Companies
Updated: March 15, 2023

Naira Crisis Has Negatively Impacted Our Business — Firm

By Felicia Abisola Olamiji
March 15, 2023
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Nigerian Breweries Plc has revealed that its business has been heavily impacted by the cash crunch in the country.

Hans Esaadi, the chief executive officer of Nigerian Breweries, disclosed this during an interview with Bloomberg.

He said the company has faced a tough challenge as Nigerian Breweries Plc depends on cash for about 80 per cent of its retail sales.

The CEO noted that the reason sales may be impacted is not due to the fact that people do not want to consume the brands but because there is no money.

Esaadi added that for the average man on the street, it is a disaster.

He, however, expressed optimism saying, “We believe that with the demographics of this country, being the biggest economy in Africa, business will come back."