26 June 2012 - World leading science and innovation company DuPont, is accelerating its market presence by investing in local infrastructure and capabilities throughout Sub-Saharan Africa.
As a result of this DuPont opened a new office in Lagos, Nigeria, which will serve as its hub for the West African region. This is part of the company's continued growth strategy in key developing markets.
"Over the past several years, we have invested in developing markets and leveraged our technology. Our full-year financial results were very strong. Sales of $38bn were up 20% versus 2010, with a 27% increase in developing markets," said Ian Hudson, DuPont President Europe, Middle East and Africa.
“With this new ultra-modern office in Lagos, we have brought our services closer to the Nigerian people and have solidified our presence as stakeholders in the country’s economy - one that we are confident will continue its robust growth in the coming years,” said Alessandro Raemy, Country Manager DuPont Nigeria.
Raemy stated that DuPont was eager to contribute towards uplifting the local economy by bringing DuPont products and solutions to the market, and helping to advance the agriculture, solar energy, oil & gas, communications, transportation, as well as safety & protection industries. Within the medium term, the company projects to invest $150 million into Africa.
Focusing on a growing Nigeria
“Global companies can’t afford to neglect a fast-growing market such as Nigeria. The country’s current population is estimated at 167 million and it will increase by more than half within the next 40 years. This makes it one of the fastest growing populations globally,” said Raemy. “We must invest and partner today with key customers and stakeholders in Nigeria to support what we hope will continue to be the long term sustained growth of the local population and economy in the coming years”, he continued.
A recent United Nations forecast has estimated that Nigeria’s population will hit 390 million by 2050. Various reports have projected that the country will be among the top 10 economies globally by this time. Citi Financial, for example, places Nigeria’s GDP at number 6, with $9.51 trillion, by 2050. Further, the National Bureau of Statistics recently disclosed that Nigeria’s GDP during the first quarter of 2012 grew by 6.17 per cent.
Raemy stated that DuPont sees solid growth opportunities in Sub-Saharan Africa. He believes that DuPont’s capability and passion for innovation can help address the key challenges that Nigeria and its people are faced with, and also contribute towards the country's economic growth.
Solutions for the world’s greatest challenges
Scientists and various agricultural experts have already concluded that Africa looks to become a future food basket of the world. This development will bring about great challenges but also great opportunities across the continent. DuPont seeks to play a key role in this development.
The company is using its world-class innovation to help feed the people, protect them and the environment, and reduce dependence on fossil fuels. Of the $2.0B DuPont spent on R&D in 2011, about 85% was directed to these areas.
Energy, in particular, is a big focus for DuPont in Nigeria, especially at a time like this when the Federal Government is making efforts to transform the electricity segment of the economy.
Raemy noted that all hands must be on deck to ensure that this projection comes true. ”That would require people working together across borders, companies, governments, organizations and cultures to devise solutions – both large and small – that will improve the lives of people around the world and here on our local soil.”
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