BoI Provides N15bn loan facility to Nigerian Breweries for expansion

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Nigerian Breweries Plc (“NB”), announced on Monday the acceptance of a N10bn Long Term Loan and working capital of N5bn loan from the Bank of Industry Limited (BoI).

 

According to the statement sent by the company to the Nigeria Stock Exchange (NSE) saying The company acceptance of a N10bn Long Term Loan (7 years) from the Bank of Industry Limited (BoI) as well as a working capital of N5bn loan (3 ½ years).

 

The brewing company also said that the long term loan will be utilized to finance the procurement of plant and machinery for the expansion of the company’s breweries.

All of these come at a time of increased competition in the Nigerian brewing industry. The three major brewing companies in the country, which are subsidiaries of global brewing giants, have been ramping up their investments in the country as competition intensifies. International Breweries plc, the Nigerian subsidiary of world’s largest brewing company, Anheuser-Busch InBev at the end of last year consolidated its three breweries in Nigeria under one roof as it nears the completion of yet another brewery, said to be the second largest in Africa.

 

For instance, the just completed FIFA World Cup tournament in Russia saw the country’s three largest brewers – Nigerian Breweries Plc, Guinness Nigeria Plc and International Breweries Plc increase their marketing spend on the game to attract new consumers and grow market share.

 

 


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