Nigerian Breweries Plc’s CEO, Hans Essaadi, has revealed that Nigerians are now struggling to afford beer. The situation he explained is impacting the company’s sales and significant foreign exchange loss. In reaction, the company have decided to increase the price of its drinks beer brands, including Gulder, 33 Extra, and Heineken.

Hans Essaadi, the chief executive officer of Nigerian Breweries Plc, has revealed that Nigerians can no longer afford to buy beer due to the economic situation. Nigerian Breweries CEO says Nigerians can no longer afford beer Photo credit: NB Plc Source: Facebook Essaadi stated this at the company’s investor call following the release of its 2023 results on Monday, February 19, 2024. According to Bloomberg, he noted that the previous year (2023) was challenging for the company in terms of sales.

His words:

“It has been unprecedented year for our business in Nigeria. 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.”

Also, in comments accompanying the financial results, the company’s board of directors said:

“The business landscape in Nigeria underwent significant changes in 2023, greatly affecting businesses and livelihoods across the country. ”

The redesign of the naira notes led to a shortage of cash, severely disrupting social and economic activities nationwide and setting the stage for a turbulent year. The year was characterized by high double-digit inflation rates, with food inflation exceeding 30%, the removal of the subsidy on premium motor spirit (fuel), the devaluation of the naira, and a scarcity of foreign exchange. These factors compounded the challenges faced by the population and businesses, making the environment even more difficult.”

Here is a list of new prices introduced

Gulder – N950
Star – N850 33
Extra – N850
Heineken – N1300
Life – N850
Legend – N1250
Tiger – N750