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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.

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FrieslandCampina WAMCO

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.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Macro-Economic News

BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

 

More details shortly…

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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.

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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

Sigma Pensions

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.

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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.

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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).

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