Nigerians spent an estimated N1.54 trillion on beer and other non-alcoholic beverages in the first nine months of 2025, according to an analysis by The PUNCH of the unaudited financial statements of major listed brewers in the country.
The combined revenue was generated by Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc, reflecting strong sales performance primarily driven by beer.
Nigerian Breweries Plc, the largest brewer in Nigeria, posted net revenue of N1.05 trillion for the period, up from N710.87 billion in the same period of 2024. With a cost of sales of N631.23 billion, the company recorded a gross profit of N415.15 billion. After accounting for selling and distribution expenses of N193.85 billion, administrative costs of N59.58 billion, finance charges of N39.15 billion, and other expenses, the firm reported a profit after tax of N85.51 billion—reversing a loss of N149.50 billion in 2024. Basic earnings per share rose to 275 kobo from a loss of 1,455 kobo in the previous year.
Earlier in March, Nigerian Breweries had reported a 186% increase in net profit for Q1 2025 compared with the same period in 2024. Revenue for the first quarter rose 68.9% to N383.6 billion from N227.1 billion.
International Breweries Plc, which operates in Nigeria and other West African countries, generated N472.57 billion in revenue for the nine months ended September 30, 2025, up from N343.45 billion in 2024. The company recorded a profit after tax of N57.83 billion, recovering from a N112.81 billion loss in the previous year. Cost of sales increased to N311.64 billion, while administrative, marketing, and distribution expenses rose to N92.09 billion from N72.68 billion.
Earlier reports also showed that International Breweries posted a Q2 2025 profit of N11.9 billion, a turnaround from a N47.3 billion loss in Q2 2024. Revenue for Q2 2025 increased to N167.4 billion from N120 billion, while gross profit grew to N61.9 billion from N33.8 billion.
Champion Breweries Plc recorded revenue of N21.44 billion for the nine-month period, up from N14.02 billion in 2024. The company posted a profit after tax of N2.05 billion compared with N21.50 million the previous year. Cost of sales rose to N11.14 billion from N8.13 billion, while selling and distribution expenses increased to N4.24 billion from N3.25 billion.
Together, the three brewers generated a combined revenue of N1.54 trillion, with Nigerian Breweries accounting for the largest share.
Analysts say the figures demonstrate the resilience of Nigeria’s beer market, which continues to benefit from strong brand loyalty and extensive distribution networks despite rising production costs and economic challenges.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted a gradual shift in consumer spending patterns, with some Nigerians cutting back on beer consumption, prompting breweries to adapt their strategies.
“Following AB InBev’s acquisition of International Breweries, the company invested in new breweries and production facilities to expand capacity. This shows that firms are prioritizing operational efficiency to meet growing demand and strengthen market position,” Olubunmi explained.
On the economic impact, Ayo Teriba, CEO of Economic Associates, cautioned that high sales figures do not automatically translate into meaningful economic contribution.
“Sales may be high, but if they reflect purchases from other companies rather than real value creation, the impact on the economy is limited. GDP measures value added, not just total revenue,” Teriba said.