• Thursday, June 20, 2024
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Stakeholders laud NB’s N56bn investment in Ama Brewery expansion

Stakeholders laud NB’s N56bn investment in Ama Brewery expansion

Stakeholders in Nigeria’s economic and industry domain have lauded Nigerian Breweries for pumping N56 billion worth of investments on a project to expand capacity in its Ama brewery located in Enugu.

According to NB, the expansion project is expected to boost the brewing capacity from 2.7 million hectolitres to 4.8 billion hectolitres in the first phase and up to 6 million hectolitres in the second phase.

Speaking at the commissioning ceremony, Niyi Adebayo, Minister of Industry, Trade & Investment, commended the management of the company for their foresight and determination in embarking on such a project which would mark a significant milestone in local content achievement.

“The company has over the years demonstrated immense capacity to support the government’s commitment towards local content, as can be seen in Nigeria’s economic transformation,” Adebayo who was represented by Olumuyiwa Ade-Ajayi, Deputy Director, Industrial Department, Federal Ministry of Industry, Trade & Investment said.

Read also: Nigerian Breweries records N13.77bn profit in Q1

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), also applauded the company for the expansion project and urged that they take advantage of the several intervention programs put in place by the Bank for further expansion projects.

Emefiele represented by Ozoemena Nnaji, Director, Trade and Exchange said the regulator remains committed to collaborating with the company in the collective quest to increase the contribution of the non-oil sector to Nigeria’s GDP.

CBN would support companies and continue to come up with policies that would improve the non-oil sectors of the economy as a means of cushioning the impact of the global shock on the Nigerian economy,” he said.

Ifeanyi Ugwuanyi, Governor of Enugu State who was represented by Simon Ortuanya, Secretary to the State Government, said through this project, NB demonstrates its commitment to Enugu State and the Nigerian economy in general.

He added that when completed, this project would enhance the industrial growth of Enugu and Nigeria while improving the company’s market share.

Dolf van den Brink, Chief Executive Officer, HEINEKEN, said that the investment in Ama Brewery is a further demonstration of the long-standing history and relationship between the brand and Nigeria, and will invest €112 Million in the project.