Revealed: Nigerians Spend N1.54tn on Beer in Nine Months

In the first nine months of 2025, major listed brewers in Nigeria generated over N1.54 trillion in revenue from the sale of beer and non-alcoholic beverages, reflecting significant consumer spending on these products, according to an analysis by The PUNCH.

The unaudited financial statements of leading companies, including Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc, indicate strong financial performance primarily driven by beer sales during this period.

Nigerian Breweries Plc, the largest brewer in Nigeria, reported a net revenue of N1.05 trillion for the nine-month period, an increase from N710.87 billion during the same timeframe in 2024. The company’s cost of sales amounted to N631.23 billion, resulting in a gross profit of N415.15 billion.

After deducting selling and distribution expenses of N193.85 billion and administrative expenses of N59.58 billion, along with finance costs of N39.15 billion, the company achieved a profit after tax of N85.51 billion, a notable recovery from a loss of N149.50 billion in 2024. Additionally, basic earnings per share improved to 275 kobo, recovering from a loss of 1,455 kobo in the previous year.

Earlier in March 2025, Nigerian Breweries Plc had already reported a return to profitability, with a 186% rise in net profit compared to the first quarter of the previous year. Revenue for that quarter reached N383.6 billion, representing a 68.9% increase from N227.1 billion in Q1 2024.

International Breweries Plc, which operates in Nigeria and other West African markets, achieved revenue of N472.57 billion for the first three quarters of 2025, a significant rise from N343.45 billion in the same period of 2024.

The company turned around its performance to post a profit after tax of N57.83 billion, recovering from a loss of N112.81 billion in the previous year. Despite an increase in cost of sales to N311.64 billion from N248.58 billion, and rising administrative, marketing, and distribution expenses to N92.09 billion from N72.68 billion, the company showed robust growth.

In another positive development, International Breweries Plc reported a profit of N11.9 billion for Q2 2025, a turnaround from a loss of N47.3 billion in the second quarter of the preceding year. In Q2 2025, the company’s revenue surged to N167.4 billion, up from N120 billion in Q2 2024, while gross profit rose to N61.9 billion from N33.8 billion.

Champion Breweries Plc recorded revenue of N21.44bn for the nine months ended September 30, 2025, up from N14.02bn in the same period of 2024. The company posted a profit after tax of N2.05bn, compared with N21.50m in 2024. Cost of sales rose to N11.14bn from N8.13bn, while selling and distribution expenses increased to N4.24bn from N3.25bn.

Overall, the combined revenue of the three companies amounted to N1.54tn, with Nigerian Breweries Plc accounting for the bulk of sales.

Analysts say the figures highlight the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and distribution networks despite rising production costs and broader macroeconomic pressures.

Commenting on consumer behaviour, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, said the market is experiencing a gradual shift in spending patterns, with some consumers reducing beer consumption, a trend influencing how breweries adjust their strategies.

“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This indicates that firms are prioritising scaling operations and improving efficiency to meet rising demand and strengthen their market position,” Olubunmi said.

On the broader economic impact, the Chief Executive Officer of Economic Associates, Ayo Teriba, cautioned that strong sales figures do not necessarily translate into greater economic contribution.

“The point is that bigger isn’t necessarily better. Sales may be boosted by size, but if that size reflects purchases from other companies rather than actual value added, the contribution to the economy is limited. What really matters is net output, what value the company is actually creating. GDP, after all, is the sum of value created, not just total sales figures,” Teriba said.