Nestle Nigeria Plc is a publicly listed food and beverage specialty company headquartered in Lagos. It's mostly owned by a holding company based in Switzerland and have ties to the company Tolaram Group. The company was founded in 1961 and conducted trading under the name of Nestle Products Nigeria Limited. It has its main factory in Agbara Industrial Estate, Ogun State. The firm manufactures breakfast cereal, baby food products, food seasoning and hydrolyzed plant protein mix.
The firm was listed as one of the largest 100 companies in Africa by Africa Business magazine.[2]
History
The company began business under the trade name of Nestle Products Nigeria, in 1969, the name was changed to Food Specialties Limited. It began trading on the Nigerian Stock Exchange in 1979 following an indigenization promotion decree. In 1991, the company's name was changed to Nestle Foods Nigeria, and ten years later it became Nestle Nigeria PLC. At its inception, the firm's operation was in the distribution and sales of Nestle products which had previously been imported into the country by merchants. In 1971, improved demand for its Maggi seasoning product led to the establishment of a packaging plant in Lagos.[3]