Nigerian Breweries injects US$1.3m in restoration of forest reserve in Ogun State

NIGERIA – Nigerian Breweries Plc has commitment to inject N500 million (US$1.3m) over the next 10 years for the restoration of 500 hectares of Olokemeji Forest reserve in Abeokuta, Ogun State.

The undertaking according to the brewery is in line with its sustainability agenda, driven through the Brewing a Better World (BaBW) initiative.

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To make the project official, the company penned an agreement with the Ogun State Ministry and the International Institute for Tropical Agriculture (IITA) Ibadan will be the implementation partner, along with experts in the Ogun State Forestry Ministry.

“We are highly delighted about this move by Nigerian Breweries Plc which we believe would go a long way to improving the recharge of the Ewekoro and Abeokuta aquifer and enhancing the health of the watershed.”

Ogun State Commissioner for Forestry, Engineer – Tunji Akinosi

Mrs Sade Morgan, Corporate Affairs Director, Nigerian Breweries Plc, announced that the project will contribute 600,000 indigenous trees to the forest reserve once completed.

“Brewing a Better World (BaBW) is our long-term approach to creating shared sustainable value for all stakeholders, the society and the planet, not only by operating in a socially responsible and ethical manner but by playing an active role in building a sustainable future for our nation.

“Our commitment to the reforestation of the Olokemeji Forest Reserve, which is aimed at improving the quality of life for the community and people of Ogun State, is one of such activities,” she said.

On completion, the project is aimed to ensure retention of rainfall runoffs within the watershed and recharge the aquifers, preventing soil erosion and ultimately reducing CO2 emissions.

Ogun State Commissioner for Forestry, Engineer Tunji Akinosi expressed immense satisfaction and gratitude to the management of Nigerian Breweries Plc for contributing its quota to making the environment sustainable.

“We are highly delighted about this move by Nigerian Breweries Plc which we believe would go a long way to improving the recharge of the Ewekoro and Abeokuta aquifer and enhancing the health of the watershed.

“By this action, NB Plc has clearly demonstrated that they are not only interested in returns, but also ensuring that they leave the environment safer”, Akinosi said.

The subsidiary of the Heineken company announced that it earned N152 billion (US$395.5m) in revenue in the half year ended 30th June 2020, a drop from N170 billion (US$442.3m) recorded in the corresponding period of 2019.

The company’s profit during the period under review declined from N5.3 billion (US$13.8m) to N5.6 billion (US$14.6m).

It’s total cost of sales was N92.6 billion (US$240.9m) while its marketing and distribution expenses amounted to N34.3 billion (US$89.2m) and administrative expenses N10 billion (US$26m).

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