Hisense Group limited has introduced the latest versions of technologically advanced home appliances with smart television sets, hi-tech refrigerators and dryers as the leading products, despite the harsh economic condition in Nigeria following high costs of transportation and high exchange rate.
The Chinese multinational company showcased these products during the grand opening of its flagship store in Abuja on Friday, stressing that the challenges give it greater motivation to invest more in the Nigerian market to add value to the country’s economy.
Abuja Branch manager of the company, Mostapha Khrais, told reporters during the unveiling of the products that “This is an opportunity to bring the latest technology to the Nigerian communities and give them the best services. Hisense has a lot of varieties- we are always ahead of other companies in technology.
“We are interested in bringing more quality products and more varieties in the Nigerian market, such as TVs, refrigerators and dryers which are the most affordable brands in Nigeria now.”
He however, pointed out that the prevailing economic situation in Nigeria, characterised by high exchange rate and transportation costs have increased the prices of these items, even as he advised the government to make the exchange rate stable so that businesses can plan properly.
Khrais lamented that these affect sales which have dropped by 20% because of increasing costs and decreasing purchasing power amid stagnant salaries, but insisted that the challenges give his company motivation to do more investment in Nigeria, saying “we see the challenges as opportunities.”
“The most important point is for the exchange rate to be stable so that we can plan our businesses very well. Increase rate means increased price and at the end of the burden will be transferred to the consumer,” he noted.
He expressed high prospects for Hisense products in Nigeria adding that they are now being assembled in Nigeria with the company expanding its branches and outlets to most of the 36 states of Nigeria, which have created thousands of jobs.