Mar 2 2016 - 7:58am

South Africa’s Clover Industries will no longer invest in Nigeria due to the country’s foreign exchange restrictions, the dairy products company said on Wednesday.

“The current financial crisis experienced in Nigeria which is fuelled by the low oil price is a further cause of concern, thus the group has decided to withdraw from future investments in Nigeria,” Clover said in a statement.

“It’s a sad decision but until the currency crisis is resolved we wont be able to invest in there any further,” Chief Executive Johann Vorster told Reuters.

Clover had planned to invest no less that 100 million rand ($6.43 million) in developing its products in Nigeria, he said.

The company said it would continue to expand in Botswana, Namibia, Lesotho and Swaziland.

He added that the company would like to keep the Clover brand alive through its Tropika juices.

South African fashion retailer Truworths said last month it pulled out if its Nigerian business saying it was unable to import clothes and was struggling to pay rent and access foreign exchange.

Clover on Wednesday posted a 7 percent rise in first-half profits due to a higher demand for its milk products and as a heatwave in southern Africa caused consumers to reach for its juices and bottled water.

Headline earnings per share, a main gauge of profit in South Afica that strips out certain one-off items, for the six months to December totalled 117 cents from 109.2 cents in the previous year.

Vorster said Clover was on the prowl for acquisitions which it would fund through its balance sheet, adding that the firm could go to investors for cash “if needs be”.


http://thenewsnigeria.com.ng/2016/03/south-african-firm-halts-6-4m-investment-in-nigeria/

Nigeria,, retaliate back

Body odour everywhere

tsephanyah:
Nigeria,, retaliate back

retaliate what? Laughing in igbo.

Honestly, we have bags of onions and tomatoes rotting in Kebbi...

We have Iron ore wasting in Kogi, steel plants rusting

We have Coal wasting in Enugu... But, our honorable president and minister of petroleum wants to go look for others to come help him make his country rich...

Bet why?

Tunami:
retaliate what? Laughing in igbo.

I don't know, maybe with igbo made nuclear weapon. I'm smiling in eejau

buari's body odor at work.

dont mind them they will come begging in no distant future, THIS IS NIGERIA! GOD'S OWN COUNTRY

Is bringing in dollars into the country the problem or taking away the dollars?

Is this not the best time to bring in small dollars in exchange of more naira to do three times of whatever. ?

I smell a rat.

forgiveness:
Is bringing in dollars into the country the problem or taking away the dollars?

Is this not the best time to bring in small dollars in exchange of more naira to do three times of whatever. ?

I smell a rat.

if you are a foreigner, will you bring in your money which you can not take away any time you want? Our dictator is messing up our economy the more.

forgiveness:
Is bringing in dollars into the country the problem or taking away the dollars?

Is this not the best time to bring in small dollars in exchange of more naira to do three times of whatever. ?

I smell a rat.

No mind them. All SA companies in Nigeria only come.to exploit us. They can clearly see parade as changed.....they are looking for cheap excuses....

chernest2002:
if you are a foreigner, will you bring in your money which you can not take away any time you want? Our dictator is messing up our economy the more.

Then, I will term dem parasites but we don't need such investors now.

koboko69:


No mind them. All SA companies in Nigeria only come.to exploit us. They can clearly see parade as changed.....they are looking for cheap excuses....

Let dem go back to their country. We don dey wise.

Or because Mtn was fined. I smell retaliation...

forgiveness:


Let dem go back to their country. We don dey wise.

You will all die of hunger...

MduZA:


You will all die of hunger...

Hungry of nunu or fruit juice? To take paul rob peter, don't you think that is a sin?


Imagine, they wan invest 6.4 million dollars only and dey want gain plenty. Abegi, make i hear word.

Mr MduZu, abeg think am.

ibnzubair:
Honestly, we have bags of onions and tomatoes rotting in Kebbi...

We have Iron ore wasting in Kogi, steel plants rusting

We have Coal wasting in Enugu... But, our honorable president and minister of petroleum wants to go look for others to come help him make his country rich...

Bet why?

No whites to expolit those resources .like they did in South Africa.

forgiveness:


Then, I will term dem parasites but we don't need such investors now.

but no one dashes out his money in the name of investment,it is all about interest,the money FG is borrowing is more of a parasite than those investors, MTN is one of the parasite but at least with thier assets FG were able to fine them billions and they are paying and begging,but the money FG is borrowing is putting our future generations into trouble.

MduZA:


You will all die of hunger...

Aww come on you've been reduced to this? childish bantering..