Business and Brand
“Nestlé Nigeria’s Financial Excellence: Driving Growth, Empowering Agriculture and Communities”
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.
Business and Brand
MILO Recovers over 1 Million Wrappers Through Elevate Recycling Initiative
More than 60,000 children across 100 primary schools in Lagos State recovered over 1 million used MILO wrappers through the MILO Elevate Recycling Initiative to mark World Environment Day 2026. The Initiative combined sustainability education with a school-based recycling competition. In addition to the collection of used wrappers, the children received lessons on responsible waste management and practical exposure to recycling and circularity principles. For 26 years, MILO has contributed to youth development through grassroots sports programmes. Through the Elevate Recycling Initiative, the brand is extending its commitment to nurturing future champions beyond the values of sports, by helping children develop environmental awareness and positive sustainability habits. Speaking at the awards ceremony on World Environment Day, Gilbert Tweneboah-Koduah, Category Manager, MILO, Nestlé Nigeria Plc, said, “At MILO, we believe that nurturing children includes helping them build the values, habits and mindset needed to thrive and make a positive contribution to society. Through the Elevate Recycling Initiative, we are encouraging children to understand that small everyday actions can create meaningful environmental impact. Just as we have inspired generations of future sports champions, we are proud to contribute to raising future climate champions.”Commenting on the initiative, Stephen Avoseh, Deputy Director of the Lagos State Universal Basic Education Board (SUBEB), said, “Implementing this initiative through schools creates an opportunity for children to learn about environmental responsibility and share these lessons with their families and communities. Schools play an important role in building lasting awareness and positive environmental habits.”The behavioural impact of the initiative was also evident among participating pupils. Treasure John told us that the programme deepened her understanding of how improper waste disposal contributes to environmental pollution and flooding, while encouraging her to adopt more responsible waste management habits.In a practical demonstration of how materials that might otherwise be considered as waste can be recovered and given a new purpose, the Rotaract District 9112 led an upcycling project that transformed the recovered wrappers into 1,013 items including school bags, lunch bags and pencil cases. These items were donated to participating schools and awarded to top-performing pupils. The success of the Elevate Recycling Initiative reinforces MILO’s conviction that deepening environmental education and encouraging responsible waste management practices among children and communities can support a circular economy. It also contributes to Nestlé Nigeria’s broader sustainability and circularity agenda to build the awareness, values and behaviours needed to achieve and protect a cleaner and more sustainable future.
Business and Brand
TomTom Continues to Back the Music Talents through its Youth Focus Initiatives
Every year, World Music Day serves as a reminder of the powerful role music plays in shaping culture, identity, and human connection. In Nigeria, especially, music has become more than entertainment. It is how young people express themselves, tell their stories, build communities, and increasingly, create opportunities for globalrelevance.From Afrobeats becoming an international force to local sounds influencing popculture conversations across the world, Nigeria’s music industry has evolved into one of the country’s strongest cultural exports. But behind the success stories andchart-topping moments is a growing need to properly support the next generation of talents who will carry the industry forward.For years, TomTom has maintained a strong connection with Nigeria’s youth culture and entertainment scene, growing beyond a household menthol candy brand into one that naturally exists within music and pop culture conversations. From major concerts and live music experiences to youth-focused creative initiatives like; Trace the City, and the MTV Base Cypher, the brand has consistently shown up in spacesthat matter to young Nigerians.In recent time, that relationship with culture is evolving into something more intentional through initiatives like Breathe Academy, the Breathe For It Summit, andthe Breathe Through It Verse Challenge, platforms designed to support, inspire, and empower emerging music talents.As Nigeria’s music industry continues to gain global recognition, there is also growing awareness around the importance of mentorship, education, and access for emerging talents. While talent is abundant, many young creatives still struggle with understanding the business side of music and navigating the realities of an increasingly competitive industry.This is part of what makes initiatives like Breathe Academy relevant.TomTom’s online learning platform created to help aspiring artists and creatives better understand both the craft and business of music. At a time when