The brewery industry in Nigeria is reeling under pangs of poor consumer spending, induced by the devastating COVID-19 pandemic and recession. The situation has left investors counting and lamenting their losses.
The recession has caused the bottom line of the industry’s listed equities to remain subdued with gloomy 2021 outlook.
The Vice Chairman of High Cap Securities Limited, Imafidon Adonri, described the brewery industry as a creator of enormous wealth and probably the largest employer of production labour, following the collapse of the textile industry.
He, however, lamented that though the industry had been entrenched and contributing significantly to the nation’s GDP, its 2021 prospect is not bright, considering the second wave of COVID-19.