The Nigerian beer industry is growing faster in valuation this year after the sector rebounded from the crushing blow of the foreign exchange crisis that hammered earnings and spooked investors’ sentiments.
All the beer manufacturers listed on the Nigerian Exchange (NGX) maintained profitability in the first six months of 2025, with some achieving a record-setting period due to rising demand, aggressive pricing and stable macroeconomic conditions.
Analysts say the recovery of the sector from huge FX losses is restoring confidence of investors, which in turn led to a growing market sentiment with Nigerian Breweries leading the pack with a valuation of N2.35 trillion.
Nigerian Breweries – N2.35 trillion
Nigerian Breweries has had a great run this year after it rebounded from losses in 2024. Net profit at the Lagos-based brewer rose to N88.4 billion in the first half of 2025, reversing a N85.2 billion loss a year earlier, as the country’s largest brewer rode a sharp jump in sales and slashed finance costs after retiring its foreign currency debt.
Nigerian Breweries is currently the 12th most valuable stock on the NGX with a market valuation of N2.35 trillion, which makes about 2.58 percent of the country’s equity market.
Shares of Nigerian Breweries closed on Friday, October 3, 2025, at N76.00 per share, recording a 2.4 percent gain over its previous closing price of N74.25. The stock has more than doubled in value within nine months, gaining 138 percent in terms of year-to-date performance.
“Shareholders can be optimistic about NB, knowing the stock has accrued 15 percent over the past four-week period—21st best on NGX,” according to African Exchange.
International Breweries – N2.27 trillion
International Breweries, a subsidiary of Anheuser-Busch InBev, is currently the 13th most valuable stock on the NGX with a market capitalisation of N2.27 trillion, which is about 2.49 percent of the Nigerian equity market.
The brewer, which had had its earnings crushed by foreign exchange pressures for the past seven years, began its profitability run this year with half-year profit surging to N41.29 billion, compared to a significant loss of N107.71 billion in the prior period.
That profit run has seen the stock accrue 21 percent over the past four-week period alone, making it the 15th best on the local bourse.
Shares of International Breweries have risen 143 percent since January to close trading on Friday, October 3, 2025, at N13.50. In terms of year-to-date performance, it is ranked 31st on the Exchange.
Read also: International Breweries commits to increasing local input sourcing
Guinness Nigeria – N402 billion
Guinness Nigeria has seen a total turnaround in profitability after Tolaram’s acquisition, as the beverage company posted a net profit of N16.2 billion for the financial year ended June 30, 2025, compared to a N54.8 billion loss reported in the previous year, a 130 percent swing that highlights the recent strategic shifts.
The company’s earnings performance saw the shares of the company, which began the year at N70.25, rise to N183.75 in nine months, gaining 162 percent on that price valuation.
The stock is ranked 25th on the NGX in terms of year-to-date performance, as the market cap stood at N402 billion.
For investors, it must be noted that Guinness has accrued 41 percent over the past four-week period alone on growing confidence in the company’s strategic positioning.
Champion Breweries — N142 billion
Champion Breweries’ turnaround story is by far the most impressive. The Uyo-based brewer is the smallest among the big four beer makers, yet it grew its profit by 692 percent in the first six months of 2025 to record N2.3 billion, reversing a N386 million loss in the previous period last year.
The company announced a deal to acquire Bullet, the ready-to-drink brand, where it’s seeking to raise N58 billion in equity and debt financing to finance the acquisition.
That deal will expand Champion Breweries’ market coverage, including export sales, as Bullet makers, EnJoycorp, already has footprints in 14 African countries. Management sees the acquisition growing revenue by fivefold.
In terms of stock performance, Champion Breweries leads as its shares have gained 316 percent since January, closing its last trading day at N15.85, a 5 percent gain over its previous closing price of N15.10.