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Nigerian Breweries increases prices of products, cites ‘rising input costs’

Nigerian Breweries increases prices of products, cites ‘rising input costs’
February 13
20:53 2024

Nigerian Breweries (NB) Plc has announced an upward review in the prices of some products in its stock-keeping units (SKUs) to mitigate the impact of rising cost of input.

The company, in a leaked memo to customers, said the price adjustments would take effect from February 19, 2024.

SKU is a unique identifier used to track inventory within a business. The Nigerian Breweries is the producer of major alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler amongst others.

Non-alcoholic drinks produced by the company include Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta Gold.

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In the memo, the brewer did not state which of its brands will be affected by the price increase.

“Please accept our best compliments! This is to inform you that we are constraind to review the prices of some of our SKUs with effect from Monday 19th February, 2024,” Nigerian Breweries said.

“This review has become necessary because of continued rising input cost and the need to mitigate the impact.

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“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.

“While thanking you for your comittment to our valued partnership, be rest assured that we will continue to support your sales/distribution efforts as always.”

An insider in the company said it is an internal memo that is not meant for the public.

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This is the second time the company has reviewed its price in less than eight months.

On August 3, 2023, the company issued a similar statement saying it will be reviewing products’ prices, due to continued rise in input cost.

Nigeria’s inflation rate rose to 28.9 percent in December 2023 — up from 28.20 percent in the previous month.

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