Unilever Global chief executive officer Paul Polman recently announced the consumer foods giant plans to over 100-million Euros in Unilever Nigeria within the next three years.

Polman says there is great potential in Nigeria despite the challenges in the business environment. Unilever plans to double its business in the country. 

‘about 50% of Unilever’s global business growth is in the emerging markets of which Nigeria represents a key player in the African continent,’ says Polman.

The collective buying power of households in Nigeria earning $1,000 to $5,000 a year doubled from 2000 to 2007, reaching $20-billion. Nearly seven million additional households have enough discretionary income to take their place as consumers, according to a report by consultants McKinsey and Co.

Polman says Unilever’s principle in developing emerging markets is to outpace the market growth.

‘We will invest appropriately both in terms of hardware, which is factories, warehouses, and brands; and people,’ says Polman.