Reckitt Benckiser: Nigeria is the new Brazil

Reckitt Benckiser: Nigeria is the new Brazil

Reckitt Benckiser’s CEO Rakesh Kapoor has revealed in an interview with Bloomberg that the company believes that Nigeria has the potential to become a high-growth market to rival Brazil.

However, Kapoor warned that businesses would have to be patient and take a long-term view in order to see a return on any investment. “Businesses that have a long-term outlook will become very successful in Nigeria because the potential of this country is immense,” he said. “If you want to invest in Nigeria, do not do that with the promise of immediate return in the next quarter or in the next 12 months.”

Nigeria’s economy is currently suffering from falling crude oil prices and government-imposed foreign-currency controls leading to restrictions on imports, all of which have negatively affected Reckitt Benckiser’s sales.

However, Nigeria’s young population combined with future investment in infrastructure promises big things in the future – putting Nigeria on a par with current growth markets Brazil and Russia.