Nigerian Breweries Plc, the largest brewing company in the country, has announced a price review for some of its products, effective from February 19, 2024.
The company cited the need to mitigate the impact of rising input costs and forex volatility as the reason for the price hike.
In a letter to its customers in the West Zone, dated February 12, 2024, the company stated:
“This is to inform you that we are constrained to review the prices of some of our SKUs with effect from Monday, February 19, 2024.
“This review has become necessary because of continued rising input cost and the need to mitigate the impact.
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“The company assured its customers that orders that are fully paid and created in its system before midnight on February 19, 2024, will be delivered at the current prices.
“However, any order that exceeds the quantity limit communicated by the Regional Business Manager (RBM) will be re-invoiced at the new price.
“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.”
The price review by Nigerian Breweries comes at a time when the country is facing a wave of exit by multinational companies, due to the challenging business environment and macroeconomic realities.
According to an analysis of separate notices filed by the firms, at least five multinationals have shut down operations in Nigeria in the last 11 months.
The latest to pull out was Procter & Gamble, the consumer goods giant, which dissolved its on-ground operations in Nigeria in December 2023.
The company said it was difficult to operate as a dollar-denominated organisation in Nigeria and blamed the macroeconomic situation for its decision.
Earlier, in March 2023, Unilever, another consumer goods multinational, announced that it would exit its home care and skin cleansing categories from Nigeria, due to the changes in its business. #breweries