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“Nestlé Nigeria’s Financial Excellence: Driving Growth, Empowering Agriculture and Communities”

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By Fiyinfoluwa Ogunremi

Nestlé Nigeria, the leading food and beverage company in the country, has once again demonstrated its unwavering commitment to driving financial growth and contributing to the development of Nigeria’s agricultural sector. The company’s impressive financial performance, showcased in its recent unaudited interim financial statements for the six months ended June 30, 2024, underscores its significant role in bolstering the nation’s agricultural GDP.Robust Financial GrowthNestlé Nigeria’s revenue surged by 55% to N406.9 billion in the first half of 2024, compared to N261.77 billion in the same period of the previous year. This impressive sales growth reflects the company’s ability to capitalize on market opportunities and solidify its position as a trusted provider of high-quality food and beverage products to Nigerian consumers.In the second quarter of 2024 (April-June), Nestlé Nigeria’s revenue grew by 67% to N223.4 billion, compared to N133.7 billion in the same period of 2023.Profitability EnhancementsNestlé Nigeria’s operating profit increased by 3.8% to N63.1 billion in the first half of 2024, compared to N60.7 billion in the same period of 2023. In the second quarter of 2024, operating profit rose by 31% to N42.1 billion, compared to N32.1 billion in the same period of 2023.Gross profit for the first half of 2024 stood at N127.3 billion, while the second quarter gross profit was N78.2 billion.Challenges and ResilienceDespite facing macroeconomic headwinds, including currency fluctuations, Nestlé Nigeria’s financial performance was impacted by the devaluation of the Naira. The revaluation of foreign currency obligations resulted in a net loss of N176.9 billion for the first half of 2024 and N34.2 billion for the second quarter.Contribution to Nigeria’s Agricultural GDPNestlé Nigeria’s success story extends beyond its own financial metrics, as the company’s activities have a profound impact on the country’s agricultural sector. Through its robust local sourcing initiatives, the company has been a driving force in supporting the livelihoods of Nigerian farmers and promoting the growth of the agricultural industry.Capacity Building and SustainabilityIn addition to its local sourcing efforts, Nestlé Nigeria has invested heavily in technical and employability skills training for the youth, as well as initiatives to improve the productivity and incomes of local farmers.ConclusionNestlé Nigeria’s impressive financial performance and its extensive contributions to the agricultural sector in Nigeria have cemented the company’s position as a key player in the country’s economic landscape. Despite challenges posed by currency fluctuations, the company remains committed to driving growth, empowering local communities, and creating shared value for stakeholders.

Fiyinfoluwa Ogunremi is the publisher Mega Awareness Media.

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Arsenal vs Chelsea, Fulham vs Spurs for Live Streaming on Showmax

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Title-chasing Arsenal will, on Sunday, host London rivals, Chelsea, in a Premier League clash of huge importance to both teams. The match, which kicks off at 2.30 PM, is available for live streaming on Showmax. Second-placed Arsenal, who trail league leaders, Liverpool, by a whopping 15 points, are convinced that they still can win the Premier League title despite the recent indifferent form. The Mikel Arteta-coached side have won only two of their last five games, losing one and drawing two to leave them with a mountain to climb. A victory over Chelsea would narrow the gap between them and Liverpool, who do not play in the Premier League until April, to 12 points. Anything short of that is a further erosion of their already slender chances of the title. Chelsea, who have been inconsistent after a bright start to the season, moved into the Champions League places last weekend on the back of a labored 1-0 victory over relegation-threatened Leicester. They will have to be at their best against determined, even if injury-ravaged Arsenal, to get anything from the game and keep alive their hopes of playing Champions League football next season.Another London derby is available on Sunday when Fulham host Tottenham Hotspur at 2.30 PM. On Saturday, Premier League defending champions, Manchester City, host the fearless Brighton, who have caused headaches for bigger teams this season under coach Fabian Hürzeler. The match is available for live streaming at 4 PM. The wheels have come off City’s campaign, as they sit fifth on the table and are at the risk of missing out on the Champions League if things do not improve fast.Also available for live streaming at the same time are games between relegation candidates, Ipswich and implausibly third-placed Nottingham Forest; Southampton at home to Wolves as well as rejuvenated Everton at home to West Ham. The day’s diet of live games comes to an end with the impressive Andoni Iraola-managed Bournemouth hosting Thomas Frank’s often resilient Brentford side. This season, Bournemouth, ninth on the log, have been impressive at home, beating Manchester City, Arsenal and smashing Newcastle 4-1 away from home. Their recent form has been dire with three losses and one win in five games. Brentford, who sit 12th, have no relegation worries. They have won two wins and two losses from the last five games. The weekend games will end with the doomed Leicester City hosting the wretched Manchester United, who sit in an unfamiliar 14th position. Kick-off is at 8 PM. Fans can catch all the weekend’s action, live on Showmax Premier League mobile. Sign up at www.showmax.com.

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Solar Stories: Powering Africa’s Remote Communities

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A partnership between MultiChoice Africa and The Earthshot Prize has helped to showcase the impact of the climate entrepreneurs working to solve the continent’s energy and environmental challenges.

In Africa, national grid electricity has not achieved universal penetration and is often unreliable. Rural areas are particularly affected. The International Energy Agency estimates 600 million people in sub-Saharan Africa, or 43% of the population, lack access to electricity. 

The key to development is electricity. Without it, communities must generate their own power for cooking, lighting and heating, and they are robbed of a wealth of other opportunities – especially internet connectivity.

