The News
French food giant Danone is doubling down on its plans to invest in Nigeria, even as other multinationals have pulled out of the continent’s largest consumer market in the last two years.
“We are convinced about the potential of Nigeria,” Christian Stammkoetter, Danone’s head of Asia, Middle East, and Africa, told Semafor on the sidelines of the Africa CEO Forum in Abidjan.
Procter & Gamble, GSK, and Unilever, are among the multinationals that have either severely cut back their presence in Nigeria or pulled out, typically citing currency devaluations and rampant inflation after President Bola Tinubu’s administration applied tough economic policies soon after coming to office nearly two years ago.
But Danone has long been operating in Nigeria, where it is best known for its Fan Milk brand, and recently invested in developing milk distribution capacity in the country’s north to help lower operational costs. Stammkoetter said the company will “continue doubling down through innovation and expansion of its routes to market.”