It is reported that the decision to increase prices is attributed to several factors that are plaguing the Fast-Moving Consumer Goods (FMCG) industry in Nigeria, coupled with the fluctuating forex regime.

In a letter seen by Nairametrics and dated 1st August 2023, the brewing giant established the need to review prices due to the soaring rise in input costs and the necessity to cushion its impact.

The letter partly read: “This is to inform you that we will review the prices of some of our SKUs effective Thursday 10th August 2023.”

Industry watchers believe that the latest development in the beverage market is likely to affect consumer purchasing decision who might be forced to cut back on their beer and non-alcoholic beverage consumption or seek more affordable alternatives.