Nigerian Breweries Plc has described Nigeria’s 2024 business environment as a blend of economic highs and lows, with policy reforms driving progress amid persistent macroeconomic challenges.
In its 2024 annual report released on Thursday in Lagos, the company acknowledged strides made by the Federal Government in policy clarity, tax reforms, and increased engagement with the private sector. However, it highlighted ongoing economic hurdles, including inflationary pressures, currency depreciation, and fiscal deficits.
Mrs. Juliet Anammah, Chairperson of the Board of Directors, noted that while Nigeria’s GDP grew by 3.4% compared to 2.7% in 2023, the gap between economic growth and citizens’ well-being remained significant. She pointed out that rising import costs, driven by Naira depreciation, negatively impacted businesses and led to foreign exchange losses for multinationals.
She explained that the government’s policy reforms, such as fuel subsidy removal, improved revenue mobilization, and foreign exchange unification, were aimed at addressing deep-rooted economic challenges. However, unemployment and infrastructure deficits continued to hinder broader economic stability.
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To navigate these challenges, Nigerian Breweries took strategic steps to ensure business continuity. The company leveraged its dedicated workforce, diverse brand portfolio, and strong national presence to maintain stability in an uncertain economic climate.
Employee engagement was a key focus during the year, with leader-led sessions and capacity-building programs implemented to inspire and retain talent. These initiatives contributed to improved workplace morale, as reflected in better climate survey results across all dimensions.
Despite the tough operating environment, Nigerian Breweries recorded N1.1 trillion in group revenue, marking an 81% year-on-year growth. The last quarter alone saw an 89% increase in revenue and a 145% rise in operating profit. The company’s rights issue also recorded a 92% success rate in funds raised.
Anammah emphasized that these results reflect the company’s resilience and ongoing transformation efforts, positioning it for sustained growth despite the economic uncertainties.
NAN
