The Vice-President, Yemi Osinbajo, on Thursday urged multinational companies to domicile their factories in Nigeria for the sustainable growth of its economy.
Osinbajo said this as he inaugurated Nestlé Nigeria Plc’s N4.1 billion Milo-Ready-to-Drink (RTD) factory at Agbara in Ogun.
He stated that international companies operating in the country should take a cue from Nestlé Plc’s expansion drive to domicile their factories in Nigeria as it remained the preferred destination for investment in Africa.
“We are grateful to Nestlé for these significant investments, particularly for locating its factories in rural communities and sourcing its raw materials from local farmers, contributing to the sustainable development of Nigeria,’’ he said.
Osinbajo said that the Federal Government was committed to creating an enabling environment for businesses to thrive and actualising the objectives of its Economic and Recovery Growth Plan (ERGP) of the government.
The News Agency of Nigeria (NAN) reports that the new plant is part of the company’s existing factory at Agbara which has successfully been operational for 37 years.
The new plant produces Nestlé Milo Ready-To-Drink (RTD) beverage in 180ml cartons and has a yearly production capacity above 8,000 tonnes.
Nestlé has been present in Nigeria since 1961 with staff strength of over 2,300 direct employees, three manufacturing sites and eight branch offices.
