VENTURES AFRICA – PZ Wilmar Nigeria Limited has invested $75 million in its vegetable oil production plant. PZ Wilmar, a subsidiary of PZ Cussons Nigeria Plc., a company listed on the Nigeria Stock Exchange, says it expects local content input to double in five years. This was mentioned by Santosh Pillai, Managing Director of Wilmar Limited, at a reward ceremony (Cruise promo), hosted by Devon Kings vegetable oil for its trade partners.
Regarding PZ Wilma’s production process, Pillai said that 15 to 20 percent of the company’s local production currently comes from raw materials sourced locally. “This is because we just started the plantation in Cross river state.” Adding that one of the company’s plans is to ensure that 100 percent of the 26,000 hectare plantation situated in Cross River state 100 forms a significant portion of the company’s products.
As reported by Vanguard, Pillai also said that the purpose of any promotion, like that organized by Devon Kings, is to ensure that trade partners are able to reach their consumers in a much more attractive manner and get the right kind of returns for the investment they have made.
Stating further, the brand significance of Kings Vegetable oil, he said the company introduced a new package to ensure that the consumers understood the value of the product. “We cannot reach the consumers fast unless we create incentives for the trade partners and make the product available and equally make the consumers aware of it.”
Wilmar International Limited and PZ Cussons Plc. entered into an agreement two years ago to form PZ Wilmar, stating that both parties have perceived an opportunity to create a new, profitable food ingredients business in Nigeria.