The brewery industry in Nigeria is reeling under pangs of poor consumer spending, induced by the devastating COVID-19 pandemic and recession. First, insecurity in Northern Nigeria and ban on alcoholic beverages in large parts of Northern Nigeria continue to affect consumption. xUnfortunately, due to the intense competition between the big three (Nigerian Breweries, International Breweries, and Guinness Nigeria) they could not pass the costs to consumers. The company’s profit before tax declined by 67.9 per cent to N2 billion, while profit after tax declined by 68 per cent to N1.4 billion. However, profit before tax declined by 79 per cent to N85 million while profit after tax declined by 79 per cent to N60 million.

Source: The Guardian January 25, 2021 04:30 UTC