many young talents are trying to navigate an increasingly competitive industry, access to practical knowledge and mentorship has become just as important as talent itself.Through curated learning sessions, industry-led conversations, and expert insights,participants gain exposure to areas like branding, music distribution, content creation, marketing, audience building, and career development. The platform is helping simplify industry knowledge in a way that feels practical, relatable, and accessible for young creatives trying to find their footing.Ahead of World Music Day, TomTom continues to strengthen its position as a Brant that understands and contributes to Nigeria’s music culture not only through entertainment experiences, but also by helping create opportunities for the next generation of artists, creators, and music entrepreneurs to grow and succeed
Business and Brand
MAGGI Strengthens Stakeholder Understanding of Food Quality and Safety Through Immersive Value Chain Engagements
As part of activities marking World Food Safety Day, MAGGI engaged stakeholders across its value chain through a series of immersive experiences designed to deepen understanding of the journey from ingredients to table and reinforce the collective responsibility required to uphold food quality and safety.The engagements brought together suppliers, distributors, consumers, journalists, and digital content creators, reflecting MAGGI’s commitment to transparency and continuous stakeholder engagement. Through interactive sessions and firsthand experiences, participants gained valuable insights into the processes, partnerships, and standards that contribute to delivering quality products to millions of Nigerian households.During the engagements, suppliers explored MAGGI’s quality requirements and manufacturing standards, while distributors were engaged on best practices in product handling, storage, and warehousing to help maintain product quality throughout the distribution chain. Consumers also had the opportunity to interact directly with experts, ask questions, and learn more about the ingredients, processes, and expertise behind MAGGI products.The initiative culminated with a factory experience at Nestlé Nigeria’s Agbara Factory, where journalists and digital content creators followed the journey of a MAGGI cube from locally sourced Soya beans ingredients to finished product. Participants gained deeper insight into how soya beans sourced from Nigerian farmers are transformed through carefully controlled fermentation processes and advanced manufacturing technology to deliver the distinctive taste, quality, and consistency consumers associate with MAGGI.The experience also highlighted the connection between traditional African food preparation methods and modern food manufacturing. Participants explored how fermentation techniques used in MAGGI production draw inspiration from time-honoured practices familiar to many Nigerian consumers through local seasonings such as iru, dawadawa, and ogiri.A key highlight of the visit was the opportunity to observe the rigorous quality assurance and food safety systems embedded throughout the production process. From ingredient sourcing and testing to manufacturing, packaging, and distribution, participants witnessed the extensive standards, continuous monitoring, and scientific expertise that help ensure product quality and food safety at every stage.Speaking on the initiative, Funmi Osineye, Category Manager, Culinary, Nestlé Nigeria, said: “MAGGI reaches millions of consumers through a value chain that includes farmers, suppliers, distributors, retailers, consumers, and many other partners. We believe quality and food safety are shared responsibilities, which is why we continuously engage stakeholders across the value chain to build understanding, strengthen collaboration, and provide greater visibility into the journey behind our products.””By opening our doors and creating opportunities for dialogue, we are helping stakeholders better understand the ingredients, expertise, and processes that contribute to the quality consumers have come to trust from MAGGI.”Also speaking, Talla Fall, Factory Manager, Nestlé Nigeria Agbara Factory, said: “At Nestlé, quality and food safety are embedded into every stage of our operations. From sourcing ingredients and testing raw materials to manufacturing and packaging, our teams work diligently every day to uphold the high standards that consumers expect from MAGGI. These engagements provide an important opportunity to demonstrate the care, expertise, and rigorous processes behind every product.”The programme also featured an interactive cooking session, where participants experienced the practical application of MAGGI products in everyday meal preparation. The session sparked engaging conversations around taste, quality, nutrition, and responsible product use, while allowing participants to experience the products firsthand.Through initiatives such as these, MAGGI continues to foster greater transparency, strengthen stakeholder confidence, and reinforce its commitment to delivering quality products that help consumers prepare tasty and nutritious meals every day.
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