Consumers in Nigeria spent an estimated N1.54 trillion on beer and other beverages in the first nine months of 2025, according to an analysis of unaudited financial statements from major listed brewing companies, showing strong demand in the beverage sector despite broader economic challenges.
The combined revenue figure reflects the sales performance of Nigerian Breweries Plc, International Breweries Plc and Champion Breweries Plc for the period ended September 30, 2025, driven predominantly by beer sales across domestic and regional markets.
Analysts say the data points to resilience in consumer spending on alcoholic and non‑alcoholic drinks even amid inflationary pressures and cost‑of‑living concerns.
Nigerian Breweries Plc, the largest player in the industry, recorded net revenue of N1.05 trillion in the nine‑month period, significantly higher than the N710.87 billion posted in the same period of 2024, and returned to profitability with a profit after tax of N85.51 billion. International Breweries Plc reported N472.57 billion in revenue and a profit after tax of N57.83 billion, reversing losses from 2024.
Champion Breweries Plc generated N21.44 billion in revenue and N2.05 billion in profit after tax. Together, these figures form the basis for the N1.54 trillion estimate of consumer spending on beverage products, primarily beer, over the review period. ([turn0news0])
The significant revenue growth reflects heightened consumption and distribution reach, as well as strategic efforts by brewers to sustain sales amid volatile macroeconomic conditions.
Data from the brewing sector also show improving operational results compared with previous years of losses and reduced profitability, indicating stronger market performance.
Nigerian Breweries Plc reported expanded cost of sales of N631.23 billion, and gross profit increased to N415.15 billion for the period, demonstrative of both rising sales volume and pricing strategies that helped mitigate input cost pressures.
International Breweries also posted increases in revenue and a turnaround to profitability, underlining a broader recovery trend in the sector.
Champion Breweries’ improved profit outcome, though smaller in scale, reinforces the industry‑wide growth narrative.
Market analysts point out that while elevated revenues suggest robust consumer demand, real purchasing power remains constrained by inflation and other economic headwinds that could influence future spending patterns.
The sector’s performance underscores both consumer preferences and the importance of efficient distribution networks in maintaining sales growth.
The brewing sector’s strong revenue figures contribute visibly to non‑oil economic activity and corporate earnings. However, experts caution that high gross sales do not automatically translate into proportionate value‑added contributions to gross domestic product (GDP).
They emphasise that net output and effective value creation are critical measures when assessing broader economic impact.
Industry stakeholders will be watching consumer spending trends, cost inflation, and regulatory developments, including taxation and excise duties, which could influence future pricing and sales volumes.
Continued monitoring of brewery performance and consumer behaviour will inform projections for the full year 2025 and beyond.
