Business News
FrieslandCampina targets increased market share with ₦9.5 billion investment
Royal FrieslandCampina has disclosed plans to invest €23 million in the Nigerian economy.
Leading dairy producer, Royal FrieslandCampina (makers of Peak Milk) has disclosed plans to invest €23 million (about N9.5 billion) in the Nigerian economy. The company’s global Chief Executive Officer, Hein Schumacher, made this known recently when he visited Vice President Yemi Osinbajo in Abuja.
According to him, the move is aimed at consolidating the success that has so far been recorded by the Nigerian subsidiary of the global milk producer.
With him during the courtesy visit were other dignitaries, including the MD of FrieslandCampina WAMCO Nigeria, Ben Langat, the company’s Chairman, Jacobs Ajekigbe, the Corporate Affairs Director, Ore Famurewa, and the Ambassador of the Netherlands to Nigeria, Robert Petri.
“We are investing around €23 million in our evaporated milk and ready-to-drink milk factory in order to provide fresh milk for the Nigerian consumer. FrieslandCampina WAMCO has been successful with dairy development in recent years and milk yield is improving.” – Schumacher
Also speaking during the visit, Mr Ben Langat noted that the company is partnering local farmers (about 3,500 of them) to ensure increased production of healthy milk for Nigerians. According to him,
“four model farms with crossbreed cows have been established to improve local milk collection across its five milk collection centres.”
Meanwhile, the Vice President commended the company’s operation in the country, particularly the company’s plans to extend their dairy development programme in different states which he described as very important.
FrieslandCampina WAMCO, a subsidiary of Royal FrieslandCampina of the Netherlands, has a strong presence in the Nigerian dairy market. It has existed in the country for more than 65 years with its Peak Milk brand.
As a recent investigation by Nairametrics shows, the company’s Peak Milk has stood the test of time and continues to dominate as the leading milk brand despite the emergence of others such as Promasidor’s Cowbell, Nestle’s Nido and Unilever’s Loya, etc.
With this proposed move, the FrieslandCampina WAMCO is positioning itself for even greater dominance in Nigeria.
Macro-Economic News
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Business News
BUA Group, French company announce progress in 200,000 bpd refinery project
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.
READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont
The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.
The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.
The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.
READ: FG reacts to reports of revoking 32 refinery licenses
While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.
He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.
Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.
READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020
He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.
The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.
READ: FG to open LPG distribution channels in all local governments
Bottom line
The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.
This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.
The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).
President Macron lauds Abdul Samad Rabiu as BUA, Axens make progress on BUA’s 200,000bpd Refinery in Akwa Ibom
…Appoints Abdul Samad Rabiu as Chairman of the French Nigeria Investment Club.
Lagos – 14apr2021
./1 pic.twitter.com/tOoOsDW3lZ
— BUA Group (@BUAgroup) April 14, 2021
