Business
Nigeria Breweries In Record Loss As Inflation Overwhelms Beer Drinkers
The CEO of Nigerian Breweries, Hans Essaadi, has lamented that Nigerian consumers of its Goldberg brand can no longer afford the product due to the effect of the nation’s skyrocketing inflation, a development that contributed to the company’s loss of N106 billion in 2023
The Nigerian Breweries boss who revealed this while speaking to investors on the company’s financial results stated that despite the ugly macroeconomic conditions the company recorded a 9% increase in revenue to N599.6 billion.
According to him, the cash scarcity occasioned by the naira redesign fiasco coupled with the fuel subsidy removal, devaluation of the naira and double-digit inflation resulted in the company recording a net loss of N106 billion in 2023 from the N13.18 billion profit for 2022.
He stated, “It has been an 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.”
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