• Tuesday, April 23, 2024
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CBN assures support as P&G invests $35m into local production of toothpaste

CBN assures support as P&G invests $35m into local production of toothpaste

The Central Bank of Nigeria (CBN) on Friday assured support to multilaterals willing to invest in Nigeria.

This comes as Procter & Gamble, an American multinational consumer goods corporation, is investing $35 million into local production of Oral Care toothpaste, Oral B.

The manufacturing industry has been a key focus of the efforts by the monetary and fiscal authorities towards driving recovery of the Nigerian economy following the downturn in the first half of 2020 as a result of the COVID-19 pandemic.

The investment targets creation of additional 200 to the existing workforce of P&G.

At the official signing of Memorandum of Understanding (MoU) in Lagos, Godwin Emefiele, governor of the Central Bank, was delighted by the development, which is a reflection of the efforts of the CBN and indeed the Nigerian government in enabling the growth of the manufacturing industry in the country.

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This marks the second foreign direct investment into the country in five years after Unilever established a €10 million factory for production of Blue Band Margarine in December 2017.

The CBN had in April 2020 set up a N1 trillion facility for the growth and expansion of manufacturing firms in Nigeria.

So far close, N300bn has been disbursed to 76 manufacturing firms, which is expected to boost local manufacturing across critical sectors over the next few years.

Emefiele disclosed that the efforts of the CBN have aided the recovery of the manufacturing sector as reflected in the Purchasing Managers Index which shows that the index on manufacturing activities rose from a low of 42.4 points in May 2020 to 48.7 points in February 2021.

“While growth remains fragile, driving further growth of the economy would require that we continue to support more investments that will enable the growth of the manufacturing sector in Nigeria,” Emefiele said.