NIGERIA – International Breweries Inc., a Nigeria-based subsidiary of the world’s largest brewer, Anheuser-Busch InBev, has announced the disbursement of N60million (US$74,730) grant to 50 aspiring young entrepreneurs.
The grants were disbursed by International Breweries Foundation, during the 8th edition of the Kickstar Awards Ceremony themed: “From Ideas to Impact: Nurturing Young Entrepreneurs for Economic Growth.”
During the event, 26 females and 24 males were recognized for their exceptional entrepreneurial ideas. The grant values varied, ranging from N750,000 (US$900) to the grand prize of N3m (US$3600).
The grant, which is now in its 8th edition has benefited a total of 425 young entrepreneurs since inception, creating 1,600 direct jobs and 3,000 indirect jobs.
Carlos Coutino, managing director, of International Breweries Plc, said, “Kickstart has been a beacon of hope touching countless lives through its commitment to effectively help young Nigerians navigate the entrepreneurship journey. This has contributed meaningfully to transforming the landscape of small, medium-sized enterprises in Nigeria.”
The initiative underscores the company’s vision to positively impact the societies where it exists.
“The event is in line with the company’s dream for an empowered youth population to reduce the scourge of unemployment and boost the confidence of young people in their individual creativity and capacity,” said Coutino.
The grant comes at a time when most companies are doubling down on their corporate social responsibility.
International Breweries Plc is a brewery in Nigeria that brews, packages, and markets a range of beer and non-alcoholic malt beverages.
The company is known for its beer sold under the Trophy brand name and non-alcoholic malt drink sold under the Betamalt brand name, namely Trophy Lager, Trophy Black, and Betamalt malt drink.
The Hero producer has been commended by its stakeholders for coordinating its brewery operations in line with best practices and focusing on its environmental, social, and governance agenda.
Earlier, International Breweries released its unaudited third quarter financial results where it reported an unaudited net revenue increase of N67.6bn (US$891.1 million), up from N47.0bn (US$56.4 million) in the same period in 2022.
Gross profit for the trophy lager producer during the nine-month period in 2023 amounted to N38.6bn (US$46.3 million), an increase from N37.2bn (US$44.6 million) in the same period for the year 2022.
