Nigerian Breweries (NB PLC) has announced a price increase on all its products, effective from August 10, 2023.
The decision comes in the wake of relentless rises in input costs and the company’s commitment to mitigating its impact.
In a statement seen by newsmen dated August 1, 2023, the company cited the necessity to review prices as a response to the challenges plaguing the Fast-Moving Consumer Goods (FMCG) sector.
The letter read, “This is to inform you that we will review the prices of some of our Stock Keeping Units (SKUs) effective Thursday, 10th August 2023.”
The surge in input costs, ranging from raw materials to transportation expenses, has been a persistent concern for Nigerian Breweries and other players in the industry. To maintain the quality of its products and ensure seamless operations, the company has been prompted to adjust its pricing strategy.
Although Nigerian Breweries recognizes that this move may have implications for consumers, it believes that the price adjustment is essential to sustain its position as a market leader and maintain the high standards for which its products are known.
The price increase is expected to impact consumer purchasing decisions, with customers potentially reconsidering their beer consumption or seeking more cost-effective alternatives. With inflation rates already affecting the cost of living, this development could pose a challenge for consumers who may have to make adjustments to their budgets.
Nigerian Breweries has assured its customers of continued dedication to delivering top-quality products despite the price changes. The company remains committed to meeting consumer demands while navigating the challenges posed by the current economic environment.
As the implementation date approaches, consumers are urged to prepare for price adjustments and explore available options to manage their spending effectively. Nigerian Breweries remains optimistic that, in the long run, this strategic move will enable the company to sustain its operations and uphold its reputation for providing refreshing and high-quality beverages to Nigerians.
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