BY PROVIDENCE OBUH

The German Manufacturing Conglomerate, BASF Chemical Company, has vowed to double African sales, projecting a turnover of 200 billion Euro as contribution from its African operations by 2020.

Speaking at the inauguration of the company’s regional office in Lagos, chosen to serve customers in Nigeria and other West African countries, President, BASF Business Europe, Middle East and Africa, Mr. Jacques Delmoities said that the region’s potential and Nigeria’s business horizon challenged the company into projecting an overall turnover of two billion Euro from its African operations in 2020, adding that the company achieved one billion Euro turnover from its African operations, excluding oil and gas, in 2011.

Delmoities said: “Through establishing a local presence in Nigeria, we will be able to understand our customers’ needs and enhance BASF’s market position. “Africa is a huge continent with a wealth of raw materials and a growing population and the dynamically growing economy has enormous potential for BASF.”

BASF offers polyurethane products such as foam for insulated panels, supplies admixtures for the ready-mix concrete industry, engaged in food fortification of staple foods such as cooking oil and flour through local partners in Nigeria, as well as protective coatings, waterproofing solutions and joint sealants, among others.

Apart from the construction sector, BASF also targets the nutrition, pharmaceutical and home care markets in Nigeria and West Africa.

In her address, the Commissioner for Commerce and Industry, Mrs Olusola Oworu, disclosed that the state government is partnering with the Organised Private Sector (OPS) on ensuring improved security which would further curtail criminal activities in the state, saying: “we are proud to say that the state is safe.”

Oworu who represented the Lagos State Governor, Mr. Babatunde Fashola said: “I believe the establishment of their physical office here in Lagos which is the financial and economic nerve centre, would further energise the country’s economy in many ways and would also reaffirm  Lagos State Government’s commitment to focusing on industrial growth and development.

“We are focusing on ensuring that business environment is conducive, we are focusing on ensuring safety of property and infrastructure, we are also focusing on improving the security situation in the state.”

She recalled that the inauguration of the company was coming on the heels of the 6th Lagos Economic Summit which was held in April during which the Governor told both local and international investors about the investment opportunities in critical areas, mainly power, agriculture and agro-allied industries.

“We are looking at the proposed international airport on the Lekki axis, we are also looking at the deep sea port, we have started the procurement of the proposed international airport which will be constructed on  public-private partnership basis.”

German High Commissioner to Nigeria, Mrs Dorothy Janetzke-Wenzel, pointed out that the company’s re-birth into Nigeria was part of her country’s socio-economic commitment to Nigeria.

Janetzke-Wenzel added that the bi-national commission which Nigeria and Germany jointly established, have identified investments in energy, agriculture, pharmaceuticals and their economies generally, as well as politics and migration as areas of attention.

She said: “Re-investing in Nigeria would further contribute toward in the actualisation of the Federal Government’s transformation agenda.”