By Rukayat Adeyemi

The Chairman, Board of Directors, Nestle Nigeria Plc, Mr Gbenga Oyebode, on Wednesday, expressed optimism for a turnaround in the company’s business operation in the ongoing year.

Oyebode gave the assurance at the 55th Annual General Meeting (AGM) held in Lagos.

He said the company would strategically focus on fostering innovation to deliver affordable nutrition to its loyal customers as it progresses through the year 2024.

The chairman stated that Nestle would also commit to achieving operational excellence and nurturing strong relationships with its valued customers and stakeholders.

“We will therefore sustain investments in our operations, enhance the capacity of our teams and implement initiatives that address social and environmental problems, promote nutrition, and support local communities to create shared value,” he said.

According to him, in the year 2023, Nestle’s revenue increased by N100 billion to N5471.1 billion, from N446.8 billion posted in the year 2022, indicating 22.4 per cent growth.

Oyebode said the company’s gross profit also increased by 39.4 per cent in the year 2023 to N217.1 billion, from N155.8 billion recorded in the previous year.

He revealed that the firm’s operating profit in the year under review increased by 41.5 per cent to N122.7 billion, from N86.87 billion posted previously.

The chairman further said that the company, however, recorded a loss for the year under review.

According to him, Nestle’s post-tax profit for the year 2023 stood at a loss of N79.4 billion, indicating 62.4 per cent decline, compared to a profit of N48.9 billion posted in the year 2022.

Oyebode noted that the macro-economic headwinds in the year 2023 were unprecedented with the impact of cash scarcity in the first quarter of the year and the removal of the fuel subsidy in the second quarter.

“In 2023, we found opportunities for expansion and innovation to create impact at scale.

“We ensured the availability and accessibility of the nutritious food and beverages families across Nigeria choose, through responsible local sourcing and production.

“We witnessed changes in consumer preferences, market dynamics, fiscal and monetary policies, as well as the regulatory landscape.

“The year thus presented us an opportunity to demonstrate our resilience as market leader by remaining true to our core values and
adapting our strategies to ensure sustained growth as the environment became increasingly challenging,” he said.

Oyebode appreciated the shareholders and employees of the company for their unwavering support for the firm.

He also lauded the company’s management team for showing leadership and taking timely and effective measures in response to the unstable market realities.

Reacting on the plan, Chief Timothy Adeshiyan, Patron, Nigeria Shareholders Solidarity Association, said that the firm’s overall performance was outstanding despite the loss recorded in its financials.

Adeshiyan noted that the company’s bottom line was affected by the country’s economic downturn in the year 2023, while expressing hope for improvement in the ongoing year.

Mr Okezie Boniface, National Coordinator, Progressive Shareholders Association of Nigeria, lauded Nestle for being able to grow its balance sheet, despite the loss recorded.

Boniface said that the perfomance of Nestle for the outgone year was not unusual, as most manufacturing companies were affected by the high cost of doing business and the foreign exchange rate of the country.

Meanwhile, the company declared no dividend for its shareholders as a result of the loss it recorded in the year under review.

The shareholders also elected Ms Maryam Mohammed and re-elected Mr Mauricio Alarcon as directors of the company.

They also approved N62 million each as annual fees for the Chairman of its Board of Directors and three other Non-Executive Directors for the financial year ending Dec. 31, 2024. (NAN)

Edited by Olawunmi Ashafa

FG partners coy to provide quality employment for Nigerians

By Lucy Ogalue

The Federal Government is partnering with Unique Talent Export Limited (UTEL Ltd.) to connect Nigerians to foreign jobs in Kuwait, the Gulf Cooperation Council (GCC), and Scandinavian countries, among others.

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this at the signing of the Memorandum of Understanding (MoU) between the ministry and the UTEL ltd on Tuesday in Abuja.

Anite assured the partners of Nigeria’s commitment to upskilling its talent pool to power the Federal Government’s industrial revitalisation plan and provide skilled citizens with global talent opportunities.

She expressed the country’s delight at exporting its culture and heritage to the outside world while reiterating that Nigeria was filled with talents.

The News Agency of Nigeria (NAN) reports that the National Talent Export Programme (NATEP), coordinated by Dr Femi Adeluyi, would execute the project.

According to the minister, the signing of the MoU marks another milestone in the Federal Government’s efforts to ensure that Nigerians have access to quality employment opportunities.

“These employment opportunities can be direct employment and emigration of our talents or utilisation of the Business Process Outsourcing (BPO) model for gainful and meaningful employment for those based in Nigeria.

“Through NATEP, Nigeria can honourably export her talents in a mutually beneficial and reputation-preserving way, ending illegal migration and the country’s embarrassment.

“The MoU was signed with UTEL Ltd, a Nigerian subsidiary of Unique Agency Kuwait – a leading provider of expatriate employees for the government agencies and departments in the State of Kuwait,” she said.

Anite said the partnership with UTEL would aggregate foreign jobs for Nigerians from Kuwait and other Gulf Cooperation Council (GCC) countries.

