Market News
Multinationals eye Nigeria expansion on naira stability
Multinationals are planning fresh investments in Nigeria after a wave of exits in the last two years, as the nation’s currency stabilises.
Wilmar International Ltd became the latest entrant after the Singaporean food company announced plans to acquire all the shares in a palm oil venture with PZ Cussons for $70 million last week in a deal that is expected to partly plug the edible oil deficits in Africa’s most populous nation.
The company, listed on the Singapore Exchange and led by Asian billionaire Kuok Khoon Hong, also acquired 8,500 hMultinationals are planning fresh investments in Nigeria after a wave of exits in the last two years, as the nation’s currency stabilises. Wilmar International Ltd became the latest entrant after the Singaporean food company announced plans to acquire all the shares in a palm oil venture with PZ Cussons for $70 million last week in a deal that is expected to partly plug the edible oil deficits in Africa’s most populous nation.
