Despite the current crippling nature of the Nigerian economy, the citizens spent more money on beer last year, Ripples Nigeria reports.
The analysis of financial statements of two of the country’s largest brewers, Nigeria’s Breweries Plc and Guinness Nigeria, showed combined revenue of N408.4 billion for last year.
This was N19.8 billion higher than N388.6 billion Nigerians spent on alcoholic liquor in 2019.
It also showed that the amount spent on beer increased by 5.09 percent compared to the previous year.
Nigeria’s Breweries, the country’s largest manufacturer by market size, recorded N336.9 billion in 2020 up from N 322.8 billion reported in 2019.
The company has a rich portfolio which includes Star Lager, Guilder Lager Beer, Legend Extra Stout, Heineken Lager, Goldberg Lager, Life, Continental Lager, Star Lite Lager, Ace Passion, Apple Spark, 33 Export Lager, and Williams Dark Ale.
Others are – Turbo King Stout, More Lager, Breezer, Ace Roots, Star Radler, Ace Rhythm, Star TripleX, Strongbow Cider, Maltina, Maltina Pineapple, Maltina Sip-it, Amstel Malta, Fayrouz, Climax Energy drink, Malta Gold, Himalt, and Maltex.
Guinness Nigeria Plc, the second-largest brewery in the country on the other hand reported N71.5 billion in 2020 from N65.8 billion recorded in 2019.
Guinness Nigeria made the revenue selling to Nigerians Guinness Foreign Extra Stout, Guinness Extra Smooth, Malta Guinness, Malta Herbs Lite, Harp Lager, Smirnoff Ice, Satzenbrau Lager, Dubic Lager, Dubic Malt, Snapp, and Orijin Ready to Drink.
Other products on the brand platform are – Orijin Spirit Mixed Drink, Orijin Bitters, Smirnoff Ice Double Black with Guarana, Guinness Africa Special, and Orijin Zero.
The other beer manufacturer, AB International Breweries is yet to release its 2020 financial report.
To boost their competitiveness, both beer giants spent a combined N30.4 billion on advertisement and marketing promotion.
While Nigeria Breweries spent N24.8 billion on advertisement and sales promotion in 2020, Guinness Nigeria spent N5.61 billion on marketing activities during the same period.