Breaking News

Nigerian Breweries, Guinness, Account For 20% Of Capital Market Capitalisation —Minister

Nigeria’s Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said he met with top companies in the global brewery industry to woo them to invest in Nigeria.

Adebayo disclosed the development on Twitter after he met the brewery majors at the Worldwide Brewing Alliance networking event on the sidelines of UNGA in New York.

He described the contribution of the brewery sector to the Nigerian economy as significant, noting that two companies -Nigerian Breweries and Guinness account for 20 per cent of capital market capitalization

The minister said, “The brewing industry is such an important one in Africa. Companies within the industry are some of the largest listed companies at home in Nigeria, in South Africa and also in Kenya.

“In Nigeria, Nigerian Breweries and Guinness Nigeria have a market capitalization of $6.6 billion and $2.3 billion respectively. That is almost 20 per cent of our entire markets’ capitalization.”

Brewery companies operating in Nigeria posted N595.94bn from the sale of alcohol and soft drinks in the half year of 2022.

The country has five major brewery companies listed on the Nigerian Exchange Ltd. They are Nigerian Breweries Plc, Guinness Nigeria Plc, International Breweries, Champion Brewery and Golden Guinea.

The sub-sector where breweries fall under- Food, Beverage and Tobacco, under the manufacturing sector accounted for N2.42trn of GDP in the first quarter of this year.

This is the highest first quarter contribution that the subsector has made since 2020.

Breweries in the country leveraged on the rebound in the consumption of drinks due to the full reopening of the economy.

About Editor

Check Also

GWARIMPA BUILDING COLLAPSE: FCTA, FHA SET UP TECHNICAL TEAM

The Federal Capital Territory Administration, FCTA and the Federal Housing Authority, FHA, have set up …

Leave a Reply