Prices Of Beer Set To Increase For Third Time In Less Than A Year

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The Nigerian Breweries say the price of beer is set to rise again because of the increasing cost of production, making the third time in less than a year that consumers will be paying more for the products.

The bottling company, the largest and oldest brewery in the country, said the new prices would take effect on Friday, one month after the last adjustment.

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Last year, it recorded a net loss of 106bn naira ($66m: £53m) because, the depreciation of the naira, the local currency, has made importing the ingredients more expensive.

In recent months, local manufacturers in many sectors have hiked product prices as the country faces the worst economic crisis in a generation.

Lack of access to foreign currency which would be used to import raw materials and the poor power supply are among key factors impacting the cost of production and doing business in Nigeria.

The high food and transportation costs have forced many into poverty

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