Heineken Nigerian Unit Shuts Two Plants as Forex Costs Bite
- Nigerian Breweries temporarily shuts two of its nine plants
- Joins top Nigerian firms refocusing business in the nation
Photographer: Justin Sullivan/Getty Images
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Heineken NV’s Nigerian unit temporarily shut two factories in the West African nation, plagued by the depreciation of the currency that increased costs and impaired the purchasing power of consumers.
Nigerian Breweries Plc has nine plants in the country and is “providing strong support and severance packages to all affected,” the company said in a filing. The move will help the company reverse a 15% capacity expansion over the past decade and reduce costs, Managing Director Hans Essaadi said in an interview in Lagos on Wednesday.