Industry stakeholders said the cost pressures coming from sorghum, wheat and others would remain elevated, driven by the impact of rising inflation, insecurity across agricultural belts in the country as well as other macroeconomic challenges.
This development, they also believe, amounts to another blow to Nigeria’s industrialization and employment generation. According to him, “But as all of us can testify, our manufacturing sector has declined over the years, and has largely failed to provide the jobs it was expected to create for our teaming youths. It has also increasingly lost the strong linkages it once had with our agricultural and mining sectors which, if it had continued would have resulted in increasing food security, and energy self-sufficiency.
In the Q1’24, the brewery industry recorded a combined Foreign Exchange, FX, loss of N272.9 billion, indicating a mind-blowing 1342 percent rise from the N18.9 billion they recorded in Q1’23, largely induced by the impact of the devaluation of the naira on their foreign exchange transactions from raw materials among others.
The notice, which was signed by its District Manager, West, Mr Hans Darfour, noted: “All orders created in the system before 23:59 hours of February 29, 2024, will be charged at the current prices. “This new price structure will be effective from Wednesday, March 13, 2024, and further details will be communicated subsequently.”
A letter signed by Nigerian Breweries’ Human Resources Director, Grace Omo-Lamai, and sent to the leadership of the National Union of Food, Beverage & Tobacco Employees and the Food Beverage and Tobacco Senior Staff Association , stated that its proposed plan would include a temporary suspension of operations in two of its nine breweries. As a result, and by labour requirements, the company invited the unions to discussions on the implications of the proposed measures.