Nigerians spent an estimated N1.54 trillion on beer and other brewery products in the first nine months of 2025, according to revenue figures released by major listed brewers in the country.

 

An analysis of unaudited financial statements from Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the period ended September 30, 2025, shows strong revenue growth across the sector. The performance was largely driven by beer sales, despite rising production costs and persistent economic pressures.

 

Nigerian Breweries Plc, the country’s largest brewer, recorded net revenue of N1.05 trillion, up from N710.87 billion in the corresponding period of 2024. Cost of sales stood at N631.23 billion, resulting in a gross profit of N415.15 billion. After accounting for operating expenses, the company posted a profit after tax of N85.51 billion, a significant turnaround from the N149.50 billion loss recorded a year earlier. Earnings per share rose to 275 kobo, compared with a loss of 1,455 kobo in 2024.

 

The brewer had earlier signalled a recovery in the first quarter of 2025, when revenue increased to N383.6 billion from N227.1 billion in the same period of the previous year.

 

International Breweries Plc also reported improved performance, generating N472.57 billion in revenue during the nine-month period, up from N343.45 billion in 2024. The company returned to profitability with a profit after tax of N57.83 billion, reversing a N112.81 billion loss recorded in the prior year. Cost of sales rose to N311.64 billion, while administrative, marketing, and distribution expenses increased to N92.09 billion.

 

Meanwhile, Champion Breweries Plc recorded revenue of N21.44 billion, compared with N14.02 billion in the same period of 2024. Profit after tax rose sharply to N2.05 billion, from N21.50 million a year earlier. Cost of sales increased to N11.14 billion, while selling and distribution expenses climbed to N4.24 billion.

 

Combined, the three brewers generated total revenue of N1.54 trillion, with Nigerian Breweries accounting for the largest share of the market.

 

Analysts say the results highlight the resilience of Nigeria’s beer market, supported by strong brand portfolios and extensive distribution networks, even as operating costs continue to rise.

 

Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted that changing consumer behaviour is beginning to shape industry strategies.

 

“Some consumers are cutting back on beer consumption, and this is influencing how brewers approach pricing and product offerings,” he said.

 

Olubunmi added that investments made by International Breweries following its acquisition by AB InBev, including new production facilities, signal a focus on scale and efficiency to protect market share.

 

However, Ayo Teriba, Chief Executive Officer of Economic Associates, cautioned that strong sales figures do not necessarily reflect broader economic impact.

 

“Sales figures alone do not show how much value is being created. What matters for the economy is net output, not just the size of transactions,” he said.