January 21, (THEWILL) — Consumer spending on beer and related beverages in Nigeria reached an estimated ₦1.54 trillion in the first nine months of 2025, underscoring robust demand for alcoholic drinks despite a challenging macroeconomic environment, financial filings from major brewers show. 
Analysis of unaudited financial results from leading listed brewers — Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc — highlights that combined revenue from beer and non‑alcoholic beverages drove the sector’s strong performance during the period. 
Nigerian Breweries Plc, the country’s largest brewer, recorded ₦1.05 trillion in net revenue for the nine months ended September 30, 2025, up significantly from about ₦710.87 billion in the comparable period of 2024.
The company’s cost of sales rose to ₦631.23 billion, generating a gross profit of roughly ₦415.15 billion and a profit after tax of ₦85.51 billion, a turnaround from a loss in the prior year. 
International Breweries Plc achieved ₦472.57 billion in revenue in the period, compared with ₦343.45 billion in the first nine months of 2024, and posted notable profitability amid higher operating costs.
Champion Breweries Plc also contributed to the total, with ₦21.44 billion in revenue and a profit after tax of ₦2.05 billion, up from a marginal figure in the previous year. 
The results reflect strong consumer demand and resilient market dynamics, even as inflation, production costs, and supply‑chain pressures challenge manufacturers.
Analysts say the figures indicate that beer remains a staple consumer product in Nigeria, supported by a large population size and well‑established distribution networks.
However, some observers caution that high sales figures do not necessarily equate to proportional economic contribution, noting that total revenue may include high pass‑through costs rather than purely value-added. 
Ogochukwu Onwaeze
