Procter & Gamble (P&G) West Africa, manufacturer of a range of personal and household products, is committed to its investment in Nigeria, in spite of the global economic meltdown, Vanguard newspaper reports.

Stanislav Vecera, managing director, disclosed this during the recent CEO Agenda conference in Lagos.

Vecera said that Nigeria is the fastest growing market in Africa, which is a focus area of P&G's growth. He also cited Nigeria's dynamic and growing population, as well as its political and economic stability as the reasons why P&G is committed to the country.

Vecera said the company is currently facing many challenges such as high commodity and energy costs, the effect of the credit crunch on retailer and distributor inventory, currency exchange rate volatility and the impact of the recession on consumers.