Canon Targets Nigeria as Top Investment Destination

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  • Canon Targets Nigeria as Top Investment Destination

Japanese digital imaging and optical products manufacturing company, Canon, says Nigeria ranks top among its targeted countries for investment in the next few years.

According to the company, the country’s growing population and large economy have made it attractive to foreign investment.

The Sales Development Manager, Canon European Headquarters, London, Mr. Koji Sato, stated this at the launch of the company’s EOS 5D Mark IV camera and two E-series Pixma ink-efficient printers in Lagos.

Kato said that having established a Nigerian office about one year ago, the company aimed to gain inroads into the under-served camera market through investment in training of end users.

He said the company decided to invest during the time of economic recession because it believed in the country’s growth prospects.

He said, “Nigeria is my top three focus countries for investment this year. This is my commitment to the development of the country’s economy. As one of the strongest in terms of financial background in Japan, Canon aims to spend more money in marketing and educating the end users.

“We want to grow the market share here because the current camera market in Nigeria is not big compared to the country’s Gross Domestic Product and population.”

The Managing Director, Canon Central and North Central Africa, Mr. Roman Troethandl, said the company aimed to enhance its penetration in the country and the continent at large, to serve consumers better.

“As the biggest market in Africa, it became necessary that we establish our presence as Canon Nigeria to serve the Nigerian market,” he said.

According to him, the EOS 5D Mark IV camera and E-series Pixma printers are being launched under the ‘Celebrate Africa’ campaign inaugurated last year to showcase the continent in pictures.

The Regional Sales Director, Canon Middle East, Mr. Somesh Adukia, said that with its trading partner, Jamaica Trading Company, Canon planned to penetrate the Nollywood industry as one of the three biggest film industries in the world and the Computer Village in Ikeja, among others.

He said camera use in the country was just about 0.1 per cent, adding, “We are quite confident that we can increase this number.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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