Diageo, which brews Guinness in Nigeria, on Monday said it would complete its $368.8 million investment to expand its Nigerian operations by November this year.
Reuters reported that this was aimed at boosting its beer production capacity in Africa’s most populous nation by 50 percent, citing the firm’s president for Africa, Nick Blazquez.
The international news agency said Diageo had already spent half the money to expand its operations and would complete the investment within nine months.
Nigeria, a country of 170 million, is the world’s largest consumer of Guinness but Blazquez told Reuters beer sales had declined in the last year because of reduced disposable income, due to higher electricity and motor fuel prices.
Diageo is a premium drinks business with an outstanding collection of beverage alcohol brands across spirits, beer and wine. These brands include Johnnie Walker, Crown Royal, J&B, Windsor, Buchanan’s and Bushmills whiskies, Smirnoff, Ciroc and Ketel One vodkas, Baileys, Captain Morgan, Jose Cuervo, Tanqueray and Guinness.
Many of its brands have been around for generations, while some have been developed more recently to meet new consumer tastes and experiences.
The company is trading in approximately 180 markets and employs over 25.000 talented people around the world. With offices in 80 countries, it also has manufacturing facilities across the globe including Great Britain, Ireland, United States, Canada, Spain, Italy, Africa, Latin America, Australia, India and the Caribbean.