Oil Industry Woes Affect Beer Drinkers in Nigeria
SABMiller Plc (SAB) expects beer volume growth to decelerate in Nigeria this year as lower oil prices dent consumption and African markets become more competitive. Bloomberg quoted the Managing Director of the company’s Africa unit, Mark Bowman to have said in Davos.
The company, which had predicted beer volume growth in Nigeria of about eight percent a year, may see that rate slow to three or four per cent, Bowman said. “These are normally bumps along the road,” he said. “On balance, we see things getting back to trend.”
SABMiller also expects to raise prices in the country, in line with what its rivals are doing, He added.
Nigeria is home to more than 175 million people and is the largest oil producer in Africa.