Nigerians Spend N1.54tn on Beer, Soft Drinks in Nine Months

Nigerians spent an estimated N1.54tn on beer and other brewery products in the first nine months of 2025, based on revenue reported by major listed brewers.

An analysis of unaudited financial statements from Nigerian Breweries Plc, International Breweries Plc and Champion Breweries Plc for the period ended September 30, 2025 shows strong revenue growth, driven largely by beer sales despite rising costs and economic pressure.

Nigerian Breweries Plc recorded net revenue of N1.05tn, up from N710.87bn in the same period of 2024. Cost of sales stood at N631.23bn, resulting in a gross profit of N415.15bn. After expenses, the company posted a profit after tax of N85.51bn, compared with a loss of N149.50bn a year earlier. Earnings per share rose to 275 kobo from a loss of 1,455 kobo.

The brewer had earlier reported a return to profitability in the first quarter of 2025, when revenue rose to N383.6bn from N227.1bn in the corresponding period of 2024.

International Breweries Plc generated revenue of N472.57bn during the nine-month period, up from N343.45bn in 2024. The company posted a profit after tax of N57.83bn, reversing a loss of N112.81bn recorded the previous year. Cost of sales increased to N311.64bn, while administrative, marketing and distribution expenses rose to N92.09bn.

Champion Breweries Plc reported revenue of N21.44bn, compared with N14.02bn in the same period of 2024. Profit after tax rose to N2.05bn from N21.50m. Cost of sales increased to N11.14bn, while selling and distribution expenses reached N4.24bn.

Combined, the three brewers recorded total revenue of N1.54tn, with Nigerian Breweries accounting for the largest share.

Analysts say the figures reflect the resilience of Nigeria’s beer market, supported by established brands and distribution networks, even as production costs rise.

Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted a gradual shift in consumer behaviour, with some consumers cutting back on beer consumption, influencing how brewers adjust pricing and product strategies.

He added that investments made by International Breweries following its acquisition by AB InBev, including new production facilities, point to a focus on scale and efficiency to sustain market share.

However, Ayo Teriba, Chief Executive Officer of Economic Associates, cautioned that strong sales do not automatically translate into broader economic gains.

“Sales figures alone do not show how much value is being created. What matters for the economy is net output, not just the size of transactions,” he said.