Nigerian Breweries Plc Announces Price Increase for Stock-Keeping Units (SKUs) Due to Importation Costs
In a letter dated February 12, titled “Price Review Notification,” the Zonal Business Manager (West), Lekan Awosanya, announced that Nigerian Breweries Plc would be increasing the prices of its Stock-Keeping Units (SKUs) starting from February 19, 2024.
The decision is attributed to the escalating costs of importation, prompting the company to take measures to address the impact of rising input expenses.
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The letter emphasized the necessity of the price review, stating, “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 because of the continued rising input cost and the need to mitigate the impact.”
Acknowledging the partnership with distributors, the company assured that all open orders fully funded and created before 00.00hrs on Monday, 19th February 2024, would be delivered at the current prices. The Zonal Business Manager also expressed gratitude for the commitment of partners and affirmed ongoing support for sales and distribution efforts.
This marks the second time within six months that Nigerian Breweries Plc has adjusted the prices of its SKUs. The previous adjustment occurred in August 2023 when the company cited various challenges affecting the Fast-Moving Consumer Goods (FMCG) industry.
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Consumers now face the prospect of reevaluating their purchasing decisions in light of this latest development in the beverage market.
The price increase may prompt some to reconsider their beer consumption habits or explore more cost-effective alternatives. As the industry grapples with external factors impacting costs, the effects on consumer behavior will be closely observed in the coming months.
