Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, voiced concerns about the deteriorating economic conditions in Nigeria, stating that citizens are finding it increasingly difficult to afford beer.
Speaking during the company’s investor call following the release of its 2023 results, Essaadi highlighted a significant decline in the mainstream lager market, attributing it to Nigerian consumers’ financial constraints.
Essaadi emphasized the unprecedented challenges faced by the business in Nigeria, notably citing a N153 billion foreign exchange loss due to the devaluation of the naira for the year.
Source: Parrot Nigeria