Clover puts plans for Nigeria and Angola on hold
DAIRY products and beverages group Clover has become the second South African company this year to shelve its Nigerian expansion plans due to stringent import-regulation and foreign exchange controls that have made operating in Africa’s largest economy difficult.Plans to invest in Angola, the continent’s second-largest producer of oil after Nigeria, would also be put on hold until the situation in the African economies improved, Clover CEO Johann Vorster said. Until then, Clover was to export its products to Nigeria on a cash basis only.The continent’s largest dairy producer has for several years sold its milk, cream cheese and butter products across Africa from the tills of grocers including Shoprite and Massmart. Its products are sold in 16 countries outside SA, but it only owns distribution centres in Botswana, Lesotho, Swaziland and Namibia.Since listing on the JSE in 2010, the company has repeatedly stated its intention to build production and distribution plants in West Africa...
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