By April 2024, Guinness Nigeria will stop the importation and sale of Johnnie Walker, Baileys and other Diageo products — a move that will wipe off 6 percent of the Nigerian brewer’s total revenues.
In a statement released on Thursday to the Nigerian Exchange Limited (NGX), Guinness Nigeria said it will no longer trade in the products because Diageo Plc plans to establish a new, wholly owned spirits-focused business in the Nigerian and African markets.
“Guinness Nigeria will be better positioned to focus on its core business and its strength in the manufacturing, marketing and distribution of non-alcoholic drinks, beer, RTDs and its locally produced spirits,” the statement reads.
This may however impact the company’s revenue, as the sale of Johnnie Walker, Baileys and Singleton added N14 billion to Guinness Nigeria’s total revenue in the financial year ended June 30, 2023.
Source: Top Stories
