Turkey based fast-moving consumer goods producer, Hayat Kimya has opened a $100 million factory in Ogun state. The factory was inaugurated by the governor of the state, Ibikunle Amosun. Here are key highlights about the factory:
- The factory was built at an estimated cost of $100 million.
- It is Hayat Kimya’s first major investment in sub Saharan Africa and its modern factory. The factory generates 14.2 megawatts of electricity for its operations.
- Annual production capacity is 1.3 billion units of diapers and 13,000 tonnes of tissue.
- CEO of the factory, Avni Kigili said 30,000 direct and indirect jobs will be created through the factory’s establishment.
Hayat Kimya is a subsidiary of Hayat holdings which was established in 1937. The company has over 5000 employees and distributes its products in over 100 countries. The company remains family owned.
In addition to the direct and indirect jobs created, the factory will also be a source of tax revenue for the Ogun state government. The immediate area where the factory is located, will witness a rise in the value of real estate, and development. A fall in global crude oil prices, pushed the Nigerian economy into recession in the second quarter of 2016. The drop in FAAC allocations lead many states in the country to default on salary and pension payments. The federal government has had to ramp up external borrowing to fund key infrastructure projects.