The Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, has said that the economic situation in Nigeria has deteriorated to the extent citizens can no longer afford to buy beer.

Essaadi said this on Monday at the company’s investor call following the release of its 2023 results.

“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,” Bloomberg quoted Essaadi as saying.

NB suffered a N153bn foreign exchange loss due to the devaluation of the naira for the year ended December 2023.


For the period under review, the company grew its revenue by 8.9 per cent to N599.64bn from N550.64bn. Net finance expense rose significantly by 449.7 per cent to N189.19bn, dragging the brewer to a loss of N106.31bn, from a gain of N13.19bn at the end of 2022.

In comments accompanying the financial results, the NB Board of Directors said, “The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.

“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.”


He added that despite the headwinds, “The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year.”

The board went on to state its preparedness to tap into its decades of experience of operating in Nigeria to weather the current macroeconomic headwinds.

“In a difficult operating environment, the board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders,” the board said.

In August, NB reviewed the prices of its products upward to accommodate the continued increase in the cost of inputs.

NB produces alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler.

The Central Bank of Nigeria harmonised the segments of the foreign currency market in June 2023 leading to a devaluation of the Naira.

The effect was felt by different companies that recorded forex losses. However, the banking sector faired better as they enjoyed FX revaluation gains.

Source: https://punchng.com/Many-Nigerians-can no-longer-afford-beer-NB-CEO

That's just d raw truth. I remember 2019 a bottle of lager beer was sold at d rate of 250 while in some hotels 300-350
While Turbo king was 350-400
Big Stout 450-500
2024 lager beer 900-1000
Turbo 1100
Big stout 1400-1500
Tinubu is a miracle working president jare
Now they hv banned sachets, I'm wondering how Westcoast go survive in getting tipsy. Bcs down east and most SS sachets are not that common, either u take beer, confirm palm or sapele water

God do this one for me
I never drank alcohol no smoke nor do drugs since my 30 yrs plus here on earth.
Thank u Jesus for training me up for a day like this

When all companies keep posting losses because of naira devaluation......how will u enjoy company income tax as a nation??

U remove oil subsidy only to spend more than you saved on the same subsidy because of the peg u removed on he currency ....

And he still dare to use our foreign earnings that they are claiming is not enough to fund cheap and free trips to hajj...

As in.....is this man normal at all....?

Meanwhile, many Nigeria's livers, kidneys and hearts are rejoicing.

Yes, many Nigerians cannot afford beer again including idiots who wanted to teach Peter Obi and some people a lesson. Fools.

Point of correction, many Drunkards. We are talking about food and other necessities, this one is talking about Beer.

Earnings, losses, profits, yet the price of a beer bottle is not listed. Nigerian journalists will not make heaven.

It’s not like the average man needed more than a bottle daily to begin with. I see the situation as a win.

That is good news to religious leaders.
Islamic leaders and Hisbah answer to that news is "Allahu Akbar".
General Overseers and pastors answers to that is "To God be the Glory"

our hypocrite brother's will say

"As if we care " 😜

Start taking colos instead

🙆🏽‍♂️Niggas don’t need to be drankin on beer anyway when palmwine is free in the tree 👀

Switch to ogogoro or palmwine(those one self go Don add money)

Well, it is not by force to drink beer, if you cannot afford it, then quit, you can channel your beer money to other sectors in the house.

advanceDNA:
When all companies keep posting losses because of naira devaluation......how will u enjoy company income tax as a nation??

U remove oil subsidy only to spend more than you saved on the same subsidy because of the peg u removed on he currency ....

And he still dare to foreign earnings they are claiming is not enough to fund cheap and free trips to hajj...

As in.....is this man normal at all....?

Yeah, government should stop funding pilgrimages really, both christian and muslim. If you want to go on pilgrimage, start a savings account, save N5000 In it, and then put it in an interest yielding akant or something, and when it is adequate, go on your own money.

BAT is evil.

Tinubu is a devil.

Ahmed is Satan.

Bola is a Demon.

Ashiwaju is a monster.

Nigerians asking God for mercy are jokers.
Your choice, your pain and sufferings.

Tinubu, the Rehoboam of our time. This is indeed the great Tinubulation. Even agents of the devil like Beer companies are crying hard.

Indeed I'm redeemed to flourish in hard times.

We warned you about their propaganda govt now una no fit chill normal again. I've got them Summer Air to beat the hot weather

It is not even about the drinking of the beer, but the purchasing power....

Shame on Tinubu and all his supporters...

inoki247:
Lol Palm wine and Ogogoro too as been affected by Dollar...

The people selling it don't live in Nigeria, they live in mars and don't buy things that are dollar imported, the way you guys reason....

Lol Palm wine and Ogogoro too as been affected by Dollar...

princepeter566:
God do this one for me
I never drank alcohol no smoke nor do drugs since my 30 yrs plus here on earth.
Thank u Jesus for training me up for a day like this

Does that make you better than folks who drink?


Why is there this stereotype drinking is bad!

Prices increasing, income stagnant; recipe for disaster

Drink water 💦 folks only water 💦

We go repent from beer very quick

princepeter566:
God do this one for me
I never drank alcohol no smoke nor do drugs since my 30 yrs plus here on earth.
Thank u Jesus for training me up for a day like this

How is this a win for you?


For someone who claims not to smoke or drink, you sound like a crack head

Beer! The joy of closing from work and having one with friends is gone. Suicide rate go high this period. Please check on one another.

make we chop fess

Beers na for the riches now, no be for the rich anymore not to even talk about poor man