Nigerian Breweries has announced another increase in the price of beer due to escalating production costs in Nigeria.
This marks the third time within a year that consumers will face higher prices for their beverages. The brewery stated that the adjusted prices would come into effect on Friday, following a mere seven months since the previous increase.
Despite being the largest and oldest brewery in the country, Nigerian Breweries faced significant challenges last year, with a reported net loss of 106 billion naira ($66 million; £53 million). The depreciation of the local currency, the naira, has led to increased expenses for importing ingredients, contributing to this financial setback.
As Nigeria grapples with its worst economic crisis in decades, various sectors have witnessed a surge in product prices by local manufacturers. Factors such as limited access to foreign currency for importing raw materials and unreliable power supply have compounded the challenges, further inflating production costs and hindering business operations in the country.
The resultant high costs of food and transportation have plunged many Nigerians into poverty, exacerbating the socioeconomic woes faced by the population.
