British consumer goods giant Reckitt is doubling down on its operations in Nigeria, despite the country’s economic volatility marked by high inflation and a weakened currency. While competitors like Procter & Gamble and Diageo have scaled back, Reckitt believes that the worst of Nigeria’s economic woes are behind it. According to General Manager Akbar Ali Shah, currency reforms under President Bola Tinubu’s administration has led to more economic stability in the last one year than in previous years, making it easier to repatriate profits. Emboldened by this, the company intends to expand its Lagos factory, increase production, and export to neighboring African countries. The country survived the recent economic downturn by localizing production, with 90% of its products now made in Nigeria. Beyond this, it “sachetised” its products, thereby making them accessible to price-conscious consumers.
Source: SEMAFOR