The Nigerian Breweries Plc has issued a new price review notification to all its customers in the West Zone.
According to a letter dated Monday, February 12, 2024, the price review, effective from Monday, February 19, 2024, is deemed necessary to offset the impact of increased production expenses.
“This is to inform you that we are constrained to review the prices of some of our SKUs with effect from Monday, February 19, 2024.
“This review has become necessary because of continued rising input cost and the need to mitigate the impact,” the statement indicated
The company assured customers that those who have fully paid for orders before the specified date would be honored at the existing prices.
However, orders exceeding the communicated quantity window will be subject to the revised pricing.
“In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday 19th February 2024.
“The exact quantity of orders that will be allowed will be communicated to you by your Regional Business Manager (RBM). Any order over this quantity will be re-invoiced at the new price on the 19th of February 2024,” the statement added.
The price adjustment by the FMCG company is believed to have been a result of the rising cost of production worsened by forex volatility.
In the last 11 months, at least five multinationals have shut down operations in Nigeria, an analysis of separate notices filed by the firms has shown.
In December 2023, another consumer goods giant, Procter & Gamble, dissolved on-ground operations in the country.
The company explained that it was difficult to do business in Nigeria as a dollar-denominated organization and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.
Before P&G, Unilever also announced in March 2023, that it would fold up operations in the country.
According to the multinational, the changes in its business meant it had to exit its home care and skin cleansing categories from Nigeria.