The Chief Executive Officer (CEO) of Nigerian Breweries Plc, Hans Essaadi, has stated that due to the current economic situation in Nigeria, citizens are finding it difficult to afford beer.
BrandSpur Nigeria reports that Essaadi made this statement on Monday during an investor call that followed the release of its 2023 results.
Essaadi noted that it had been an unparalleled year for their business in Nigeria, witnessing a notable downturn in the mainstream lager market due to Nigerian consumers’ inability to afford a Goldberg after a laborious day.
According to Bloomberg, NB incurred a foreign exchange loss of N153 billion attributed to the devaluation of the naira for the year ending December 2023.
NB increased the prices of its products in August 2023 to offset the continuous surge in input costs.
Looking ahead to 2024, Essaadi acknowledged the persistent macroeconomic challenges, including rising inflation, heightened operating costs, and strained consumer income.
Despite these hurdles, he expressed confidence that the lessons learned in 2023 would empower the company to create value for consumers and stakeholders.
He added that Nigerian Breweries is proactively preparing for the continued economic challenges, aiming to navigate uncertainties and transform adversities into market value creation opportunities.
