International Breweries has announced a price increase across its range of products in Nigeria, citing the need to better serve its customers in the face of current market realities. The decision to adjust prices affects several popular brands, including Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt.
This move follows recent economic challenges characterized by inflation, foreign exchange volatility, and rising production costs.
The company emphasized that the price review was necessary to maintain its commitment to quality and customer satisfaction amid the challenging economic environment. The decision was made following careful consideration of various market factors affecting the brewing industry in Nigeria.
According to a statement released to The PUNCH, International Breweries’ Head of Sales (Southeast), Olaleye Abimbola, expressed confidence that the price adjustment would benefit all business partners. He urged partners to adhere to the previous pricing strategy until the changes are officially implemented.
In the first quarter of the year, International Breweries reported a significant forex-related loss amounting to N162.2 billion. This loss reflects the impact of foreign exchange volatility on the company’s financial performance.
The price increases by International Breweries are aimed at maintaining operational efficiency and sustaining product quality in the face of economic challenges. The company remains committed to providing high-quality beverages while navigating the complexities of the Nigerian market. This adjustment is expected to help the company navigate the current economic environment and continue to meet consumer demand effectively.
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