• Drinks manufacturer Guinness Nigeria has announced that some of its products could see their prices increase.
• In a note, Guinness announced that the price adjustments would take effect from November 11.
• Guinness and Malta Guinness are among the alcoholic and non-alcoholic drinks produced by Guinness Nigeria

Zainab Iwayemi Legit Journalist has 5 years of experience covering economics, technology and Capital market.

A major beverage manufacturer, Guinness Nigeriaannounced that the prices of some of its products would increase.

Guinness said the price changes would take effect on November 11, in a memo dated November 8 and signed by its chief commercial officer, Olusanya Adesanya, according to a The Cable report.

THE Guinness Nigeria produces a variety of alcoholic and non-alcoholic drinks, including Guinness and Malta Guinness.

“This is to inform you of the price change on certain of our BEER SKUs/brands effective Monday, November 11, 2024, as shown in the table below,” the memo said.

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“This is due to current economic realities which are having a significant impact on our current operating costs.

“While appreciating your valued partnership, please be assured of our commitment to continuing to support your distribution efforts as usual. »

A case of large Guinness will cost N13,590 for wholesalers, N14,070 for retailers and N1,300 per bottle, according to the company, which also discussed the prices of the new items.

According to the organization, an average bottle of Guinness will now cost N1,100, wholesalers will pay N16,230 for a case and retailers will pay N16,610.

“Little Guinness (wholesalers N17,570, retailers N18,020 and per bottle N900); Can FES (wholesalers N23,580, retailers N23,965 and per bottle N1,100); Orijin Can (Wholesalers N16,600, Retailers N17,015 and per bottle N900)

According to the company, the new wholesale price of the Guinness Smooth brand is 16,230 Naira. Retailers will pay N16,610 and a bottle will sell for N1,100.

“Guinness Smooth Can (wholesalers N23,580, retailers N23,965 and per bottle N1,100); Malta Guinness Classic (wholesalers N12,655, retailers N13,500 and per bottle N700); Can of Malta Guinness (wholesalers N15,385, retailers N16,025 and per bottle N800); Dubic Malt RGB (wholesalers N11,795, retailers N12,590 and per bottle N650); and Dubic Malt Can (wholesalers N14,265, retailers N14,880 and per bottle N750),” the memo further states.

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The business environment in Nigeria has become more difficult due to the twin problems of inflation and depreciation of the country’s currency.

According to the Manufacturers Association of Nigeria (MAN), Nigerian manufacturers have energy costs, which represent between 28 and 40 percent of their total operating expenses, in addition to the difficulty they face in obtaining exchange (FX) for purchasing raw materials.

Continuing national grid outages that frequently plunge the country into darkness are compounding the problem and forcing companies to implement tactics, such as price changes, to continue operating.

To mitigate the effects of rising input costs, Nigerian Breweries (NB) Plc also increased prices of its products earlier this year.

Guinness Nigeria speaks out on alleged exit from the Nigerian market

Legitime.ng reported that Guinness Nigeria Plc has responded to recent rumors which suggests that it intends to exit the Nigerian market.

In a recently released statement, the beverage company, established in Nigeria since April 1950, categorically rejected the reports as false and malicious misinformation.

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Speculation about Guinness Nigeria’s departure emerged following Diageo’s sale of its 58.02% majority stake to Tolaram Group, a Singaporean conglomerate.

Source: Legit.ng