In a recent update, Nigerian Breweries revealed a price hike for its products starting on Friday, March 15, 2024.
According to the company, the increase is essential due to the ongoing increase in input costs in the country.
It stated, “As earlier informed, we will review some of our SKU prices effective Friday, 15th March 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.
“All open orders in our system at 00.00hrs on Friday 15th of March, 2024, will be invoiced at the new prices.”
Shortly after announcing a price hike on certain products effective Monday, February 19, 2024, the company is now implementing another increase.
The company’s 2023 financial report disclosed a loss of N106 billion for the period, a significant decrease from the N13 billion profit recorded the previous year.In 2023, the Nigerian business environment underwent a major transformation, impacting businesses and livelihoods across the country, leading to a decline in the company’s performance.