Nigerian Breweries (NB) Plc yesterday established that it had reached about 56 per cent in local sourcing of raw materials and injected up to $114 million (N55 billion) in capital investments and expansion projects to create more wealth for the economy.
At a media parley to commemorate the firm’s 75th anniversary in Lagos, the company’s Corporate Affairs Director, Sade Morgan, said the company had invested up to N98 billion in the cultivation of local raw materials, in addition to sorghum and cassava value chains through commercial purchase and smallholder farming in the last five years.
She said: “NB Plc, in its bid to build a resilient economy through sustainable capital investments, have injected about $114 million in capital investments and expansion projects scheduled for 2021/2022 in Ama (Enugu) brewery.
“The company has prioritised import substitution and accretion for foreign reserve with N78 billion in investing and cultivating locally sourced materials in the last 5 years and N20 billion in sorghum value in 2021 through commercial purchase and smallholder farming.”
Morgan noted that despite the pandemic in 2020, the company kept to its strategy of delivering satisfaction and growth, adding that the Nigerian economy still remains an exceptional market with the right fundamentals for growth.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate