Home Investment Nigeria’s Global Smartfit signs N7bn JV with Indian footwear maker

Nigeria’s Global Smartfit signs N7bn JV with Indian footwear maker

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Global Smartfit Nigeria, a local footwear design and manufacturing company signed N7bn joint venture partnership to set up a world-class footwear factory with Indian footwear maker, Prosafe International Thursday.

They made this known during a visit to Nigerian Investment Promotion Commission (NIPC) headquarters, Abuja.

The factory which is located around the outskirts of Nigeria’s Federal Capital Territory, Abuja will have the duo engage in the production and distribution of footwear and other personal protective equipment (PPE) for local sales and export.

According to the JV agreement sighted by NIPC Intelligence, Prosafe will contribute its expertise and knowledge in the establishment of the plant and its smooth operations, establishing necessary facilities for training and skill development, testing facilities, R&D facilities, designing the facility, and 45% of the value of the machinery.

MD/CEO, Global Smartfit, Mr. Ogonna Okonkwo in his remarks stated that the mega factory will kick off in 6 months with world-class infrastructure for the production of complete footwear starting from the upper to final parts.

“To make this happen, we are partnering with a world-class footwear manufacturer who has extensive knowledge and experience in producing and delivering world-class footwear made from the most advanced materials and processes,” he said.

In turn, Managing Director, Prosafe, Satish Verma expressed confidence in his Nigerian counterpart.

“Global Smartfit is one of the pioneers in the field of footwear production and distribution in Nigeria,” he said.

“We will be generating our power from an independent power source and would deploy the direct injection process method in the production of our footwear – the latest technology in the industry,” said Mr. Verma.

NIPC’s Acting Executive Secretary/CEO, Mr. Emeka Offor while commending the partnership assured the firm of the Commission’s support.

NIPC INTELLIGENCE

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