British American Tobacco PLC
24 September 2001
For immediate release: 24 September 2001
British American Tobacco Group to invest in Nigeria.
British American Tobacco today announced plans to invest US$150 million in
Nigeria to build a state of the art manufacturing plant in Ibadan, Oyo State,
and to develop leaf growing and a national distribution network. It is
anticipated that the plant will be operational by 2003.
Speaking at the Nigeria Investment Summit held today in London, Chief Kola
Jamodu, the Minister of Industry for Nigeria, said: 'This considerable
investment demonstrates that the new Nigeria is on track. Only two years after
President Olusegun Obasanjo came to office, substantial flows of investment
are returning once more to Nigeria. We are on course to meet the ambitious
investment targets set earlier this year.'
British American Tobacco's investment will create more than 1,000 jobs in
Nigeria as well as enhance rural development by generating extra employment,
over a period of time, for some 15,000 farmers and farm workers. In addition,
the investment will benefit the Nigerian economy by providing a manufacturing
platform for a full scale reform of the Nigerian tobacco industry that will
generate sustainable long term revenue for the Government.
British American Tobacco, which has been in the Nigerian market since 1911,
now believes that fundamental market, social and economic conditions have
improved to the extent that a large scale manufacturing and distribution
investment is now viable.
Martin Broughton, Chairman of British American Tobacco, said: 'We have long
recognised Nigeria's crucial role in the future development of the African
continent as a whole, and have been greatly encouraged by the progress made by
President Obasanjo's administration. This project will reform the tobacco
industry in Nigeria by providing the basis for an orderly domestic tobacco
market that will lead the way for other sectors to follow in order to help
secure Nigeria's long term development.'
He added: 'We have been impressed by the frank and mature discussions we have
held with the Nigerian Government on this project and believe that it makes
solid commercial sense for us to commit fully to the new Nigeria that is
emerging.'
Nigeria's High Commissioner to the UK, Prince Bola Ajibola, said: 'I am
delighted that after many months of discussions, British American Tobacco has
decided to invest in the new Nigeria.'
British American Tobacco is the world's most international tobacco group with
brands including Benson & Hedges, Rothmans, Dunhill, Lucky Strike, Kent and
Pall Mall.
ENQUIRIES
British American Tobacco Press Office
Dave Betteridge, Scott Hailstone, Ann Tradigo
+44 (0)20 7845 2888
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