Market News
Nigerite bets on falling naira to make manufacturing profitable - THE AFRICA REPORT
By Nicholas Norbrook
Etex subsidiary leverages currency slump to expand regional market share by local sourcing, expanding exports and diversifying product lines – amid challenging domestic conditions.
When Etex, the Belgian building materials multinational, first entered Nigeria through a joint venture six decades ago, few observers would have predicted its staying power. Yet Nigerite, the local subsidiary formed with Odu’a Investment Company, now finds itself positioned to capitalise on Nigeria’s economic turbulence by turning a depreciated currency into a competitive advantage.
