Naira Nudges Breweries: Nigerian Breweries Alters Beer Prices Due to Economic Factors
The Nigerian Breweries Plc recently announced a price change for its Stock-Keeping Units (STUs) effective from February 19, according to a letter dated February 12 titled ‘Price review notification’ by the Zonal Business Manager (West), Lekan Awosanya.
The letter states, “This is to inform you that we are constrained to review the prices of some of our SKUs effective from Monday, 19th February 2024. This review has become necessary due to the continued rising input costs and the need to mitigate the impact.”
“In appreciation of our great partnership and your commitment, we will deliver at the current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, 19th February 2024.
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While thanking you for your commitment to our great partnership, be assured that we will continue to support your sales/distribution efforts as always. For further clarification, please do not hesitate to contact your Regional Business Manager.”
In case you missed it, here’s the full list as Nigerian Breweries releases new prices of beer, with notable changes including
GULDER – N950
STAR – N850
33 EXTRA – N850
HEINEKEN – N1300
LIFE – N850
LEGEND – N1250
TIGER – N750
Meanwhile, the Nigerian Breweries Corporation reported a net loss of N106 billion ($235 million) for 2023, attributing it to a combination of economic headwinds and the devaluation of the naira.
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The CEO, Hans Essaadi, painted a grim picture of Nigerian consumers struggling to afford even a basic beer, emphasizing the depth of the nation’s economic challenges. “It has been an unprecedented year,” Essaadi told investors, as reported by Bloomberg.
“We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work.”
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