Nigerian Breweries Plc has issued a notification to customers in the West Zone regarding a price review effective February 19, 2024, aiming to counter increased production expenses.
The company stated that the review, outlined in a letter dated February 12, 2024, is necessary due to continuous rises in input costs.
The statement reads, “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 00.00 hrs on Monday, February 19, 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 adjustment reflects the challenges faced by fast-moving consumer goods (FMCG) companies amid escalating production costs exacerbated by forex volatility.
This move follows the footsteps of several multinational companies exiting or announcing plans to exit Nigeria since January 2023, citing operational challenges and economic conditions.
President Bola Ahmed Tinubu’s administration, inaugurated in May 2023, introduced policy changes including fuel subsidy removal and monetary policy reforms, contributing to inflationary pressures across various sectors.
