Market News

Currency crisis pushes consumer groups from Nigeria - FT

APRIL 15, 2024

Economic problems have overshadowed promise of Africa’s most populous country for big brands

Many consumer groups on the front line of the global cost of living crisis have assured shoppers that the relentless price increases of the past few years will taper as global inflation cools. But for consumers in Nigeria there is little relief in sight.

Nigerian Breweries, which is part-owned by Heineken, has increased prices three times so far this year. So dire is the economic distress in Africa’s most populous nation that the brewer’s chief executive, Hans Essaadi, complained on an investor call that customers can no longer afford Goldberg, a cheap and well-loved lager.

Some customers, like Ayo Ajanaku, have started cutting down their consumption in response. “My consumption is now well thought out — it’s no longer based on spontaneous decisions,” the communications consultant said.

The surging prices are a symptom of an economic malaise in the country that appears to have no end.



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