P&G Signs $35m Deal To Produce Oral-B Locally

The Central Bank of Nigeria (CBN), as part of its agenda to strengthen the manufacturing sector, has tasked multinational manufacturing companies in the country to consider setting up their manufacturing lines in Nigeria.

Godwin Emefiele, the CBN Governor made this statement during the contract signing ceremony between Procter & Gamble (P&G) and Colori Cosmetics Nigeria in Lagos.

The contract which is a move towards stimulating localization of production was birth from CBN’s policy-driven efforts to encourage improved production of goods that can be produced locally.

The investment deal which is worth $35 million is set to present P&G, the well-diversified consumer goods giant with the opportunity to commence the domestic production of Oral-B toothpaste in Nigeria as part of the commitment by the CBN to strengthen the manufacturing sector.

This move is expected to make Nigeria a competitive producer of the product, and also cut the importation of toothpaste from the United States, where P&G is based.

The Governor of Nigeria’s apex bank who was the host at the contract signing ceremony encouraged other multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria, noting that this move will help in creating jobs and wealth for the growing population.