P&G organizes a major investment summit in Lagos for its international

Leading consumer goods company, P&G organized in Lagos a major investment summit gathering a large number of its main international suppliers.

The objective of the summit was to share P&G’s positive business experience in Africa and in particular Nigeria and South-Africa, and thereby encourage its suppliers to commit new capital investments in these two countries where P&G already has major expanding manufacturing sites.

The event was held at the Federal Palace Hotel, Victoria Island, Lagos, and was attended by a number of top Government officials. These included the Dr. Bright Okogu the DG of Budget office who
represented the Nigerian Minister for Finance and coordinating minister of the economy, Dr. Ngozi Okonjo Iweala at the event; The Director General of the Department of Trade and Industry South Africa – Ms Pumla Ncapayi and other officials of the DTI and the Nigerian Investment Promotion Commission (NIPC). Also in attendance were over 40 representatives from P&G’s leading international suppliers as well as senior P&G executives.

The event was co-hosted by P&G’s Vice President for West Africa – Mr. Manoj Kumar and P&G South and East Africa Vice President, Mr. Stanislav Vecera. During the event several P&G executives shared the company’s African success story and highlighted the strong economic growth and attractive business climate of the region.

Standa Vecera spoke on the economic growth and development of Sub-Sahara Africa noting how the region is becoming a more attractive and hospitable destination for investors. He stated for example that according to the World Bank, economic growth in sub-Saharan Africa is expected to significantly outpace the global average over the next three years and that six of the world’s ten fastest growing economies of the past decade are in sub-Saharan Africa. Taking South Africa as a case study, Mr. Vecera attributed the country’s investment popularity to its relatively well developed infrastructure, stable political environment and relatively large domestic market.

In his address at the event, P&G Nigeria’s Vice President - Manoj Kumar detailed Nigeria’s robust and steady GDP growth, stable exchange rate, strong banking sector, massive human and natural resources as some of the reasons that Nigeria is becoming an increasingly attractive  destination for foreign investors.