Tinubu's Inflationary Pressures: Guinness Nigeria Raises Prices Across the Board

Tinubu's Inflationary Pressures: Guinness Nigeria Raises Prices Across the Board

Guinness Nigeria has announced a significant price hike for its alcoholic and non-alcoholic beverages, effective November 11, 2024. This move comes as the company struggles to cope with the prevailing economic realities that have increased its operational costs .

According to a memo from Olusanya Adesanya, Guinness Nigeria's commercial director, the price changes will affect various products in the company's portfolio. Here are the new prices:

- Large Guinness: Wholesalers will purchase at N13,590, retailers at N14,070, and a bottle will cost N1,300.

- Medium Guinness: Wholesalers will buy at N16,230, retailers at N16,610, and a bottle will go for N1,100.

- Small Guinness: Wholesalers will purchase at N17,570, retailers at N18,020, and a bottle will cost N900.

- FES Can: Wholesalers will buy at N23,580, retailers at N23,965, and a bottle will go for N1,100.

- Orijin Can: Wholesalers will purchase at N16,600, retailers at N17,015, and a bottle will cost N900.

- Guinness Smooth: Wholesalers will buy at N16,230, retailers at N16,610, and a bottle will go for N1,100.

- :Malta Guinness Classic Wholesalers will purchase at N12,655, retailers at N13,500, and a bottle will cost N700.

- Malta Guinness Can: Wholesalers will buy at N15,385, retailers at N16,025, and a bottle will go for N800.

- Dubic Malt RGB: Wholesalers will purchase at N11,795, retailers at N12,590, and a bottle will cost N650.

- Dubic Malt Can: Wholesalers will buy at N14,265, retailers at N14,880, and a bottle will go for N750.

The company has attributed the price increase to the challenging economic environment, which has led to increased costs of doing business . Despite these challenges, Guinness Nigeria reported a 31% revenue growth in the fiscal year ending June 30, 2024 . The company's managing director, Adebayo Alli, expressed confidence in the company's ability to navigate the economic headwinds and deliver growth.

This price hike is likely to impact consumers, who are already facing the pressures of inflation under President Bola Tinubu's administration. As the economy continues to evolve, it remains to be seen how Guinness Nigeria's price increase will affect the market and consumer behavior.