This means many outlying African communities must power their homes using wood fuel. Besides having limited energy applications, wood burning has a double negative impact: it causes deforestation, and it also generates significant carbon emissions. 

Carbon-heavy kerosene and diesel generators are other alternatives for lighting and cooking, but these also negatively impact the environment and affect people’s health and quality of life.

For Africa, the most viable solution to this energy dilemma is to establish mini-grids and stand-alone systems, to power the needs of the people in the immediate area. As a mini-grid driver, solar energy offers an impactful alternative for communities across Africa and other emerging economies. 

A pan-African company named d.light has embraced the solar opportunity, working to make life brighter for millions of people by bringing clean, affordable power to people in rural parts of Africa. The business has seen enormous growth and already aims to reach one billion people by 2030. 

While working in Benin, co-founder Sam Goldman saw his neighbour’s son badly burned by an overturned kerosene lamp. With co-founder Nedjip Tozun, he then formed d.light, and together they developed a prototype solar lantern. From there, they set out to bring safe, renewable energy and light to people everywhere, especially where they have no other safe or reliable options. 

Today, d.light manufactures and sells solar home systems and appliances to customers across Africa and India, and sells through partnerships in 70 other countries. 

A key part of their success is d.light’s innovative daily pay-as-you-go (PAYG) model through mobile payment providers, which makes these services affordable and accessible.

Since 2007, d.light has avoided 38 million tonnes CO2e and an estimated two million tonnes of black carbon/particulate matter. With $180 million in investment and revenues of $120 million last year, their PAYG solution has attracted over $600 million in finance. 

As a large, successful, purpose-led African environmental business that has already empowered more than 175 million lives, d.light is an inspiring success story for the African entrepreneurial scene. This impact was recognised at the recent Earthshot Prize Awards in Cape Town, South Africa, where d.light was a finalist in the Clean Our Air category. 

The Earthshot Prize partnered with MultiChoice Africa to broadcast the event across the continent and beyond, while also producing content to showcase the environmental issues facing the continent and the people working to address them. Amplifying the innovative solutions of companies like d.light aims to inspire young environmental entrepreneurs and accelerate the transition to a cleaner, more sustainable future.

This process of spreading inspirational success stories of sustainable climate solutions – particularly in the solar-energy space – can help to build a movement for energy independence across the African continent. This can in turn unlock all the benefits for energy access at scale and help Africa’s people reach their full potential.

As The Earthshot Prize media partner, MultiChoice has leveraged its pan-African audience of more than 20 million households in 50 countries to showcase the transformative impact of renewable energy, to accelerate the adoption of renewable energy solutions and to empower and inspire Africa’s emerging eco-entrepreneurs.

Being a highly practical, accessible renewable-energy source, solar power, in particular, can provide light, and also be a catalyst for education, economic empowerment, and improved health and well-being. Africa’s unfolding solar story can light the way to a brighter, more sustainable future for the continent.

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Africa Fintech Giant, Interswitch Announces the Second Edition of it Job Shadowing Initiative.

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Lagos, Nigeria, March 12, 2025 – Interswitch, one of Africa’s leading integrated payments and digital commerce companies has announced the second edition of its Job Shadowing Programme, building on the momentum of a successful maiden edition in 2024, and demonstrating a sustained commitment to developing a healthy talent pipeline and strengthening expertise within the technology sector. The initiative aims to empower thousands of budding and early-stage professionals through guided thought leadership sessions, immersive project-based trainings, tailored coaching, and mentorship sessions spanning tech and non-tech focused disciplines such as engineering, product management, operations, marketing, finance, human resources among others. Kicking off this month of March, the initiative will assume a phased approach for different categories of applicants. The Basic Programme will set the tone for various areas of interest, presenting opportunities to eligible members of the public, later transitioning to a tailored Intermediate Programme which will target specialized talent across specific roles. The final phase will culminate in the Advanced Programme designed to equip and shortlist exceptional applicants who may ultimately be integrated into Interswitch’s workforce. At its core, the Job Shadowing Programme reflects Interswitch’s unwavering commitment to cultivating talent and fostering innovation within the tech ecosystem. By facilitating hands-on experience and mentorship, Interswitch aims to bridge the gap between theoretical knowledge and practical application within the corporate world, arming participants with the requisite skills to thrive in today’s rapidly evolving workplace. Over the next 1-5 months, participants will immerse themselves in comprehensive training, gaining insights into global best practice, emerging trends, and practical skills from Interswitch’s seasoned professionals and tech industry experts alike. Franklin Ali, Group Chief Human Resources Officer, Interswitch, expressed enthusiasm for the initiative, stating, “Interswitch is committed to nurturing the next generation of fintech leaders. The unveiling of the second edition of our Job Shadowing Programme reflects our dedication to equipping tech and non-tech professionals with the skills, knowledge and network they need to build successful careers. By offering this opportunity, we are not just supporting individual careers, we are strengthening the future of the Nigerian tech ecosystem.” Ali further emphasized the programme’s role in fortifying the technology-based talent value chain and enhancing workforce capabilities, asserting that, “Initiatives like the Interswitch Job Shadowing Program play a critical role in nurturing African talent and empowering individuals to thrive amidst the evolving workforce landscape.” Participants interested in making a difference within the payments and technology ecosystem can register for the programme at https://www.interswitchgroup.com/jobs/ The Job Shadowing Programme continues to reinforce Interswitch’s substantial investment in talent development, despite Nigeria’s brain drain challenge. In doing so, the company also reaffirms its dedication to driving socio-economic growth and empowerment across the African continent.

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