Nigerian Breweries to Raise Prices Again, Citing Rising Input Costs
Nigerian Breweries has disclosed plans to implement another round of price adjustments on its products, effective Friday, March 15, 2024. The decision, according to the company, is in response to the persistent increase in input costs across the country.
In a statement, the company outlined, “As previously communicated, we will be revising prices for certain SKUs starting Friday, March 15, 2024. This revision is deemed necessary due to the continuous escalation of input costs and the imperative to offset the impact. All existing orders in our system as of 00:00hrs on Friday, March 15, 2024, will be subject to invoicing at the updated prices.”
This latest adjustment follows closely on the heels of a previous price hike announced just a month prior, which took effect on Monday, February 19, 2024.
According to reports from financial analysts, Nigerian Breweries reported a substantial loss of N106 billion in its 2023 financial year, a significant downturn compared to the N13 billion profit recorded in the preceding year. The company attributed this downturn to the challenging business environment in Nigeria, which experienced notable disruptions in 2023, impacting businesses and livelihoods nationwide.
