Maser Group CEO Prateek Suri speaks on West Africa expansion

Dubai-based electronics manufacturer, Maser Group, is gearing up to make a significant mark in the West African market with plans to invest about $100 million over the next three years. CEO Prateek Suri shared insights into the company's strategic expansion plans in a recent interview on CNBC Africa. Prateek Suri highlighted the company's intention to venture into Nigeria as part of their West Africa strategy. The substantial investment will span both East and West Africa, with a primary focus on establishing a plant in Nigeria to manufacture a range of products, including LED TVs, washing machines, air conditioners, as well as new categories like smartwatches, earphones, and earpods. The company has already witnessed substantial success in the Nigeria region, with 100,000 units sold in the last three months, particularly noting the strong demand for their smartwatches and integrated software. The investment will be split into three key phases, with a significant portion allocated to manufacturing, inventory maintenance, and the establishment of a Fintech division. Despite the challenges posed by rising inflation and shrinking consumer spending across the continent, Suri remains optimistic about the growth potential in West Africa. Suri emphasized the strategic importance of Nigeria in the African market, underscoring the country's significant market size and economic landscape. He pointed out that Africa, particularly West Africa, is emerging as a key player in the global market for electronics and technology products, driven by advancements in artificial intelligence and IoT technologies. The shift towards interconnectedness and digital transformation is paving the way for robust growth in developing countries, with Africa positioned as a promising frontier for investment. As part of their expansion and market penetration strategy, Maser Group is planning to invest $30 million to establish a firm that offers credit facilities to consumers. The company aims to streamline the purchasing process and enable customers to access their products through installment plans. Through partnerships with Fintech companies, Maser Group plans to provide flexible financing options to customers, making their products more accessible and affordable. The company's commitment to innovation and financial inclusion aligns with the changing consumer preferences in West Africa, where there has been a significant shift towards digital payment solutions and mobile banking. By embracing technological advancements and tailoring their approach to meet the evolving needs of consumers, Maser Group is poised to carve out a strong presence in the competitive West African market. Looking ahead, Maser Group is in the process of finalizing plans for setting up operations in Nigeria, with a tentative timeline of three to six months for the commencement of infrastructure development. The company is actively engaging with local regulators and government officials to navigate the regulatory landscape and ensure compliance with local requirements. In conclusion, Maser Group's ambitious investment plans underscore their commitment to driving growth and innovation in the West African region. By capitalizing on the burgeoning demand for electronics and technology products in Africa, the company is poised to unlock new opportunities and transform the consumer electronics market in the continent.