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Hours after the United Nations Food Summit was held in New York, Nestle, a Switzerland owned food and beverage company, announced its intention to invest N535 billion in regenerative agriculture food systems.

Nestle currently operates a large investment in 22 countries including Nigeria with its country headquarters located in Ilupeju, Lagos State, and its factories sited in Agbara and Sagamu interchange on Lagos-Ibadan road in Ogun State.

In a statement issued by the company shortly after participating in the summit, its chairman, Paul Bulcke, disclosed that the food company will be investing 1.2 billion in Swiss Francs over the next five years.

The effort, Mr Bulcke noted, will spark regenerative agriculture across the company’s supply chain, using three primary levers to help farmers adopt regenerative practices.

Based on Nigeria’s exchange rate of N444.98 per Franc on Friday, the CHF1.2b is equivalent to N535 billion Nigerian Naira.

According to the release, the levers include applying state-of-the-art science and technology, providing technical assistance, offering investment support and paying premiums for regenerative agricultural goods.

The statement hinted that the transition to a regenerative food system aims to protect and restore the environment, improve the livelihoods of farmers and enhance the well-being of farming communities.

The statement reads in part; “Nestlé will work with its food system partners, including the company’s network of more than 500,000 farmers and 150,000 suppliers, to advance regenerative farming practices at the heart of the food system.

“As part of this journey, the company will also initiate new programs to help address the social and economic challenges of the transition,”

Explaining further, the company noted that the step was taken as part of Nestlé’s contribution to help achieve the Sustainable Development Goals (SDGs) by 2030 as well as follow the recent report from the United Nations’ Intergovernmental Panel on Climate Change that shows the climate crisis is intensifying.

Mr Bulcke added; “We know that regenerative agriculture plays a critical role in improving soil health, restoring water cycles and increasing biodiversity for the long term. These outcomes form the foundation of sustainable food production and, crucially, also contribute to achieving our ambitious climate targets.”

Also speaking, Nestle’s chief executive officer, Mark Schneider, said: “Today, Nestlé published the most important regenerative farming practices that the company wants to promote. They include, among others, enhancement of biodiversity, soil conservation, regeneration of water cycles and integration of livestock.

“Agriculture accounts for nearly two-thirds of Nestlé’s total greenhouse gas emissions, with dairy and livestock making up about half of that. Nestlé is assessing cutting-edge science and technology to reduce emissions at farm level,” he said.

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Hi, I,m Pospi Otuson. A Nigerian Blogger, Social Entrepreneur and Convener of the renowned Boki Business Conference. CEO/Founder of Possibility Desk, the largest online consulting platform for possibilities in the world.

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