Nigerians No Longer Drinking Beer Due to High Cost of Living” – Nigerian Breweries

Hans Essaadi, the CEO of Nigerian Breweries Plc, has emphasized how the company is affected by the increasing cost of living.
He voiced concern that Nigerians are drinking less beer as a result of rising living expenses.

Following the release of its 2023 results, Essaadi revealed this information during the company’s investor call on Monday, February 19.

“This year has been extraordinary for our company in Nigeria. Because Nigerian customers could no longer afford a Goldberg after a long day at work, we observed a substantial fall in the mainstream lager market, Essaadi told Bloomberg.

The devaluation of the naira caused NB to lose N153 billion in foreign exchange during the year that ended in December 2023.

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