Beer prices to rise for third time in a year

 

The price of beer is set to rise once again in Nigeria because of the rising cost of production, says Nigerian Breweries.

This is the third time in less than a year that consumers will be paying more for their refreshment. The brewery said the new prices would take effect on Friday, one month after the last adjustment.

Nigeria Breweries is the largest and oldest brewery in the country, but last year, it recorded a net loss of 106bn naira because the depreciation of the naira has made importing the ingredients more expensive.

In recent months, local manufacturers in many sectors have hiked product prices as the country faces the worst economic crisis in a generation.

Lack of access to foreign currency which would be used to import raw materials and the poor power supply are among key factors impacting the cost of production and doing business in Nigeria.

The high food and transportation costs have forced many into poverty.