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Nigerian Breweries Plc and Guinness Nigeria Plc announce price increases on selected products.
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Companies cite inflation, forex volatility, and rising energy and logistics costs.
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Development expected to push retail prices of beverages higher across Nigeria.
Two leading brewing companies in Nigeria, Nigerian Breweries Plc and Guinness Nigeria Plc, have announced plans to increase the prices of some of their products due to rising operational and production costs.
The companies disclosed that the decision was driven by the challenging economic environment facing manufacturers, including high inflation, rising energy expenses, foreign exchange volatility and increasing logistics costs.
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In separate communications to distributors and business partners, both brewers explained that the price adjustments were necessary to sustain operations and maintain consistent supply of products across the market.
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Nigerian Breweries Plc, the producer of popular brands such as Star Lager Beer, Gulder Lager Beer and Maltina, said the rising cost of raw materials, packaging, transportation and energy had significantly increased production expenses.
Similarly, Guinness Nigeria Plc, manufacturers of Guinness Stout, Malta Guinness and Orijin, said the price review was required to cushion the impact of the harsh business climate affecting the manufacturing sector.
Industry analysts note that many manufacturers in Nigeria are under pressure due to the depreciation of the naira, rising fuel costs and higher import expenses for raw materials.
The new price adjustments are expected to take effect soon, although the companies assured distributors and consumers that they remain committed to maintaining product quality despite the economic challenges.
The development may lead to higher retail prices for alcoholic and non-alcoholic beverages across Nigeria as consumers continue to face increasing living costs.
