Nestle Nigeria Plc has indicated its readiness to expand its operations in the South-East and South-South regions of the country.
Chairman, Nestle Nigeria Plc, Mr. David Ifezulike, who disclosed this to shareholders during the company’s Annual General Meeting (AGM), said that the company is considering new investment proposals to strengthen its nationwide production and distribution networks.
Ifezulike informed that part of the investment proposals include expansion of its operations in those regions, adding that the company will make public announcement of the new investments at the appropriate time.
He also commended government’s efforts at ensuring local sourcing of raw materials for manufacturing but urged that government needs to ensure availability of foreign exchange for critical raw materials, which cannot be sourced locally.
Ifezulike said that the scarcity of foreign exchange and devaluation of the Naira has led to increase in the company’s foreign loans portfolio.