Swiss food multinational Nestle plans to cut 15% of its workforce in 21 African countries, according to a report in the Financial Times.

Cornel Krummenacher, chief executive for Nestle’s equatorial Africa region, said that Africa's economic development has not been as rapid as the company expected and Nestle therefore overestimated the growth potential of the region. "We thought this would be the next Asia, but we have realised the middle class here in the region is extremely small and it is not really growing," Krummenacher said in an interview with the FT.

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Krummenacher said Nestle would be doing well to hit 10% sales growth in the region in the coming years and added that, with the cuts, the company hoped to break even next year.

Nestle did not immediately respond to requests for comment.

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