Benue State Government has planned to build a Brewery company worth over 800 million in the state capital, Makurdi.
Managing Director and CEO, Dr. Raymond Asemakaha, revealed these plans during a recent inspection tour of the company’s project sites in Makurdi, on Tuesday, May 7, 2024.
The focal point of their venture is the construction of an N800 million brewery, slated to commence operations by the end of the year.
This brewery aims to produce a new beer brand for the state, with the goal of capturing a portion of the substantial monthly revenue, estimated between N850 million and N870 million, generated by beer sales.
He said “when we came in we discovered that beer consumption in the state is within the range of N850million and N870million per month. In December alone the sale hit N1billion.”
Dr. Asemakaha emphasized the importance of keeping these financial resources within the local economy, instead of seeing them flow out of Benue due to the absence of a local brewery.
“So we want to see how we can retain large percentage of the cash flow within the system because the people in this business are taking our money out of Benue since no beer producing factory is in the state.”
Highlighting the employment opportunities this venture will create, Dr. Asemakaha stressed the importance of empowering local communities.
To achieve this, the company plans to encourage ownership among the 23 Local Government Areas (LGAs) by offering them a 23 percent stake in the brewery.
Additionally, Benue indigenes will be urged to invest in the project, aligning with the company’s vision of local ownership and economic empowerment.
The brewery project is just one component of BIPC’s broader strategy, They are also nearing completion of a water factory and bakery, situated on the same premises in Tse Ayu, along George Akume Way.
“We hope to commence production by the first week of December. We already intend to give farmers seedlings to produce our raw materials and by so doing encourage backward integration. After which we off-take the products from the famers.”
These facilities, estimated to cost N220 million, are scheduled to be fully operational and commissioned by May 27, 2024.
Mrs. Theresa Abeda, the Departmental Head of Business Development and Strategy at BIPC, expressed confidence in the company’s leadership and its ability to break new ground in investments.
She highlighted Dr. Asemakaha’s transformative leadership and extensive business acumen as key drivers of the company’s success.
Jerry Iosun, the Department Head of Real Estate and Infrastructure, assured stakeholders that all projects undertaken by BIPC adhere to the highest quality standards and construction practices.
