Business Briefs
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NESTLE Nigeria Plc is preparing to inaugurate its N4.6 billion new water factory in Abuja this year. This declaration was made by David Ifezulike, chairman, board of directors of Nestle, while addressing the shareholders at the company’s 46th annual general meeting held at the Muson Centre, Onikan, Lagos.
Nestle is set to commission the new state of the art, high technology water factory which is located in Abaji near Abuja. The new N4.6 billion facility which occupies 14.13 hectares reflects more than just an important investment to broaden Nestle Watersa operation. The factory was built based on the drive of the company to stimulate sustainable growth, increase market share capital and promote healthy hydration in Nigeria. It underpins also Nestle’s commitment to the growth of the Nigerian economy.
According to him, the new investment underpins the company’s strong belief in the potentials of local market and the resilience of the Nigerian economy. Ifezulike commenting on the company’s result said that Nestle achieved strong growth in 2014 in Nigeria. This, he said, is based on the company’s turnover of N143.328 billion, representing an 8 percent increase over N133.084 billion recorded in the previous year. He said that although the 2014 results fell short of the company’s annual growth target, Nestle significantly outperformed competition in the market place. He added that the company has delivered on its short term commitment and would continuously strive to strengthen the foundations for future growth.
The chairman of the board also used the occasion to launch the company’s third sustainability report entitled “Nestle in Society: 2014 Creating Shared Value Report of Nestle Nigeria”. The 40-page report chronicles the major CSV initiatives that the company is implementing in the areas of nutrition, rural development and responsible sourcing water as well as activities in environmental sustainability and compliance and human rights. The report is based on Nestle’s global commitment as implemented in Nigeria.
Ifezulike while commenting on the Nigerian economy commended the effort of the outgoing administration on their efforts to privatise the energy sector towards achieving stable power supply. He implored the new administration to pursue and implement favourable macro-economic policies including the fiscal prudence supported by good monetary policy to maintain inflation at single digit.
— May 25, 2015 @ 01:00 GMT
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