Two United Kingdom companies, in conjunction with their Nigerian counterpart, have pledged to invest a whooping £2 million to set up a manufacturing firm in the country.
The move, by the firms was part of the outcome of the recent visit by the British Prime Minister, David Cameron, to Nigeria, where he tasked British companies willing to invest in Nigeria, to come on board, because of the stability in investment climate and return on investment.
The British companies Europe-Ex Stock Limited and Multiplex Engineering Limited and Amizo Services Limited, yesterday, agreed to float a jointly owned business known as EES Manufacturing Nigeria Limited in Nigeria.
According to the Director of the EES Manufacturing Nigeria Limited, Graham Evans, the fund would be used to strengthen its market base in the country, adding that plans are afoot to ship in some of its technological equipments in Britain to the country, so as to start manufacturing locally.
He said the company’s target is to supply a wide range of products and onsite services to some core Nigerian companies operating in the manufacturing, power distribution, rail, water utilities, food and drinks, oil and gas sectors.
He added that the company would also undertake projects in construction, maintenance and equipment supply to major companies in the country.
Evans explained that the three companies also have an “efficient, reliable and cost effective proven global freight delivery system.”
The company’s director also stressed that the new company would be engaging in stocking of substantial amount of products, as well as manufacturing, assembling and installing additional products locally for United Kingdom companies.
He said the company has earmarked to supply and stock over 30 other brands and manufacturing some products for some companies in the country.
“When the workshop has finished, we would have already spent about 1.5 million pounds or 2 million pounds. That will take us to at least two years, because some of the very specialised tested equipment for high pressure valves and so on, need a lot of safety implications, so it will take us a lot of time, but quality takes time.
He continued: “We have already had discussions with some of the oil companies and several of our existing food producers in Nigeria. We want to still provide stocking service and service of product onsite, as well as new products to all of their sites scattered around Lagos and Port Harcourt and beyond. So, we are looking forward to start operating soon.”
Mike Purves, director, United Kingdom Trade and Investment said the UK and Nigeria bilateral trade relationship was very significant to his government for a number of reasons, adding that “We have had a long time trade relationship with Nigeria, and we are keen to broaden that in many variety of ways.”
He said the recent visit of David Cameron to Nigeria, would open a vista of opportunities for both countries, pointing out that President Goodluck Ebele Jonathan and David Cameron, signed a communiqué with the mission to doubled Nigeria’s bilateral trade with Britain by 2014.
He said the communique signed was a challenge to the two countries, but what the UK trade and investment was after is to see more British companies coming to establish businesses in Nigeria, because of the high return of investment.