Nigerians spent an estimated N1.41 trillion on beer, malt and spirits during the first half of 2026, underscoring the resilience of the country’s formal brewing industry despite changing consumer preferences and persistent economic pressures.
The figure is based on the half-year financial results of Nigerian Breweries Plc, International Breweries Plc and Guinness Nigeria Plc, which together account for about 90 per cent of Nigeria’s formal beer market.
Although younger consumers are increasingly turning to spirits, wine, ready-to-drink beverages and non-alcoholic drinks, the country’s leading brewers continued to post strong revenues, driven by price increases, product diversification and sustained investment in marketing and production.
Combined revenue for the three brewers reached N1.41 trillion between January and June 2026.
- Nigerian Breweries remained the industry’s largest player, recording N803.7 billion in revenue, up nine per cent from N738.1 billion in the corresponding period of 2025.
- International Breweries posted revenue of N342.1 billion, broadly unchanged from N341 billion a year earlier.
- Guinness Nigeria, now owned by the Tolaram Group following Diageo’s divestment, reported an 11.8 per cent increase in revenue to N265 billion, supported by efforts to broaden its appeal beyond traditional beer consumers.
The figures highlight the industry’s ability to sustain sales despite softer beer consumption among younger Nigerians.
Revenue growth was largely driven by price adjustments introduced across the industry in March 2026 as brewers sought to offset rising production and raw material costs.
The impact became more evident in the second quarter, with combined revenue rising to N696 billion, compared with N640 billion in the same period last year.
Although beer sales typically slow during Christian and Muslim fasting periods, demand recovered later in the quarter, helping support overall growth.
The industry’s profitability also strengthened significantly.
Combined profit before tax rose to N269.4 billion, representing a 24 per cent increase from N217.5 billion recorded in the first half of 2025.
The improvement reflected stronger pricing, easing foreign exchange pressures, lower financing costs and reduced raw material expenses.
- Nigerian Breweries reported N156.3 billion in pre-tax profit, with its margin improving to 19.4 per cent.
- International Breweries delivered the strongest margin expansion, posting N74.8 billion in pre-tax profit as raw material costs declined despite relatively flat sales.
- Guinness Nigeria improved its pre-tax margin to 14.5 per cent, helped by significantly lower finance costs following reduced borrowings and improved exchange-rate stability.
The results suggest that the industry’s cost pressures have eased considerably after the severe foreign exchange shocks experienced in 2023 and 2024.
The brewers continued investing heavily to strengthen their market positions.
Collectively, they spent N130.6 billion on marketing and advertising during the six-month period.
- Nigerian Breweries accounted for N71.9 billion.
- International Breweries spent N42.6 billion.
- Guinness Nigeria invested N16.1 billion.
Capital expenditure also remained robust, with combined investment reaching N103.3 billion.
International Breweries led capital spending with N56.2 billion, followed by Nigerian Breweries at N30.3 billion and Guinness Nigeria at N16.8 billion.
The continued investment reflects confidence in the long-term outlook of Nigeria’s beverage market despite evolving consumer preferences.
