Analysis shows that Nigerians spent an estimated N1.54 trillion on beer and other non-alcoholic beverages in the first nine months of 2025, driven by strong sales from major listed brewers in the country.
According to the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the nine months ending September 30, 2025, the companies collectively reported impressive revenue growth, largely propelled by beer sales.
Nigerian Breweries Plc, the country’s largest brewer, posted net revenue of N1.05 trillion, up from N710.87 billion in the same period in 2024. Cost of sales reached N631.23 billion, resulting in a gross profit of N415.15 billion.
After accounting for distribution, administrative, and finance expenses, the company recorded a profit after tax of N85.51 billion, a turnaround from a loss of N149.50 billion in 2024. Basic earnings per share increased to 275 kobo from a loss of 1,455 kobo.
International Breweries Plc, which operates in Nigeria and other West African markets, generated revenue of N472.57 billion, up from N343.45 billion in 2024, posting a profit after tax of N57.83 billion compared with a loss of N112.81 billion the previous year.
The company’s cost of sales rose to N311.64 billion, while administrative, marketing, and distribution expenses increased to N92.09 billion from N72.68 billion.
Champion Breweries Plc reported revenue of N21.44 billion, up from N14.02 billion in 2024, and a profit after tax of N2.05 billion, a substantial rise from N21.50 million the previous year.
Cost of sales increased to N11.14 billion, while selling and distribution expenses rose to N4.24 billion.
Combined, the three companies’ revenue totals N1.54 trillion, with Nigerian Breweries accounting for the majority of the sales.
Analysts attribute the strong performance to consumer brand loyalty, efficient distribution networks, and expanding production capacity despite rising costs and economic pressures.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted that the market is gradually experiencing a shift in consumer spending, with some reduction in beer consumption prompting breweries to adjust strategies.
He added that investments in new production facilities, following AB InBev’s acquisition of International Breweries, signal efforts to scale operations and meet growing demand.
However, economist Ayo Teriba, CEO of Economic Associates, cautioned that high sales figures do not necessarily equate to significant economic contribution.
“Sales growth may reflect volume, but the real measure is the value created, the net output contributing to GDP. Total revenue alone does not capture the full economic impact,” he said.
