Business

May 28, 2024

International Breweries announces increase in products prices 

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International Breweries announces products price hike International Breweries Plc said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to serve its customers better. 

The new price review affects products such as Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt. 

Head of Sales of the company, Olaleye Abimbola, disclosed that it is confident that the decision to review the prices benefits all its partners. 

Abimbola however called on the company’s partners to honour the old pricing strategy it had in the previous months until the new changes were announced and implemented. 

This is the second time the company will increase the prices of its products in one year. International Breweries disclosed a forex-related loss of N162.2 billion in its first quarter report. 

Major brewers in Nigeria have been hit by an economic crisis due to inflation, foreign exchange volatility, and rising production costs, which has led to price hikes across the country