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Spirits in Nigeria is a Multimillion Dollar Industry

“Thenigeria 031416 country’s increasing urbanisation and the rising number of female alcohol drinkers, especially in the large cities, such as Lagos, Port Harcourt, and Abuja, is also resulting in a remarkable switch from consumption of relatively inexpensive local spirits to higher priced imported ones” – GAIN report

 

According to Global Agricultural Information Network (GAIN), the spirits market in Nigeria is valued at $2 billion and growing by 6% annually on average. Of the $2 billion, $500 million comes from imported spirits while local spirits comprise 75% of the market due to their competitive price points. GAIN’s report highlighted the various types of alcohol consumption at 30%, 55%, and 15% for spirits, beer, and wine, respectively.

 

Like the American alcohol market, premiumization is key as larger numbers of Nigerians enter the high and middle classes. EU and South Africa, however, currently lead the local market with the number of imported spirits with the leading supplier being Diageo.

 

Source: Nation Online