According to her, this aligns with the Federal Government’s aim to forge mutually beneficial partnerships with nations and global institutions to facilitate the provision of jobs for Nigerians.

Anite welcomed the pronouncement from the partners for openings of about two hundred and fifty foreign jobs for Nigerians.

She said Nigerians in the diaspora were known to rise like cream to the top of their professions, and data validated this notion.

“For example, research from the Migration Policy Institute Washington-DC indicates that more than half of Nigerian immigrants (54 per cent) are likely to occupy management positions.

“This is compared with 32 per cent of other immigrants and 39 per cent of the U. S. -born population.

“Similarly, the 2021 Office for National Statistics Report from the United Kingdom (UK) showed that 44 per cent of adult residents born outside the UK have some form of qualification.

” Compared to 31 per cent of UK-born residents, while 66 per cent of Nigerian immigrants have received one form of qualification or another,” she said.

According to Anite, this shows the quality that Nigerians can bring.
She said: “In efforts to promote talents, services exports and managed migration, the MoU specified a `1+2’ approach for the partnership.

“With this approach, for every Nigerian selected for a foreign job through NATEP, the partners will commit to helping connect an outsourced role to the Nigerian BPO ecosystem.

“And also support in training the selected Nigerians to refresh the local workforce.”

The minister then expressed optimism for similar partnerships and collaborations with other countries.

NAN reports that dignitaries such as Mr Athbi Al-Awadi from Kuwait, Mr Tahir Hashim from Oman, and Advokat Knutsen from Norway, among others, attended the event. (NAN)

Edited by Ese E. Eniola Williams

D-G, DMO,  Patience Oniha (L), and Nadia Zakari, FMDA president at the meeting.

By Kadiri Abdulrahman

The Debt Management Office (DMO), says the Nigerian domestic securities market remains a major source of funding for the Federal Government.

The Director-General of the DMO, Patience Oniha, said this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market.

According to Oniha, during COVID-19, when the international markets were closed, we were able to raise the full amount needed to fund the budget.

“Last year, we raised seven trillion Naira as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,’’ she said.

Oniha said that the 2024 budget had a deficit of six trillion Naira to be financed through new domestic borrowing.

She said that the National Assembly also approved N7.3 trillion Ways and Means for securitisation.

“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion.

“The financial sector has come a long way, and this is another strategic meeting to chart a way forward,’’ Oniha said.

Mrs Nadia Zakari, the President, Financial Market Dealers Association (FMDA), said that the Nigerian business environment was evolving and unique, necessitating such interactive sessions.

According to Zakari, such sessions are critical for both market operators and the Federal Government for them to be able to make decisions as they plan for the rest of the year.

“We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO,’’ she said. (NAN)(www.nannews.ng)

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Edited byEse E. Eniola Williams

By Chinenye Offor

The German Ambassador to Nigeria, Mrs Annett Gunther, says trade relations between Federal Republic of Nigeria and Federal Republic Germany currently stands at about three billion euros.

Gunther, who made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, said that the trade relations between both countries had grown over the years.

Specifically, she said the trade relations grew from two billion euros in 2022 to the current figure of three billion euros with balance of trade in favour of Nigeria because of crude oil export

She said there was the potential for improvement on trade relations, which both countries were currently working on, especially in the area of agriculture.

“I think agriculture is a very good area for cooperation, not only because we can help in the area of food security, which is important to Nigeria, but also in improvement of export of processed products.

“Instead of selling more raw products, we will have more value creation within the country to creates more jobs .

“As part of our development cooperation , we have a programme in agriculture that also focuses on exactly that value chain, which supports small and medium size enterprises in the sector,” she said.

The envoy said that many German delegations had attended Trade fairs in Lagos, like the agri food festival with German companies participating and having one of the biggest pavilions.

She further explained that the German Chamber of Trade and Commerce in Lagos represented German companies in the country.

According to her , Germany has about 90  companies with its representative offices in Nigeria adding that while some engaged trading, some others have production facilities.

“Nivea is one of the German companies that has a real huge modern production facility in Nigeria. Nivea products such as the lotions and creams are German products that are produced in Lagos .

“They have production facilities in Germany and these products produced in Nigeria are almost 100 per cent identical because it is the same quality and standard as the one in Germany .

“This is because the products raw materials such as oils, and fragrances are imported, the standard , quality and the smell has to be the same like others from the production facilities in Germany ,’ she added.

Gunther  commended steps taken by president Bola Tinubu to reform the country’s economy.

” For production facility, you need investment, and of course, foreign direct investment, which is also very much needed in order to boost the economy which depends on the investment conditions.

“We have seen improvements under the new administration. Very important economic reform steps have been taken.

“But, as I said, this depends on the investment climate, which is improving already.

” As you know, we have the forex issue, and also I must say, the  environment must be conducive,” she reiterated. ( NAN) (www.nannews.ng)

Edited by Benson Iziama/Rotimi Ijikanmi