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Economic Strain Forces Many Nigerians To Forego Beer – CEO, NB
Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, has highlighted the grim reality faced by many Nigerians, stating that the economic downturn has rendered beer unaffordable for a significant portion of the population.
Speaking during the company’s investor call following the release of its 2023 results, Essaadi described the year as unprecedented for their business in Nigeria.
He noted a substantial decline in the mainstream lager market, attributing it to Nigerian consumers’ inability to afford beverages like Goldberg after a hard day’s work.
In comments accompanying the financial results, the NB Board of Directors said, “The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.”
He added that despite the headwinds, “The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year.”
The board went on to state its preparedness to tap into its decades of experience of operating in Nigeria to weather the current macroeconomic headwinds.
“In a difficult operating environment, the board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders,” the board said.
The Central Bank of Nigeria’s harmonisation of the foreign currency market segments in June 2023 led to a widespread devaluation of the naira, impacting various industries differently. While companies like Nigerian Breweries faced forex losses, the banking sector benefited from FX revaluation gains, highlighting the varied effects of macroeconomic policies on different sectors of the economy.
A suit challenging President Bola Tinubu’s controversial appointment of a Sole Administrator for Rivers State suffered a setback on Thursday as the President and the Attorney-General of the Federation, Prince Lateef Fagbemi, SAN, failed to appear or send legal representation before the Federal High Court sitting in Abuja.
The matter, brought before Justice James Omotosho, was instituted by Abuja-based legal practitioner, Mr. Johnmary Jideobi, who is urging the court to declare the appointment of Vice Admiral Ibok-Ete Ekwe Ibas (Rtd) as unconstitutional and to nullify the suspension of the state’s elected Governor and Deputy Governor.
READ MORE: BREAKING: HURIWA Urges Supreme Court To Dispense Justice Quick On Rivers Emergency Rule
Although the Attorneys-General of Lagos, Bayelsa, Taraba, and Edo states were present and announced their appearances, the absence of legal representation for both the President (1st Defendant) and the AGF (2nd Defendant) drew attention during the proceedings.
Plaintiff’s counsel, Mr. Chimezie Enuka, confirmed to the court that all parties—except the Attorneys-General of Zamfara and Bauchi states—had been properly served with the originating processes and hearing notice.
Following a consensus among the present legal teams, Justice Omotosho adjourned the matter to June 11, 2025, and ordered that fresh hearing notices be issued to all defendants.
The suit, filed under number FHC/ABJ/CS/572/2025, has Tinubu, the AGF, and the 36 state Attorneys-General listed as defendants. Jideobi is asking the court to set aside all decisions and actions taken by Ibas in the name of a Sole Administrator, arguing they lack any constitutional basis.
In his affidavit in support of the suit, the plaintiff asserted that President Tinubu does not possess the constitutional powers to suspend elected state officials or to appoint unelected figures to govern in their place.
“As a Nigerian lawyer and all through my years of practice, I have never seen the word ‘Sole Administrator’ in the amended 1999 Constitution of the Federal Republic of Nigeria,” Jideobi stated.
“I know that neither the 1st Defendant nor the 2nd Defendant appointed the Governor and Deputy-Governor of Rivers State of Nigeria and that no Governor or Deputy Governor in Nigeria is an appointee of the 1st and 2nd Defendants,” he added.
The plaintiff contends that the only constitutionally recognized grounds for removing or interrupting the tenure of elected Governors and their deputies are outlined in Sections 180, 188, 189, 305, and 306 of the 1999 Constitution, as amended.
He is therefore seeking a declaration from the court that the President has “NO constitutional authority to either remove, suspend or otherwise tamper with the tenure of a duly elected Governor and Deputy Governor of a State and appoint a sole Administrator [or any other substitute howsoever called or described].”
Jideobi warned that unless the court intervenes, “removal of duly elected Governors and Deputy-Governors may become the pastime of the President, thereby opening the floodgate of anarchy capable of consuming this nation.”
He added: “I have instituted this suit in the public interest, in the defence of the Rule of Law and accentuation of the supremacy of the Constitution… It will be in the interest of justice for this Honourable Court to grant the prayers contained on the face of this Originating Summons.”
Among the specific reliefs sought are an order setting aside the suspension of the Governor and Deputy Governor of Rivers State, a nullification of Ibas’ appointment, and a directive ordering him to vacate the Government House immediately.
In a dramatic show of solidarity, members of the Nigeria Labour Congress (NLC) staged a picket outside the Federal Ministry of Mines and Steel Development’s headquarters in Abuja.
The protest was sparked by the ministry’s refusal to comply with a court order for the reinstatement of Comrade Victor Ekpaha, who was dismissed from his position more than 20 years ago.
READ ALSO: Tariff Hike Protest: Telecoms Union Backs NLC’s Suspension Of Protest
The workers’ action resulted in the shutdown of the ministry’s operations, as they called for Ekpaha’s immediate reinstatement and the payment of his full salary, allowances, and other benefits for the over two decades that the case has been unresolved.
The NLC has expressed its determination to continue pressuring the ministry until the court ruling is respected and Ekpaha is fully compensated for the years of unpaid entitlements.
The union has also emphasized the broader issue of labor rights and justice, urging the government to address such longstanding grievances.
More to follow………………
The Dangote Refinery has announced a N15 reduction in its ex-gantry loading cost, bringing it down to N865 per litre from the previous price of N880.
The new price, confirmed by a pro forma invoice and verified by petroleumprice.ng, was communicated to customers in a notice on Thursday morning.
This price adjustment follows earlier reports that the 650,000 barrels-per-day refinery was expected to lower its petrol loading costs by the end of this week.
The reduction is expected to further drive down fuel prices in the country, providing some relief to consumers.
READ MORE: ECCIMA Applauds Dangote’s Impact On Nigeria’s Economy
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured the public that the price drop aligns with the Federal Executive Council’s recent directive on the Naira-for-Crude agreement.
“We are confident that this price reduction will be beneficial for the Nigerian people,” Ukadike said.
In a related development, the Federal Executive Council has authorized the full implementation of the long-suspended Naira-for-Crude agreement with local refiners.
This policy aims to reduce Nigeria’s reliance on foreign exchange for petroleum imports and boost local refining capacity.
The Ministry of Finance released a statement following a meeting between Finance Minister Wale Edun and Dangote Refinery officials.
The statement emphasized that the Naira-for-Crude initiative is a long-term policy, not a temporary measure.
“The initiative is designed to support sustainable local refining, enhance energy security, and reduce the country’s dependency on foreign currency for petroleum products,” the Ministry’s statement read.
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