Nigerian Breweries invests N36bn into Ijebu Ode plant, solar power, others

Nigerian Breweries Plc has invested over N36 billion into capital projects across the country during the 2020 financial year.

Jordi Borrut Bel the company’s Managing Director disclosed this during the pre- annual general meeting media briefing in Lagos.

Bel stated that the investments included the construction of a PET line inaugurated at Ijebu Ode Plant, the Ibadan Brewery Solar Power project, among others.

He stated that NB Plc remained a great believer in the Nigerian economy and would continue to play its part by investing to create more employment opportunities and contribute to the nation’s economic growth.

“The 2020 financial year was a remarkable one for us as it afforded us the opportunity to invest heavily and position for growth. It was a year we invested in a new PET Line for non- alcoholic drinks at our Ijebu Ode Plant. In the same year, we embarked on some other important projects which boosted the capacities of our business,” he said.

Read Also: Full Year 2020: Nigerian Breweries recommends N7.71bn dividend payout

Bel explained that the huge investment into NB’S business operations amidst the impact of COVID-19 pandemic clearly demonstrated the company’s determination to stay afloat and remain strong in the interest of all its stakeholders.

“Though the outbreak of COVID-19 adversely affected the global economy and impacted businesses negatively, our company was able to weather the storm and stay afloat in the face of the challenge,” he said.

“This could not have been possible without our resolve as a business to invest in our operations which contributed to the improved performance witnessed across our products portfolio,” he noted.

In terms of Corporate Social Responsibility ( CSR), Bel said that the company contributed immensely to communities and the country at large – donating N600 million to the federal and some state governments, as part of efforts to support the fight against COVID-19, while also continuing its social investments in the areas of education, health, access to potable water, environment, youth and women empowerment in different parts of the country.

He assured stakeholders that the company remained committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners were protected, a statement by Corporate Affairs Director Sade Morgan noted.