Nestlé has announced plans to commission a new high technology water factory in 2015. The factory will be located in Abaji, on the outskirts of the nation’s capital city, Abuja.
This was revealed by Mr. David Ifezulike, Chairman Board of Directors, at the company’s Annual General Meeting held at the MUSON Centre, Lagos. He said that the new facility will cost N 4.6 billion and is expected to expand, adding that Nestlé believes in the potential of the local market and the strength of the newly rebased Nigerian economy.
While apparently delighted at the Nigerian economy’s recent pole position on the continent, he expressed reservations, noting that GDP rebasing must be viewed as a tool for analysis and planning instead of as an index of development. The federal government and economic planners, he advised, should use the new data for appropriate economic policies and effective strategies.
Mr. Ifezulike announced that Nestlé achieved significant growth in 2013 with a turnover of N133,084 billion, an increase of over 14 percent above the N116,707 recorded in 2012. The results are a reflection of the company’s focus on both the short and long term, he said. The company declared dividends of N24 per 50k ordinary share further to the interim already paid dividend of N1.50k per share.
The Chairman said Nestlé seeks to grow faster than the markets and is making decisions to ensure sustainable growth into the future, and launched the company’s second sustainability report titled Nestlé in Society: Creative Shared Value (CSV) Report 2013. The publication chronicles major CSV initiatives the company is implementing in nutrition, rural development, responsible sourcing, environmental sustainability and human rights.
The CSV report is based on Nestlé’s global commitments as executed in Nigeria.