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The urban population in Nigeria grow is growing at 4.6% per annum and by implication, an increasing number of Nigerians participate in the cash economy and have become consumers. However, one would expect players in the nation’s FMCG to enjoy booming sales and profitability. Sadly, this is not the case. The last recession, the worst in 25years left consumers with shrinking wallet, while manufacturers are left to bear the growing cost of operation as they could not pass the cost to the already cash-strapped consumers.
Also, the economic headwinds left several FMCGs struggling to find their footing, while few have been able to triumph and shine in the midst of economic adversity, thus conferring the tag of Primus inter pares (first among equals) on them.
Nestle is the world’s largest food and beverage company with operations in over 190 countries with its Headquarters in Switzerland. The company commenced operations in Nigeria in 1961 and was listed on the nation’s bourse in 1979. From its first factory commissioned in 1982, Agbara, Ogun-State, it currently has 3 manufacturing sites with a recently commissioned water factory in Abaji, outskirt of the FCT.
Nestle’s Management Team
The Board of directors of Nestle Nigeria Plc is made up of individuals from diverse academic and professional backgrounds. They include David Ifezulike as the chairman, who joined the company in 1980 and served the company in various capacities spanning over 26 years. Maurico Alarcon, a Mexican who is the Managing Director/ Chief executive officer, other Nigerian on the board include Gbenga Oyebode, who is the chairman of several listed companies including a non-executive director of MTN Nigeria, Ndidi Nwuneli is an entrepreneur with over 25 years of experience and also serves on the board of several quoted companies. Others foreign directors include Jagdish … Read More...