Global chemical giant, BASF has commissioned its regional office in Lagos, Nigeria in a ceremony where  it also announced its sales target by 2020.

The world leading chemical company disclosed that it intends to double the 1 billion Euros ($1.23 billion) sales, excluding oil and gas, it recorded in 2011 on the continent.

According to Jacques Delmoitiez – BASF’s president in charge of Europe, Middle East and Africa: “seeking to double our sales is just being conservative because we believe that establishing our presence in the region will help us to better appreciate the true potential of Africa”

He said BASF seeks to promote economic diversification and improve the Nigeria’s export quality via the incorporation of latest commodity processing technology for processing local products intended for exportation.

“Through establishing a local presence in Nigeria we will not only invest in developing local manpower and skills but will be able to much better understand our customers’ needs and enhance BASF’s market position… [We] are interested in helping [our] customers in Africa become more successful,” he said.

The company produces polyurethane, a multi-potent material that is incorporated into high quality mattresses, appliances, footwear, foam for insulated panels, and spray foam systems.

The product reduces energy bills and adds comfort of private and commercial homes.

Concerning future prospects, Delmoitiez was optimistic that BASF would establish a polyurethane plant in Nigeria to meet demands from the product’s growing market.