Nestle builds N5.7bn water factory

Nestle says it has built a state-of-the-art water factory valued at N5.7bn. The project, according to a statement by the firm, was made possible through a loan provided by the Bank of Industry and guaranteed by the First City Monument Bank.

The new factory, according to the firm, occupies 14.13 hectares of land with a potential for future expansion.

The statement quoted the Executive Director, Business Development, FCMB, Mr. Adam Nuru, as saying that the FCMB’s involvement in the project was another demonstration of its drive to enhance living conditions and contribute actively to the development of the country in spite of the economic challenges confronting the nation.

He said, “Apart from the business inclination of this landmark project, we are proud to be part of the venture, especially because it leans towards one of our core pillars, which is environmental sustainability.

“Water is a major component of human and industrial needs. Being a scarce resource, the challenge of providing clean and safe water as well as conserving our shared scarce resources should be a collective effort. We are optimistic that our support to Nestle on this project would increase access to safe water supply, stimulate job creation and subsequently aid socio-economic development.”

Nuru noted that Nestle’s latest investment in Nigeria was a reaffirmation of the nation’s broad-based economic opportunities, wide flexibility and friendliness offered to both local and foreign investors.

He stressed the FCMB’s commitment to supporting initiatives that would create opportunities, add value and make positive impact on the country’s economy.

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