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- Beverage manufacturer Guinness Nigeria has announced that certain of its products may see price increases.
- In a memo, the Guinness announced that the price adjustments would take effect from November 11
- Guinness and Malta Guinness are among the alcoholic and non-alcoholic beverages produced by Guinness Nigeria
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
A significant beverage manufacturer, Guinness Nigeria, has stated that the prices of certain of its products will increase.
Source: Getty Images
Guinness stated that the pricing changes would go into effect by November 11, in a memo dated November 8 that was signed by its commercial director, 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 some of our BEER SKUs/brands effective Monday November 11, 2024, as shown in the table below,” the memo reads.“This is due to the prevailing economic realities which have impacted significantly on our current cost of doing business.“Whilst appreciating your valued partnership, please be assured of our commitment to continue to support your distribution efforts as usual.”A crate of large Guinness will cost N13,590 for wholesalers, N14,070 for retailers, and N1,300 each bottle, according to the firm, which also discussed the prices of the new items.
According to the organization, a bottle of medium Guinness will now cost N1,100, wholesalers will pay N16,230 for a crate, and retailers will pay N16,610.
“Small Guinness (Wholesalers N17,570, Retailers N18,020, and per bottle N900); FES Can (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 Guinness Smooth brand's new wholesale price is N16,230. 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); Malta Guinness Can (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 reads.Nigeria's business environment has grown more difficult due to the country's twin problems of inflation and currency depreciation.
According to the Manufacturers Association of Nigeria (MAN), Nigerian manufacturers have high energy costs, which account for between 28 and 40 percent of their total operating expenses, in addition to the difficulty they face obtaining foreign exchange (FX) for the purchase of raw materials.
Continuous nationwide grid failures that frequently plunge the nation into darkness exacerbate the problem and force companies to implement tactics, such as price modifications, to continue operating.
To lessen the effects of the growing cost of inputs, Nigerian Breweries (NB) Plc also raised the prices of its goods earlier this year.
Guinness Nigeria speaks on alleged exit from Nigerian market
Legit.ng reported that Guinness Nigeria Plc has addressed recent rumours suggesting it intends to exit the Nigerian market.
In a newly released statement, the beverage company, established in Nigeria since April 1950, categorically dismissed these reports as false and malicious misinformation.
Speculation about Guinness Nigeria's departure emerged following Diageo's sale of its 58.02% majority stake to Tolaram Group, a Singaporean conglomerate.
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Source: Legit.ng
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