Nigerian Breweries attributes price review to continued rise in input cost

The Nigerian Breweries Plc has confirmed the memo, issued by its Sales Department, informing its direct customers of an upward review of prices of some of the company’s SKUs.

The Nigerian Breweries’ Sales Director, Ayo Lawal, had, on Tuesday, hinted at plans by the company to hike the prices of some of its products from Thursday, August 10, a development some industry watchers had taken with a pinch of salt.

But confirming it in a statement on Wednesday, the company’s Corporate Affairs Director, Mrs. Sade Morgan, stated that the notification was necessary to keep the brewing company’s standard business practices and commitment to business continuity for its customers.

“We are aware of the memo in circulation issued by our Sales Director, Ayo Lawal on Tuesday, August 1, 2023, to all our direct customers notifying them of the upcoming review of prices of some of our SKUs, effective Thursday, August 10, 2023.

“This notification to our esteemed trade partners is in keeping with our standard business practices, and commitment to business continuity for our customers,” Nigerian Breweries stated.

Morgan described the planned price adjustment as moderate, attributing it to the continued rise in the company’s operational cost.

She however assures all its stakeholders of the company’s unwavering commitment to delivering excellent customer service, and satisfaction.

Nigerian Breweries was in the news recently when the company, in a letter dated 2nd August 2023 established the need for a price review as a way of cushioning the effects of the soaring rise in input costs, which the company stated, it is presently experiencing.

Many industry watchers believe the letter, which in part read: ” This is to inform you that we will review the prices of some of our SKUs, effective Thursday 10th August 2023″, has confirmed the turbulence brands in the nation’s Fast Moving Consumer Goods (FMCG), are presently grappling with, as a result of inclement business weather.