NIGERIA – Nigeria will be one of the emerging markets where global brand, Symrise will be veering into this year with its annual £100 million portfolio, the company says.
The new investment by the global supplier of fragrances, flavourings, cosmetic, active ingredients and raw materials in Nigeria will be in the region of €1 million in the short run, but with the capacity to swell between the next five and six years.
Speaking at a media briefing to officially unveil the company in Lagos, Heinz-Jurgen Bertram, CEO of Symrise, says the new move is aimed at strengthening the company’s presence in Africa and boosting its market insights on the continent to serve both local and multinational customers with products specifically tailored for the West African market.
Continuing, Bertram says the brand has incorporated its subsidiary under the name Nigeria LTD to also allow for seamless operation, adding that its new office will be situated in a business park in the Ikeja suburb of Lagos to serve both local and multinational customers that are present in West African market.
Activities at the facility will range from sales and marketing to application laboratories to develop flavours and fragrances specifically tailored for the local market
Highlighting his attraction for the market, the CEO says that with about 175 million inhabitants, abundant mineral and national resources, Nigeria has the potential to become one of the top 10 economies in the world.
His words: “The country is currently Africa’s largest economy and one of the fastest growing on the continent and seen as gateway to West Africa,” saying with its local infrastructure, Symrise will be able to offer customers closer support as well as faster, more direct dialogue to anticipate and satisfy their needs and market requirements.
According to him, the new facility in Lagos will also enjoy support through frequent visits from experts and managers from the Europe, Africa, and Middle East region.
Symrise is known for its sustainability and growth with a clear dedication to the market with its high internal standards in quality and regulation, which will also apply these best practices in Nigeria.
With over 30 years’ experience of the local market, the firm says it has gathered a deep understanding of the local markets by continuously sending fragrance and flavour experts to Nigeria.
It has also built long-term relationships with customers hence, establishing its own company in Nigeria can only be viewed as a logical step.
October 21, 2014; http://businessdayonline.com/2014/10/nigeria-to-tap-into-symrises-100m-emerging-market-portfolio/#.VEXjoxaE71U