CBN backs N14bn Oral-B deal

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has recommended the backward integration deal by Procter & Gamble (P&G) to invest $35 million (14.3 billion) in the production of Oral-B toothpaste in Nigeria.

Mr Emefiele made the call in Lagos at the contract signing ceremony between P&G and Colori Cosmetics Nigeria.

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Mr Emefiele who also spoke on the economic stabilisation policies implemented by the CBN to set Nigeria on the path of recovery explained that the manufacturing sector would continue to be a key focus of the effort by the monetary and fiscal authorities towards driving the recovery of the Nigerian economy.

P&G Managing Director for Nigeria, Mr Adil Farhat, said, “P&G is excited to partner with Colori on this project and is committed to investing in Nigeria and Nigerian talents now and for the long haul.”

The Managing Director of Colori, David Feng, said Colori Cosmetics (Longrich) was delighted with the opportunity to sign the contract with the Nigeria-Lekki FTA in 2017 to build its first Artificial Intelligence (AI) plant in Nigeria under the China One Belt and Road Initiative.