Business
Nigerian Breweries Revenue Surges 35% to N1.467tn in 2024
Nigerian Breweries revenue 2024 rises 35% to N1.467tn as profits rebound, driven by innovation, premiumisation, and cost efficiency
LAGOS, Nigeria, February 16, 2026 – Nigerian Breweries Plc recorded a revenue of N1.467 trillion for the financial year ending December 2024, marking a 35 per cent increase from N1.08 trillion in 2023.
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The audited results filed with the Nigerian Exchange Limited showed the company’s gross profit jumped 77 per cent from N319.92 billion in 2023 to N565.18 billion in 2024, reflecting a strong recovery after a challenging prior year.
Cost of Sales rose to N902.24 billion from N764.52 billion, while Marketing, Distribution and Administration expenses increased by 43 per cent to N364.14 billion.
Uaboi Agbebaku, Company Secretary and Legal Director, attributed the growth to sustained innovation, premiumisation, competitive pricing, and strong commercial execution.
“Group operating profit grew by over 190 per cent, reflecting revenue growth, rigorous cost discipline, productivity gains, and supply chain efficiencies on the back of the 2023 business recovery plan,” Agbebaku said.
He added that net profit rebounded by 168 per cent from the prior year’s net loss, supported by an 83 per cent reduction in net finance costs following the successful 2023 Rights Issue, which deleveraged the balance sheet and reduced foreign currency exposures.
The results also followed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited, completed in 2024 at a one-off integration cost.
The acquisition is expected to expand the company’s portfolio beyond beer and support long-term growth.
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Agbebaku reassured stakeholders that, with shareholder support, innovation, and prudent financial management, Nigerian Breweries remains well-positioned to sustain growth and deliver long-term value.
Africa’s technology ecosystem has produced innovative fintech, e-commerce and digital service companies. But there is another important part of the technology value chain that deserves attention: semiconductor engineering.
ChipMango is developing capabilities in chip design, verification and emerging hardware technologies. Its story demonstrates the kind of specialised innovation that deserves greater investment and attention.
Through Boost Africa, a joint initiative of the European Investment Bank (EIB) and African Development Bank, supported by the EU, the EIB helps channel investment through venture capital funds to innovative African enterprises. Discover how this
investment ecosystem is helping create opportunities for businesses working on Africa’s technological future.
Watch the video:
From smartphones and laptops to vehicles and AI systems, semiconductors are essential to modern technology. Yet, the expertise required to design these components remains concentrated in a relatively small number of global
technology hubs.
ChipMango is working to expand access to semiconductor engineering skills and commercial opportunities for African engineers. Its journey also highlights why initiatives such as EIB’s Boost Africa matter. By supporting venture capital funds investing in innovative African businesses, Boost Africa helps strengthen the financing ecosystem needed to develop specialised technology companies. Watch the video to learn how ChipMango is contributing to Africa’s place in the global technology industry.
Watch the video:
Business
ChipMango: Building Nigeria’s Semiconductor Engineering Capabilities for the Global Tech Industry
Africa’s participation in the global technology industry should go beyond
using digital products and services.
African engineers also have an opportunity to contribute to the technologies themselves, including the semiconductors that power smartphones, computers, vehicles and artificial intelligence.
Nigerian semiconductor technology company ChipMango is working to develop this capability by connecting engineering education with practical chip-design and verification projects.
Through its investment in African venture capital funds, the European Investment Bank (EIB), under the Boost Africa
initiative, is helping strengthen the ecosystem that supports innovative businesses like ChipMango.
Boost Africa is a joint initiative of the EIB and African Development Bank, supported by the European Union.
Watch the video to discover ChipMango’s story and the opportunities it is helping create.
Watch the video:
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