Nigerians spent an estimated 1.54 trillion naira ($1 billion) on beer and other non-alcoholic beverages in the first nine months of 2025, according to a review of financial statements from the country’s major listed brewers.
Unaudited results from Nigerian Breweries PLC, International Breweries plc and Champion Breweries plc show strong revenue growth driven largely by beer sales, despite higher production costs and broader economic pressures.
Nigeria’s breweries plc, the country’s largest brewer, reported net revenue of 1.05 trillion naira for the nine months ended Sept. 30, up from 710.9 billion naira a year earlier. Cost of sales rose to 631.2 billion naira, leaving a gross profit of 415.2 billion naira.
After accounting for selling, administrative and finance costs, the company posted a profit after tax of 85.5 billion naira, reversing a loss of 149.5 billion naira in the same period of 2024. Basic earnings per share improved to 275 kobo from a loss of 1,455 kobo.
The brewer earlier announced a return to profitability in the first quarter of 2025, reporting a 186% jump in net profit year-on-year. Results released on the Nigerian Exchange Limited showed revenue rose nearly 69% to 383.6 billion naira for the quarter ended March 31.
International breweries plc generated revenue of 472.6 billion naira in the nine-month period, up from 343.5 billion naira a year earlier. The company posted a profit after tax of 57.8 billion naira, reversing a loss of 112.8 billion naira in 2024.
Cost of sales increased to 311.6 billion naira, while administrative, marketing and distribution expenses rose to 92.1 billion naira. In the second quarter alone, the brewer reported a profit of 11.9 billion naira, compared with a loss of 47.3 billion naira a year earlier, as revenue climbed to 167.4 billion naira.
Champion Breweries Plc recorded revenue of 21.4 billion naira for the nine months ended Sept. 30, up from 14.0 billion naira a year earlier. Profit after tax rose to 2.05 billion naira from 21.5 million naira, despite higher costs and distribution expenses.
Combined, the three brewers generated about 1.54 trillion naira in revenue during the period, with Nigerian Breweries accounting for the largest share.
Analysts say the figures underscore the resilience of Nigeria’s beer market, supported by strong brand loyalty and extensive distribution networks.
Ayokunle Olubunmi, head of financial institutions ratings at Agusto and co, said consumer spending patterns are gradually shifting, with some drinkers cutting back on beer consumption, prompting brewers to adjust their strategies.
He noted that following AB INBEV’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity and improve efficiency.
Ayo Teriba, chief executive officer of Economic Associates, cautioned that strong sales figures do not automatically translate into greater economic contribution.
“Bigger isn’t necessarily better,” Teriba said. “What matters is the value a company actually creates. Gross domestic product reflects value added, not just total sales.”
