Maser, a Dubai-based electronics manufacturer, plans to invest $100 million (about N41.6 billion) over the next three years to expand in Nigeria and neighbouring West African country, Ghana to tap strong demand for its products.
The company, which tripled its number of televisions sold in Africa to 600,000 between 2017 and last year, plans to increase its presence in Nigeria and Ghana, Prateek Suri, founder and chief executive officer, said in an interview. “The West African market is huge, we see growth opportunities,” he said.
The move will enable Maser to sell more smartTVs to Africa’s largely youthful and tech-savvy population, which has increasing access to affordable and high-speed internet and is switching to digital services at a rapid rate.
Maser will invest $20m in a manufacturing plant in Nigeria after achieving sales of 200,000 televisions in Africa’s most populous nation — a milestone it expects to reach in six months. The plant will make wearable products including smartwatches, headphones, and bluetooth speakers as well as TVs, Suri said.
The company also plans to use $30m to set up a firm that will offer credit to shoppers, and will look to partner with fintech providers to boost customer lending.
“Customers will be able to buy our smartTVs and pay over 24 months in instalments,” the CEO said.
The balance of $50 million will go into working capital to expand market share, add new products and open distribution centres, he said. [Bloomberg]
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
