…To commence local production of Oral B Products
To further strengthen its commitment towards localization of production in Nigeria, leading Consumer Goods Company in Nigeria, Procter & Gamble (P&G) has partnered with Colori for the local production of its Oral Care products, OralB. This partnership represents a new investment of $35Million dollars, consolidated with a contract signing hosted by the Governor of the Central Bank of Nigeria(CBN), on Friday, March 5, 2021.
The signing which took place at the office of the CBN Governor given his continued engagement with P&G on its localisation journey, will further promote localization & technology advancement in Nigeria through strategic Private-Public collaboration. It also reiterates P&G’s commitment to provide quality products that improve everyday life whilst having a positive impact on the economy.
In his remark, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele (CON) said, ‘It is gratifying to have been part of this localisation journey with P&G. They have also indicated to me that this is the first of many such projects and we are ready to support them achieve these localisation objectives’. CBN encourages other multinationals to follow suit and collaborate with partners to strengthen industrialisation in Nigeria
Speaking on the partnership, P&G Managing Director for Nigeria, Mr. Adil Farhat revealed that as a company focused on being a ‘force for good and a force for growth’, P&G will continue to partner with the Nigerian government as we increase our economic and social footprint, in support of the diversification and localisation objectives of Nigeria. In his words “P&G is excited to partner with Colori on this project and is committed to investing in Nigeria and Nigerian talents now and for the long haul. On behalf of the entire staff of P&G, I would like to say a big thank you to the Governor for hosting us today as we seal this agreement.”
Also speaking at the event, the Managing Director of Colori Cosmetics Nigeria, David Feng shared that Colori Cosmetics (Longrich) is delighted with the opportunity to sign the contract with the Nigeria-Lekki FTA in 2017 to build its first Artificial intelligence plant in Nigeria under the China One Belt and Road Initiative. “The cooperation with Procter and Gamble (P&G) particularly is a huge honour. We see it as a priceless opportunity to grow with Nigeria as we aim to be one of the top-class intelligent plants in Nigeria and in the whole of the African market at large. We aim to work with hundreds of local businesses to provide a healthier lifestyle to the people”, he said.
One of the partnership's objectives is to create jobs, diversify the economy, create an export hub of manufactured goods in Nigeria as well as to strengthen the communities in which P&G operates.
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