Tag Archives: Nestle Nigeria Plc

CBN grants forex waivers to five dairy companies to import milk; restrictions remain in place for others

milk

The Central Bank of Nigeria (CBN), on Monday, issued a circular granting foreign exchange waiver to five dairy companies to import milk into the country.

The companies which received forex waivers include FrieslandCampina WAMCO Nigeria; CHI Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC and Integrated Dairies Limited.

Nestle SA to invest 2bn Swiss francs in recycled plastics

Nestle SA

Swiss food and beverage giant Nestle SA on Thursday announced an ambitious programme to invest 2.0 billion Swiss francs (1.8 billion euros, $2.1 billion) over the next five years to reduce its use of virgin plastics in favour of food-grade recycled plastics.

The company said it also plans to invest in new types of sustainable packaging to meet its target of making all its packaging recyclable or reusable by 2025.

Nestlé Nigeria fetes suppliers at 2019 Suppliers’ Day

Nestle Nigeria logo

Nestlé Nigeria has been at the forefront of supporting the growth of SMEs in Nigeria through its local sourcing and backward integration and supplier development initiatives. The company reiterated this commitment at its 2019 Suppliers’ Day, an annual event that brings together key suppliers of its raw materials, packaging materials, services and indirect services to share best practices.

Nwuneli quits Nestle’s Board

Nestle logo

Nestle Nigeria Plc has announced the resignation of one of its Board members.

In a letter released to the Nigerian Stock Exchange (NSE) on 29 October 2019, the food and beverage firm said that Mrs Ndidi Okonkwo Nwuneli, an independent non-executive director of the company has by a letter dated 20 October 2019 informed the Board of her decision to resign as a Director of the Company effective from that date, due to her ongoing fellowship at the Harvard Kennedy School.

Nestle Nigeria sees modest growth in nine months

Nestle brands

Nestle Nigeria Plc reported modest gains in sales and profit for the nine months to the end of September.

The food and beverage giant posted an 11% increase in net profit for the period, helped by a 4% sales growth. Revenue climbed to N211.3bn from N203bn in the previous year. Sales in the third quarter grew marginally by 2% resulting in a quarterly net profit decline of 9%.

The company benefitted from a sharp drop in net finance cost, which fell to N496m from N1.3bn, a 61% decline.

NLRC unseals Nestlé’s head office after firm agrees to pay disputed lottery fees

Nestle logo

The National Lottery Regulatory Commission (NLRC) has agreed to reopen the corporate headquarters of Nestle Nigeria Plc following an agreement reached with the food and beverage firm to pay a disputed N65m lottery commission stemming from lottery promos the company held between 2012 and 2014.

According to the NLRC, the company’s office was sealed for violating the National Lottery Act, 2005 and National Lottery Regulations, 2007. The NLRC, which is an agency of the Federal Government, regulates sales promo operated by companies.

Circular Economy: Stakeholders urge Effective Plastic Waste Management

Guinness_recycling_alliance

As countries across the world sustain the drive towards mitigating the dangers of non-degradable waste, participants at the CEO Roundtable on Sustainability have hinted that Nigeria stands a good chance of bending the curve in good time, only if the private and public sector can collaborate strategically. Aside policy making, the panel recommended strategic timelines for executing each step of the national plan on circular economy.

Nestle Nigeria half-year profit rise 22%

Nestle Nigeria Plc said on Friday that net profit for the first-half of the year ending on 30 June, 2019 grew by 22% to N26.2bn from N21.5bn in the previous year.

The profit rise was helped by a nearly 5% increase in revenue to N141.9bn from N135.2bn in 2018, and a 21% decrease in finance cost.

Nestlé partners AGRA to aid agricultural entrepreneurship in Nigeria, other West Africa countries

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Nestlé Central and West Africa (CWA) and the Alliance for a Green Revolution in Africa (AGRA) have launched a new initiative called Youth Agripreneurship Development Program (YADIS). The aim is to accelerate the sustainable development of farmer livelihoods and increase the interest and opportunities for youths in farming agri-food businesses in Ghana, Côte d’Ivoire and Nigeria.

Nestlé Opens Research & Development Innovation Challenge in Nigeria

Nestle logo

Nestlé’s has announced the launch of a Research and Development (R&D) Innovation Challenge in Lagos after it kicked off earlier in the week in Ghana.

The company said the launch was part of the company’s efforts to contribute to the local innovation ecosystem.

“It is expected that the challenge will help to boost local entrepreneurship, as well as provide a platform for start-ups, researchers and developers to contribute to local sustainable growth by bringing breakthrough ideas to the market.