NIGERIA SET TO SPEND N224BN FOR WINE IMPORT AS CONSUMPTION RISES

Nigerian wine importers are to spend N244 billion ($485 million) on fortified, sparkling and still wine before the end of 2023. Findings by New Telegraph revealed that consumption had been further projected to rise to $557.96 million in 2024.

Data from Statista noted that the volume of consumption would hit 44.82 million litres by 2027 from 33 million litres in 2021.

The increase in demand for wine in Nigeria has hugely increased the demand for global wine exporters, Nigeria imported $136.66millionfrom United States in 2021. Also, United Kingdom shipped $31.1 worth of wine into Nigeria; Spain, $20.96 million; Brazil, $16million and South Africa, $15.7 million.

Spirits are also in high demand with GAIN estimating that 75per cent of the spirits consumed in Nigeria were locally made, while imported spirits accounted for $500million of the total value of spirits consumed between 2019 and 2020. The global network platform further explained that the United States, European Union and South Africa were the leading suppliers to the Nigerian market despite the restriction.

It was noted that the importation of quality spirits had put pressure on local distillers in the country despite the local brands being cheaper. It noted that locally produced alcohol brands in Nigeria were lower in quality, branding and do not meet the standard in the growing alcoholic beverage market.

Source: New Telegraph