Mariam Abeeb
Nigerian Breweries Plc. has reviewed the 2024 business operating environment of the country , describing as a mix of economic highs and lows.
Mrs Juliet Anammah, Chairperson, Board of Directors, Nigerian Breweries Plc., made this known in the company’s 2024 annual report and account, in Lagos.
Anammah noted that the Federal Government made meaningful progress through policy clarity and consistency as well as in tax reforms.
She said that the government also showed willingness to support and engage more with the private sector.
She, however, said that while the country’s gross domestic product grew by 3.4 per cent compared to 2.7 per cent in 2023, there remained a gap between economic growth and economic well-being.
Anammah said that Nigeria’s economy faced a challenging macro-economic landscape in 2024.
She said the headwinds included rising inflationary pressures, further depreciation of the Naira and fiscal deficits.
She noted that 2024 recorded continuation of policy reforms initiated by the government in 2023 aimed at addressing deep-rooted challenges which hampered economic growth.
She listed the policies to include fuel subsidy removal, improved domestic revenue mobilisation, and foreign exchange unification.
Anammah, however, said that socio-economic challenges, including unemployment and infrastructure deficits, continued to impact the broader economic landscape.
“Significant rise in economic costs exacerbated the financial positions of the citizens, businesses and government.
“The year also witnessed sharp increases in credit costs for individuals and businesses due to monetary policy tightening by the Central Bank of Nigeria.
“Given the country’s reliance on imports, this depreciation significantly drove up import costs, particularly for businesses dependent on imported raw and other materials as well as tradable goods and services.”
She also noted that Naira depreciation resulted in huge foreign exchange losses and negative impact on the profitability of multinationals.
To navigate the challenges, Anammah said that Nigerian Breweries took decisive actions to deal with the economic and business realities.
She listed measures taken by the company to include leveraging its committed employees, diverse brands portfolio and national footprint.
“Our employees remain the key drivers of our successes over the years through their dedication, hard work and unwavering commitment.
“The growth and well-being of our people are therefore critical to fostering a safe, caring and inclusive environment.
“During the year, we implemented several initiatives, including leader-led engagement sessions to inspire, develop and retain our talents,” she said.
She added that the company engaged in capacity building programmes.
“All of these and more translated to improved climate survey results across all dimensions, reflecting higher satisfaction and morale within our workforce,” she said.
Anammah said in spite of the operating environment, the company delivered N1.1 trillion group revenue, reflecting 81 per cent year-on-year growth.
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