Subscription Plans

Please consider supporting us by becoming a full-access member. You get all the bells and whistles included and free access to our ebook libraries and weekly magazine

Full Membership Access

/ year
/ month
placeholder text
  • Unlimited digital access
  • Fewer ads and Interruptions
  • Exclusive subscriber newsletters
  • Weekly editions of Wakadaily Magazine
  • Full access to the subscriber-only content
  • Unlock annually plan to save two months
  • eNewspaper, a digital replica of the print edition

Subscription Plans

Please consider supporting us by becoming a full-access member. You get all the bells and whistles included and free access to our ebook libraries and weekly magazine

Full Membership Access

/ year
/ month
placeholder text
  • Unlimited digital access
  • Fewer ads and Interruptions
  • Exclusive subscriber newsletters
  • Weekly editions of Wakadaily Magazine
  • Full access to the subscriber-only content
  • Unlock annually plan to save two months
  • eNewspaper, a digital replica of the print edition

Subscription Plans

Please consider supporting us by becoming a full-access member. You get all the bells and whistles included and free access to our ebook libraries and weekly magazine

Full Membership Access

/ year
/ month
placeholder text
  • Unlimited digital access
  • Fewer ads and Interruptions
  • Exclusive subscriber newsletters
  • Weekly editions of Wakadaily Magazine
  • Full access to the subscriber-only content
  • Unlock annually plan to save two months
  • eNewspaper, a digital replica of the print edition

Many Nigerians can no longer afford beer due to inflation – NB CEO

Hans Essaadi, the CEO of Nigerian Breweries Plc, has lamented that the country’s economic situation has gotten so bad that people can no longer afford to buy beer.

In December 2023 NB suffered N153 billion lose in foreign exchange due to the devaluation of the naira.

The Chief Executive Officer made this known on Monday at the company’s investor call following the release of its 2023 reports.

“It has been unprecedented year for our business in Nigeria. We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” Essaadi said.

The NB Board of Directors said, “The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.

“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.”

Adding that despite the headwinds, “The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year.”

NB board expressed its readiness to draw on its decade of operational experience in Nigeria to help weather the current macroeconomic headwinds.

“In a difficult operating environment, the board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders,” the board added.

Chinyere Treasure Mbadiwe
Chinyere Treasure Mbadiwehttp://wakadaily.com
Chinyere Treasure Mbadiwe is the Co-founder and CEO of Wakadaily News. With a B.Sc. in Business Administration from the National Open University of Nigeria (NOUN), she brings a wealth of leadership and strategic expertise to the platform. Chinyere is passionate about delivering high-quality, engaging news that informs and empowers audiences. Her vision for Wakadaily is to create a space where reliable, diverse, and impactful content connects people and fosters informed conversations.

Popular Related

CAF Awards: We’re all proud – Peter Obi hails Osimhen, Oshoala

The Labour Party presidential candidate, Peter Obi has congratulated Nigeria’s Super Eagles forward, Victor Osimhen, on winning the CAF 2023 Men’s Player of the...

Government credit increases by 2% to N19.98 trillion

Government credit increased by 2.0 percent month-on-month (MoM) to N19.98 trillion in April, up from N19.58 trillion in March, according to the Central Bank...

BRMC organises data journalism training

Several radio broadcasters in Nigeria have reaped the dividends of engaging in data journalism training to improve their job productivity. The main objective of the...

Authorities of Yahaya Bello’s children school moves to return $720,000 advance tuition payment made to EFCC

The American International School of Abuja has requested "authentic banking details" from the Economic and Financial Crimes Commission in order to receive a refund...

Group urges LASG to probe N5bn dredging contract

A group, the Coalition of Concerned Lagosians, has urged Governor Babajide Sanwo-Olu to investigate the alleged violation of the procurement process in awarding a...

Governors don’t feel safe despite security guards, says Adeboye

General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, said governors and kings don't feel safe despite the security guards,...

Tinubu insists on business visit to Qatar amidst decline

President Bola Tinubu's trip to Qatar for an investment and business roundtable has been reportedly declined. This was mentioned in a letter dated February 22,...

Nigeria launches roadmap for new financial reporting standards

In line with the Sustainability Financial Reporting Standards in Nigeria, the Financial Reporting Council of Nigeria has disclosed a detailed plan to adopt the...

Tinubu approve infrastructure devt fund, FG eyes $25bn annually

In line with the Renewed Hope Agenda of President Tinubu's led administration, On Monday, he gave approval for the Infrastructure  Development Fund in order...

Nigeria’s containerised exports rise by 44.43% to 226,456 – NPA

The Nigerian Ports Authority (NPA), declared that the export rate increased by 44.43 percent to 226,456 twenty equivalent units from 156,790 TEUs in the...