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International Breweries Posts 88% Revenue Surge Amid Economic Headwinds

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International Breweries revenue jumped 88% in 2024 to N488.96bn, driven by strategic growth, efficiency, and full settlement of $379.9m loan

International Breweries Revenue has soared by 88% in the 2024 financial year, hitting N488.96bn compared to N260.60bn in 2023, according to figures released during the company’s 48th Annual General Meeting held virtually on Wednesday.

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Also read:Lagos $1 Trillion Economy Ambition Gets Boost at GITEX

Despite navigating a tough macroeconomic environment marked by inflation, FX volatility, and monetary tightening, the brewery giant—part of global brewer AB InBev—reported significant growth across key financial metrics.

“The past year tested our resilience and sharpened our execution,” said Board Chairman, Igwe Nnaemeka Achebe.

“Through decisive strategies and strong stewardship, we have laid the groundwork for sustainable, long-term growth.”

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The company’s gross profit climbed 52% to N131.35bn, up from N86.27bn in 2023.

Strategic investments in marketing and distribution surged to N76.74bn, reflecting increased commercial aggression and market reach.

Managing Director Carlos Coutiño attributed the impressive performance to operational efficiency and smart pricing strategies:

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“We streamlined our operations, made smarter strategic decisions, and focused relentlessly on efficiency.”

A major highlight of the year was the successful settlement of a USD-denominated loan worth $379.9m (₦512.9bn).

According to Finance Director Chinyere Ezeugwu, the move was made possible through net proceeds of ₦581.7bn from a strategic rights issue.

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“This marked a significant milestone for us, eliminating a long-standing liability and improving operational efficiency,” she said.

Shareholders welcomed the company’s performance, praising management’s transparency and direction.

“With the positive strides the company is making, I am optimistic that shareholders will be rewarded very soon,” said Babatunde Adetunji, Chairman of IBPLC’s Statutory Audit Committee.

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Another shareholder, Olalekan Iyiola, commended the leadership:

“Despite Nigeria’s economic climate, the company is stabilising well and charting an upward path.”

Beyond finances, the AGM emphasized International Breweries Plc’s commitment to environmental sustainability, job creation, and community development.

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During the year, its issued share capital expanded significantly from 26.86 billion to 168.29 billion ordinary shares, following a strategic capital restructuring aimed at enhancing shareholder value.

Also read: Nigeria Inflation Rate July 2025 Drops to 21.88%

As part of AB InBev, the world’s largest brewing company, International Breweries Plc produces leading beverages such as Trophy Lager, Hero Lager, Budweiser, Trophy Extra Stout, and Castle Lite—maintaining a dominant presence in Nigeria’s competitive beer market.

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Beyond CSR: Why Telecom Firms Are Taking Their Social Investment Into Everyday Life

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Nigeria’s telecommunications companies are increasingly moving their social investments beyond conventional donations, scholarships and community projects into areas where connectivity, digital skills and technology directly affect how Nigerians learn, work and access essential services.

The shift is evident across education, healthcare, digital inclusion and economic empowerment, with operators and their foundations increasingly deploying assets linked to their core business — networks, data, digital platforms, devices and technical expertise — to address social needs.

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The development is also reflected in the changing approach of regulators and public-sector stakeholders, who increasingly see telecommunications infrastructure as an enabler of outcomes in other sectors rather than an end in itself.

The Nigerian Communications Commission (NCC), for instance, recently launched a zero-rated educational access initiative under which eligible users will receive up to 100MB of free data daily to access approved educational platforms.

The commission said the initiative is intended to expand access to learning resources, reduce educational inequalities and support long-term economic growth through human-capital development.

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NCC Executive Vice Chairman, Dr Aminu Maida, said connectivity was essential if Nigerians were to benefit fully from digital skills and education programmes.

He also acknowledged the need to make the intervention sustainable, saying the 100MB daily ceiling was designed partly to allow government and industry to assess usage patterns before adjustments are made. The allowance is subject to periodic review.

The initiative illustrates the changing nature of telecom social investment: rather than simply providing a physical asset, operators are using their networks to remove a barrier to access.

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The model is not entirely new.

The Nigeria Learning Passport, launched by the Federal Government and UNICEF in 2022, has developed into a wider public-private digital education ecosystem.

UNICEF reported that the platform had expanded across 21 states and reached 1.8 million users by January 2025. At that time, Airtel was providing zero-rated access that allowed more than 600,000 students to use the platform without data charges.

