Nigerians spent an estimated N1.41 trillion on beer, malt drinks and spirits during the first six months of 2026, underscoring the resilience of the country’s formal brewing industry despite persistent inflation, elevated operating costs and subdued consumer purchasing power.
The figure is based on the combined half-year revenues reported by Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc in their unaudited financial statements for the six months ended June 30, 2026.
Nigerian Breweries, the country’s largest brewer by revenue, generated N803.7 billion, representing a 9% increase from N738.1 billion recorded in the corresponding period of 2025. International Breweries posted revenue of N342.1 billion, largely unchanged from N341 billion a year earlier, while Guinness Nigeria reported an 11.8% rise in revenue to N265 billion.
The combined revenue highlights the ability of major brewers to sustain sales growth despite a difficult economic environment characterised by high inflation, rising production costs and cautious consumer spending. Industry analysts attribute much of the revenue expansion to pricing actions implemented over the past year, alongside continued demand for established beverage brands.
Profitability also improved across the three companies. Combined profit before tax rose to N269.4 billion in H1 2026 from N217.5 billion in the same period last year, reflecting stronger operating performance and improved cost management.
Nigerian Breweries reported N156.3 billion in pre-tax profit, while International Breweries recorded a notable improvement in profitability as production costs moderated. Guinness Nigeria also strengthened earnings after significantly reducing finance costs compared with the previous year.
The companies continued to invest heavily in brand promotion and market expansion. Combined marketing, advertising and promotional expenses reached approximately N130.6 billion during the period, led by Nigerian Breweries at N71.9 billion, followed by International Breweries with N42.6 billion and Guinness Nigeria at N16.1 billion.
The results also reflect continued product diversification across the industry, with brewers expanding their portfolios beyond traditional lager beer to include spirits, flavoured alcoholic beverages and malt drinks as they seek to meet evolving consumer preferences.
Despite stronger financial performance, investor sentiment remains mixed. Brewing companies continue to face challenges including inflation, exchange-rate volatility, high energy costs and weaker household purchasing power, factors that could weigh on future earnings growth.
At an average exchange rate of about N1,364 per US dollar, the combined H1 revenue of N1.41 trillion equates to just over $1 billion, illustrating how the naira’s depreciation has reduced the industry’s dollar value despite record nominal revenue growth.
