Nigerian Breweries Increases Prices of Its Products, Gives Reason for Action

• Nigerian Breweries has announced a price increase for some of its products, and the new prices are set to be implemented
• This move is part of the company's strategy to tackle the rising cost of operation and the depreciation of the naira
• Some of Nigerian Breweries' popular brands include Gulder, Maltina, Amstel Malta, and Fayrouz, among others

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Nigerian Breweries (NB) Plc has announced a price increase on some of its products, effective from Monday, February 19, 2024.

The company disclosed in a memo that the upward review will be in its stock-keeping units (SKUs) to mitigate the impact of the rising cost of input.

SKU is a unique identifier used to track inventory within a business.

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However, in the memo, the brewer did not state which of its brands will be affected by the price increase.

The statement from NB reads:

“Please accept our best compliments! This is to inform you that we are constraind to review the prices of some of our SKUs with effect from Monday 19th February, 2024.

“This review has become necessary because of continued rising input cost and the need to mitigate the impact.

“In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday 19th February, 2024.

“The exact quantity of orders that will be allowed will be communicated to you by your Regional Business Manager(RBM)Any order in excess of this quantity will be re-invoiced at the new price on the 19th of February, 2024.

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“While thanking you for your comittment to our valued partnership, be rest assured that we will continue to support your sales/distribution efforts as always.”

This is the second time the company has announced a price review in less than eight months. The first was in August 2023, and the same reason was given.

Nigerian breweries products

The Nigerian Breweries is the producer of major alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler, amongst others.

Non-alcoholic drinks produced by the company include Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta Gold.

10 states with highest cost of food

Legit.ng earlier reported that the National Bureau of Statistics revealed the list of states with the highest cost of food in Nigeria.

In its latest consumer price index report, NBS disclosed that food inflation, which measured the price movement of food items, rose in November 2023 to 32.84% on a year-on-year basis.

Source: Legit.ng