International Breweries Plc has announced that it has increased prices of its various product offerings in Nigeria, Africa Today News, New York reports.
The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to serve its customers better.
Products such as Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt are the items affected by the new price review.
Head of Sales of the company, Olaleye Abimbola, disclosed that it is confident that the decision to review the prices benefits all its partners.
Abimbola however called on the company’s partners to honour the old pricing strategy it had in the previous months until the new changes were announced and implemented.
This is the second time the company will increase the prices of its products in one year. International Breweries disclosed a forex-related loss of N162.2 billion in its first quarter report.
Read Also: Nigerian Breweries Move To Suspend Production In 2 Plants
Major brewers in Nigeria have been hit by an economic crisis due to inflation, foreign exchange volatility, and rising production costs, which has led to price hikes across the country.
A fortnight ago, the Nigerian Breweries Plc had announced a plan to temporarily shut two out of its nine production plants in Nigeria citing tough business climate due to the double-digit inflation rate, naira devaluation, FX challenges and diminished consumer spending.
The foremost beverage enterprise in Nigeria has announced that the brief shutdown was a component of its Business Recovery Plan, which entailed a comprehensive restructuring to enhance the company’s operational efficacy, fiscal steadiness, and facilitate a revival of profitability amidst the consistently demanding business landscape.
The company, in a statement signed by its Corporate Affairs Director, Sade Morgan, however highlighted its commitment to minimising the impact of the closure on its workforce by exploring all feasible alternatives.