Nigerian Breweries Plc., the country’s largest brewer, announced another increase in beer prices, citing rising production costs. This marks the third price hike in less than a year for Nigerian consumers.
The new prices will come into effect on Friday, March 15, 2024, according to a company statement released on Monday, March 8. The company attributed the price increase to the “continued rising input cost” and the need to “mitigate the impact.”
This latest adjustment follows previous price hikes in February 2024 and earlier in the year. In a letter dated February 12, Nigerian Breweries justified the February increase as necessary to “offset the impact of increased production expenses.”
The brewery, facing a net loss in 2023 due to a weakened local currency, is not alone in raising prices. Many Nigerian manufacturers across various sectors are grappling with similar challenges, including limited access to foreign currency for importing raw materials and persistent power supply issues. These factors are driving up production costs and impacting businesses nationwide.
The high cost of food and transportation, coupled with rising beer prices, is putting additional strain on Nigerian households, pushing many deeper into poverty.
