Nigerian Breweries have announced another increase in the price of beer due to rising production costs, marking the third hike in less than a year for consumers in Nigeria. The brewery stated that the new prices would come into effect on Friday, following a similar adjustment just one month prior.
As the largest and oldest brewery in the country, Nigerian Breweries has faced significant challenges, including a net loss of 106 billion naira ($66 million: £53 million) last year. The depreciation of the local currency, the naira, has led to increased costs for importing ingredients, contributing to the brewery’s financial difficulties.
This latest price hike reflects broader economic challenges in Nigeria, where local manufacturers across various sectors have been forced to raise prices amidst the country’s worst economic crisis in recent memory. Limited access to foreign currency for importing raw materials and an unreliable power supply are key factors driving up production costs and hindering business operations in Nigeria.
The resultant high costs of food and transportation have pushed many Nigerians into poverty, exacerbating the economic strain faced by consumers nationwide.
