Multinational firm targets SMEs, opens Nigerian subsidiary

A multinational firm, Symrise, has expressed commitment to partner and support Small and Medium Enterprises (SMEs) in Nigeria.

The President of Symrise Europe, Africa and the Middle East, Lilian Regnier, stated this during the launch of the firm’s Nigerian subsidiary dealing in global flavours, fragrance and cosmetics, even as the nutritional ingredients manufacturer upgraded application laboratories in Lagos. 

He said, “We want to partner with small and medium enterprise businesses. Symrise is a multinational; it is indeed working with blue chip companies, but also with entrepreneurs, and this is what we actually want to emphasise here in Nigeria.

“For us, it is important to understand those demands and trends which are in Nigeria. We need to start right away, even when their spaces are small, to partner with them and develop them to global relevance.”

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He stressed that Nigeria occupied a large share of the market in Africa, projecting a favourable business outcome in operating in Nigeria. 

He further said, “Symrise Nigeria has operated in the country for over 30 years. We have invested in building, maintaining and running our operations in the country. Nigeria represents a pathway to growth for us in the Central, East and West African regions and we feel confident that the economic trajectory of the country will serve as a net positive to global manufacturers and organisations who believe in the country’s future.

“The size of the personal care segment in Nigeria covers an estimated $1bn market, with SMEs gaining an incremental market share as it accounts for over 94% of businesses in the country.”

Also, Sofiane Berrahmoune, Symrise’s Vice President for Africa, Middle East, Turkey and Russia in the Taste, Nutrition and Health Division affirmed that Nigeria’s state-of-the-art application labs opened numerous market opportunities for Nigeria’s manufacturing sector.

He said, “This new facility enables us to serve the market, and also to understand the market better and to serve it more effectively.”

The Key Account Manager, Symrise Nigeria, Iyabode Ogunwole, added that the company would work with local partners for both blending and flavours to reach SMEs and develop the market.