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But connectivity was only one component. UNICEF said Microsoft provided technology infrastructure, IHS supported connectivity in 870 schools, while other partners contributed devices, offline infrastructure, teacher capacity building and learning-content development.

This broader ecosystem is increasingly shaping how telecom companies approach social investment.

MTN Foundation, for example, says it has invested more than N34.4 billion since its establishment in 2004, with projects across all 36 states and the Federal Capital Territory.

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The foundation says its interventions are concentrated on capacity building, health and economic empowerment, while its youth development portfolio provides skills, tools, knowledge and opportunities for young people to become economically active.

Its SAIL Teachers Fellowship is an example of the movement towards building capacity rather than simply providing materials. The programme has trained more than 8,700 teachers across the country, focusing on technology integration and inquiry-based learning.

MTN has also extended its social investment into healthcare through technology.

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On September 23, MTN Group Foundation and the Gates Foundation announced the Nigeria Maternal Health Multiplier, a digital health initiative that aims by 2030 to help 500,000 women access trusted maternal-health guidance, equip 5,000 frontline health workers with digital tools and support 500 health facilities.

The programme has an initial investment of approximately $25 million between 2026 and 2030, including direct and in-kind contributions from the two foundations.

The initiative combines MTN’s connectivity infrastructure and digital capabilities with the Gates Foundation’s expertise in maternal health, digital health and responsible artificial intelligence.

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For MTN, the intervention reflects an approach in which connectivity becomes part of the solution to a problem outside telecommunications.

The Gates Foundation’s CEO, Mark Suzman, also offered an insight into the thinking behind the partnership, describing philanthropy as a catalyst for investment rather than a substitute for it.

Other operators are following different versions of the same broader direction.

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Airtel’s digital-skills initiatives have included programmes aimed at improving the employability and economic opportunities of young Nigerians, while its partnership with UNICEF on the Learning Passport has used zero-rated connectivity to remove data costs from access to educational content.

The company has also historically operated more conventional social interventions, including its Touching Lives programme, which provided direct support to disadvantaged individuals and communities.

The contrast between such programmes and newer interventions illustrates the evolution rather than disappearance of conventional philanthropy.

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Similarly, Globacom has used its network capabilities in a community-development model.

In partnership with the Federal Ministry of Communications, Innovation and Digital Economy and Huawei, the company supported a Digital Village pilot at Isuanin Kura, Ibwa 2, in Gwagwalada, Abuja.

The project provides public Wi-Fi, mobile coverage and facilities intended to support remote learning and digital healthcare. Glo supplied microwave backhaul and access to its core network resources and manages the site’s operations.

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The project was designed to serve more than 12,000 residents. That figure represents the project’s intended service population, not a verified number of people already reached.

The wider policy environment is also changing.

The NCC has increasingly framed digital inclusion as a collaborative responsibility involving government, operators, infrastructure providers, development organisations and other stakeholders.

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That approach is particularly relevant as the boundaries between telecommunications and other parts of the economy become less distinct.

Education increasingly depends on connectivity. Healthcare is adopting digital tools. Small businesses rely on mobile payments and online platforms. Young people increasingly require digital skills to participate in the labour market.

Against that background, telecom philanthropy is gradually moving closer to the everyday realities of citizens.

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The shift does not mean that telecom companies are replacing government or development agencies in providing social services. Rather, their contribution is increasingly based on what they can uniquely provide — connectivity, platforms, data, technology, devices, technical expertise and access to millions of users.

MTN’s 2026 Y’ello Care campaign, for instance, focused on equitable health, with the company describing employee-led community action as extending from healthcare to education, youth development and economic empowerment.

The emerging model is therefore less about simply giving communities something and more about connecting people to opportunities and services.

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For Nigeria, where affordability and access remain major barriers to digital participation, that change could make telecom social investment increasingly relevant to everyday life — from a student accessing a lesson without paying for data to a pregnant woman receiving health information, a teacher acquiring digital skills or a young person gaining the tools needed to enter the digital economy.

The challenge, however, will be demonstrating that these interventions produce measurable and sustained outcomes beyond the announcement of a new programme.

As telecom operators increasingly deploy their core capabilities for social purposes, the measure of their contribution may ultimately shift from how much they donate to how many people can use the infrastructure, knowledge and services created through that investment.

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