+NOUN Graduates to join NYSC and Law School

Nigerian Breweries Loses 2 Plants after 1st Loss

Nigerian Breweries, Nigeria’s largest brewing company, has announced the temporary suspension of 2 of its 9 production plants. 

This decision is part of the company’s recovery plan after it recorded a net loss of approximately N106 billion in 2023.

According to a media statement released by the company, “the plan to recover the company from the loss would include operational efficiency measures and a company-wide reorganisation that includes the temporary suspension of operations in two of its nine breweries.”

The company’s loss resulted from a combination of challenging economic factors, including heightened operational costs, continued pressure on consumer disposable income, escalating inflation rates, and FX volatility in the country.

Analysis of the company’s financial statements indicates that the net loss reported in 2023 marked the first occurrence of its kind in 10 years.

The company made its highest profit after tax in 2014 in the reviewed years, with a net profit of N42 billion. 

The company recorded the lowest profit in 2020 during the COVID-19 pandemic. Yet, a small profit, they say, is better than a big loss. 

After a trend of fluctuation in its profits, it recorded a major fall in 2023.

The Nigerian Breweries has existed since 1946 and is involved in the brewing, marketing, and sale of various beverages, including beer, stout, non-alcoholic malt drinks, and soft drinks. 

Its portfolio comprises brands such as Star lager beer, Gulder lager beer, Maltina, Legend Extra Stout, Amstel Malta, Heineken lager beer, Fayrouz, Climax (a herbal energy drink), Goldberg, Malta Gold, Ace Passion, Star Lite, and Star Radler, among others.

Before the closure of 2 of its plants, the company operated 9 production plants in Nigeria, which are spread across 3 of Nigeria’s 6 geopolitical zones: the Southwest, the Southeast, and the Northwest.

The closure of its production plants will affect not only the availability of products in the market but also the skilled and unskilled employees in the two breweries. 

“We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on people as far as possible and providing strong support and severance packages to all affected. We are also committed to supporting our host communities in ways that ensure they continue to feel our presence,” the company affirmed.

NOUN Graduates to join the NYSC and Law School

President Bola Tinubu has directed the Ministry of Education to integrate graduates from the National Open University of Nigeria (NOUN) into the National Youth Service Corps program and Law graduates’ admission to Law School.

The president made these announcements during his speech at the institution’s 13th convocation ceremony, which was held on Saturday at the university’s Convocation Arena in Jabi, Abuja.

In 2018, the National Open University of Nigeria enrolled the largest number of undergraduates among Nigerian Universities. An estimated 424,562 undergraduates enrolled at the university, making it the first out of the top 10 Nigerian universities in undergraduate enrolment.

This suggests that there is a growing demand for an option of higher education that allows students to earn and learn at the same time, and the National Open University represents this.