Global firm to begin manufacturing in Nigeria
The world’s largest tobacco company, Philip Morris International (PMI), with operations in 181 countries, has finalised plans to commence manufacturing in Nigeria before the end of 2016.
The investment comes in less than two years of their starting operations in Nigeria and clearly indicates the confidence the company has in the economy.
Upon its entry to Nigeria last year, PMI took the opportunity provided by the ECOWAS Trade Liberalisation Scheme (ETLS) to bring its brands to the country from its manufacturing plant in Senegal, in what is understood to be in keeping with its regionalisation policy.
Managing Director of PMINTL Nigeria Limited, Mr. Coskun Kagan Dicle said: “We are proud to be in Nigeria at a time when economic diversification is so critical to Nigeria’s long term economic objectives. Our company was incorporated in December 2014 and during 2015 received all regulatory approvals required to commence importation of some of our world-class brands into Nigeria under the ECOWAS Trade Liberalisation Scheme from our factory in Senegal.
“However, in pursuit of our long term objectives in Nigeria, we have entered into a strategic agreement with International Tobacco Company Limited (ITC), a Nigerian company, to commence local manufacturing of some of our brands before the end of 2016.”