SLOK Nigeria Limited has signed a Memorandum of Understanding with the Dubai-based Toro-Atlanticglobal to establish a new joint-venture in Nigeria focused on the manufacture of high-tech ICT products and domestic air-conditioning and refrigeration appliances.
The joint-venture entity, SLOK Toro-Atlantic (STA) Nigeria, will establish manufacturing plants in three major cities in the country, in order to produce high-tech goods such as mobile phones, tablets and laptops, as well as air-conditioners and refrigerators.
Toro-Atlanticglobal already has several large-scale manufacturing facilities in Africa as well as in China, but the new joint venture represents a huge investment in both job creation and the promotion of technology and skill transfer in Nigeria.
The Memorandum of Understanding was signed by the Dr Orji Kalu, the founder of SLOK Holding, and Tiger Li, the vice chairman of Toro-Atlanticglobal, under the authorisation of Toro-Atlanticglobal joint shareholder Alex Asiedu, the chairman of Atlantic Trust Holdings.
Dr Kalu, a champion of economic cooperation with China, remarked that with his vision to grow the business beyond boundaries, coupled the proven integrated manufacturing capability of Toro Atlanticglobal, there is no doubt that the joint venture will be a success in Nigeria.
Alex Asiedu is a Ghanaian business magnate who chairs over twenty companies in West Africa and Dubai in sectors ranging from steel manufacturing, mining and energy to banking, property and oil palm plantations, directly employing a workforce of over 2,000 people.