Top Tobacco Firm To Begin Production In NigeriaWorld’s leading tobacco company, Philip Morris International (PMI), has announced plans to commence manufacturing its products in Nigeria before the end of 2016.
According to Vanguard, this is coming less than two years after its entry into the Nigerian market in 2015, when it leveraged on the opportunity provided by the Economic Community of West African States, ECOWAS, Trade Liberalisation Scheme (ETLS) to bring its brands to Nigeria from its manufacturing plant in Senegal as part of their regionalisation policy.
Making the announcement Monday, 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. We are proud that in less than two years of our presence in Nigeria, we have already reached the stage of starting local manufacturing, which has been possible, thanks to the relentless efforts of our strong team of Nigerian talents.”
With operations in over 181 countries, PMI is the world’s largest Tobacco firm and its decision to commence manufacturing locally would not only provide employment, but help with foreign direct investment (FDI).