Centre (ICC), Durban, South Africa, venue of 2017 Loeries Creative Week.

The Unilever boss who delivered a powerful paper on ‘Creativity and the Role of Major Stakeholders in Building the Brand,’ charged the African Creative people to be more Afrocentric in telling the African story through their creativity.

The new plant is to involve the production of Blue Band, its flagship margarine brand, which is popular all around the country

Unilever’s expansion plan will make the brand maintain its leadership position in the market, meet growing margarine demands in the country and maintain its competitive edge amongst competitors like Blue Bonnet, Chiffon Margarine and others.

Market analysts believe Unilever’s expansion plans is one of the reasons for its subsidiary’s recent decision to approach the Nigerian Stock Exchange (NSE) to raise about N58.851billion fresh capital through Rights Issue. In the application, Unilever Nigeria will be issuing 1,961,709,167 ordinary shares of 50 kobo each at N30.00 per share to shareholders on the basis of 14 new shares for every ordinary shares held.

 

Source: NigerianBulletin