Promasidor Plans Over N8bn Expansion
Promasidor Nigeria Limited, has concluded arrangements with the International Finance Corporation (IFC), to inject about $25 million (over N8billion) into its production with a view to increasing efficiency and increase production for the benefit of Nigerians.
Promasidor Managing Director, Olivier Thiry, said the capital injection would be used to support purchases of new machinery that will enable PNL to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at competitive prices.
“This is a very competitive market for food products. We expect this investment will help us optimise production costs, enable us to reach and nourish more consumers with our affordable range of quality products. We will also target our portfolio extension by gradual integration of more locally sourced raw materials from producers in Nigeria and widening our network of distributors.”