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LequteMan
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South Africa's Liberty Holdings has announced that it will acquire a 75 percent stake in a Nigerian long-term insurer for 160 million rand ($12 million).
According to Liberty Holdings, this action is in pursuance of its strategy of expanding in the region. Liberty has been expanding beyond its home base to parts of Africa, where demand is rising from a growing middle class.
"We see Nigeria as a market of the future," Liberty Chief Executive Thabo Dloti told Reuters.
"It may be having difficulties now, but everything indicates to us that in the long term, Nigeria is going to be a big contributor of growth if you are doing business in Sub-Saharan Africa."
The name of the Nigerian insurer wasn't mentioned.
According to Liberty Holdings, this action is in pursuance of its strategy of expanding in the region. Liberty has been expanding beyond its home base to parts of Africa, where demand is rising from a growing middle class.
"We see Nigeria as a market of the future," Liberty Chief Executive Thabo Dloti told Reuters.
"It may be having difficulties now, but everything indicates to us that in the long term, Nigeria is going to be a big contributor of growth if you are doing business in Sub-Saharan Africa."
The name of the Nigerian insurer wasn't mentioned.
