Business
Nigerian Breweries, Guinness Announce Price Hike Over Rising Production Costs
Two of Nigeria’s largest beverage manufacturers; Nigerian Breweries and Guinness Nigeria, have announced plans to increase the prices of some of their products, citing rising operational and production costs amid the country’s challenging economic environment.
In separate notices sent to distributors, both companies said the price adjustments would affect selected stock-keeping units (SKUs) across their product lines. The move comes as manufacturers grapple with inflation, foreign exchange volatility, rising energy expenses, and increasing logistics costs.
Nigerian Breweries, Nigeria’s largest brewing company, disclosed that its new price structure would take effect on March 20, 2026. In a letter dated March 13 and signed by its zonal business manager (West), John Oloche Ademu, the company, said the review was necessary to cushion the impact of escalating operational and input costs.
The company explained that the current economic landscape has significantly increased the cost of doing business, making the price adjustment unavoidable in order to sustain operations and maintain steady product supply to distributors.
Similarly, Guinness Nigeria informed distributors in a notice dated March 14 that it would also increase prices on selected products, with the new rates expected to take effect from March 27, 2026. The brewer said the decision was driven by prevailing economic conditions that have raised production and operational expenses across the industry.
Both companies noted that distributors who place and fully fund their orders before the effective dates will still be able to purchase products at the existing prices.
Industry analysts say the development reflects growing pressure on manufacturers in Nigeria, where the cost of raw materials, packaging, transportation, energy, and foreign exchange has surged in recent months. The planned adjustments could lead to higher retail prices for popular beer and malt drinks in the coming weeks as distributors and retailers adjust to the new pricing structure.
Nigerian Breweries produces widely consumed brands such as Star Lager, Gulder, Legend Extra Stout, Heineken, and Maltina, while Guinness Nigeria is known for products including Guinness Stout, Malta Guinness, and Orijin.
The price hike is expected to add further pressure on consumers already facing high inflation and rising living costs across the country.
The Central Bank of Nigeria (CBN) has directed all banks in the country to restrict banking services to large borrowers with non-performing loans, in a move aimed at strengthening financial stability and reducing risks in the banking sector.
In a circular dated March 12, 2026, and addressed to all financial institutions, the apex bank said the directive targets “non-performing large ticket obligors” whose debt exposures could pose a systemic risk to the financial system.
Under the new directive, banks are required to deny additional credit facilities to any large borrower whose loan has been classified as non-performing and recorded in the Credit Risk Management System (CRMS) or any licensed private credit bureau.
The restriction covers all forms of credit, including loans and other direct lending facilities. Banks have also been instructed not to extend contingent banking services such as letters of credit, performance bonds, banker’s confirmations, or advance payment guarantees to such borrowers.
The CBN further directed banks to strengthen collateral coverage by obtaining additional realizable collateral from affected borrowers in order to secure existing exposures.
According to the apex bank, large ticket obligors are borrowers whose total exposure meets the threshold outlined in the Prudential Guidelines for Deposit Money Banks in Nigeria or whose combined borrowings across banks exceed the Single Obligor Limit (SOL), thereby posing potential risks to banks’ Capital Adequacy Ratio (CAR).
The directive forms part of the regulator’s efforts to protect depositors, enforce prudential compliance, and maintain stability within Nigeria’s banking system.
Vietnam recorded the world’s largest trade surplus with the United States in January 2026, surpassing both Mexico and China, according to the newly released U.S. trade data.
The figures show that Vietnam’s exports to the United States surged sharply at the start of the year, helping the Southeast Asian country top the list of America’s largest trade surplus partners.
Data from U.S. authorities indicate that the trade surplus reached about $19 billion in January, driven largely by a 53% increase in Vietnamese exports to the U.S., which exceeded $20 billion during the period.
The development reflects a continuing shift in global trade patterns, as American imports from China declined while more goods are sourced from Vietnam and other Asian manufacturing hubs.
Despite the strong trade figures, negotiations between Washington and Hanoi over a bilateral trade agreement remain unresolved. Officials say disagreements over tariff rates and the widening trade imbalance have delayed progress on a deal.
Analysts also note that Vietnam’s trade surplus with the United States has been expanding steadily in recent years, partly because higher tariffs on Chinese goods encouraged companies to shift manufacturing and exports to Vietnam.
Business
TINUBU APPROVES FISCAL INCENTIVES TO UNLOCK $20 BILLION BONGA SOUTHWEST APARO DEEPWATER PROJECT
President Bola Ahmed Tinubu has approved a targeted fiscal incentive designed to unlock the long awaited Final Investment Decision (FID) on the Bonga Southwest Aparo (BSWA) deepwater project, marking a milestone in Nigeria’s ongoing drive to attract strategic investments and accelerate sustainable economic growth.
The project is estimated to attract about $20 billion in Foreign Direct Investment and position Nigeria for a new era of deepwater production.
A statement signed by Chief Corporate Communications Officer, NNPC Limited, Andy Odeh, stated that the approval followed months of intensive technical and commercial negotiations involving NNPC Limited as the concessionaire, the Nigeria Revenue Service (NRS), the Special Adviser to the President on Energy, Olu Verheijen, and the Shell CEO Mr. Wael Sawan. It represents the culmination of the President’s directive, issued during a courtesy visit by Shell CEO, Mr. Wael Sawan, to fast-track the enablers required to move this strategic national asset to FID. It signals renewed confidence in Nigeria’s policy direction and its resolve to translate reform momentum into tangible investment outcomes.
Speaking on the development, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, stated: “This approval is a testament to the President’s leadership, NNPC’s disciplined execution and our ability to structure complex, bankable transactions that deliver value for Nigeria. For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have broken that logjam. This is what partnership, persistence, and policy clarity can achieve.”
Ojulari further stated, “This milestone further affirms NNPC’s commitment, under the President’s leadership, to unlocking Nigeria’s vast energy potential through partnerships, disciplined innovation and execution excellence”.
The Bonga Southwest project will be the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008, re-establishing Nigeria as a premier deepwater investment destination. The fiscal package approved by President Tinubu includes an enhanced Production Tax Credit and resolution of the 2021 dispute settlement agreement, creating a competitive framework that balances national value with investor returns.
NNPC Limited, as concessionaire, worked closely with SNEPCo and the broader contractor party to develop alternative fiscal solutions that address structural constraints while protecting Nigeria’s long-term interests. The approval was granted following rigorous evaluation by the National Revenue Service and submission of recommendations to the Presidency.
This milestone reinforces NNPC’s strategic pivot toward partnership-driven growth. By aligning with global majors like Shell and securing the enabling fiscal environment, NNPC Ltd is translating the President’s investment reform agenda into tangible outcomes—jobs, revenues, and energy security for Nigerians.
With Presidential approval secured, NNPC Limited and its partners will now progress toward FID, triggering the multi-billion-dollar capital commitment that will transform Nigeria’s deepwater landscape and deliver enduring value to the nation.
The Bonga Southwest Aparo project, operated by Shell with all IOCs in Nigeria as partners, will create over 5,000 direct and indirect jobs, and deliver 150,000 barrels per day of crude oil and 140 million standard cubic feet per day of gas upon completion.