BASF, a German company, re-entered the Nigerian market with a pledge to assist in boosting the nation’s economic growth.
This comes as good news, as the Federal Government’s efforts to garner more foreign direct investment.
The BASF Chemical Company, made its second entry into the country after a 10-year hiatus in its operations with the inauguration of its West African regional office in Lagos.
BASF, which earlier concentrated on the production of recording cassettes, has evolved into a manufacturing company with diverse interests in construction, agriculture, pharmaceuticals, chemicals and oil and gas.
BASF’s President, Europe, Middle East and Africa, Mr. Jacques Delmoitiez, said that its return was to ensure effective positioning and maximisation of the nation’s potential and emerging market.
He said: “Africa is a huge continent with a wealth of raw materials and a growing population; at the same time, the dynamically growing economy has enormous potential for BASF.
“Through establishing a local presence in Nigeria, we will be able to understand our customers’ needs and enhance BASF’s market,”
He said the company, which had a strong presence in South Africa and Kenya, projected that the West African office located in Nigeria would assist in doubling its turnover to about two billion euro by 2020.