Managing Director, Nigerian Breweries Plc, Thibaut Boidin in this interview with Kayode Tokede discussed the multinational company’s ambition to source its raw material locally, the 80th anniversary celebration and plans to expand the scope of the brewery sector with key industry’s 10-year master plan coming to life. Excerpts
What does the 80th anniversary milestone mean for you as a company?
It means a great deal to us because we have been part of 80 years of Nigeria’s history and have successfully navigated many economic cycles and periods of volatility.
For us, the fact that we pioneered this industry, helped shape it and have remained its leader after eight decades is something we are incredibly proud of. Beyond celebrating the past, this milestone is also about the future. Over the years, we have seen companies come and go in response to various challenges, but Nigerian Breweries has remained committed to Nigeria. We believe strongly in the country’s long-term potential.
So, for us, this anniversary is a celebration of 80 years of legacy and the beginning of the next
chapter in our journey.
Looking back over the last 80 years, how would you describe NB’s journey and evolution to date?
It is a remarkable history. First, because we pioneered the brewing industry in Nigeria. We established one of the first breweries in the country in Lagos in 1946, and since then we have continued to shape and lead the industry through different economic and business cycles.
Secondly, our contribution has gone beyond business. Nigerian Breweries has played an important role in supporting economic growth, creating jobs and contributing to communities across the country. We have a footprint that is unique within our industry. Across the years, we have intentionally
invested in and supported communities wherever we operate. The third dimension is what our brands represent. Through our portfolio, we have created moments that bring people together, celebrate friendship, family and shared experiences. That is very much aligned with the purpose of both HEINEKEN globally and Nigerian Breweries locally. This is reflected in our 80th anniversary theme, “Together Every Moment”;. It is a celebration of the role our brands have played in bringing people together and creating memorable moments across generations.
What does that theme have to do with your brands, and what does it mean going into the future?
Many companies celebrate their anniversaries by focusing on themselves. We wanted to take a different approach. We wanted to celebrate with Nigerians. That is what inspired the theme ”Together Every Moment”.If you look at the last 80 years, our brands have been part of countless moments in people’s lives. Whether it is a family celebration, a wedding, a sporting event, a gathering of friends or simply everyday moments at home, our products have often been present. Maltina has accompanied generations of families. Our beer, spirits and wine brands have been part of celebrations and memorable occasions.
So the theme is really about going beyond celebrating a company. It is about celebrating Nigerians and recognising the role our brands have played in their lives over the years.
NB has survived several economic cycles, including recessions, currency instability, inflation and policy changes. What lessons from the past 80 years are most relevant to today’s management?
The first lesson is leadership. If you operate in a country as dynamic and sometimes volatile as Nigeria, you need leaders who can navigate uncertainty and see opportunity where others see challenges. A good example is what happened decades ago when access to imported barley became constrained. Barley is a critical ingredient in brewing beer and producing malt beverages. Instead of seeing that as a limitation, our predecessors saw an opportunity to innovate. That led to the development of the local sorghum value chain, and today some of our products are brewed using locally sourced sorghum.
One of the biggest lessons is that strong leadership turns challenges into opportunities.
The second lesson is the importance of financial resilience. A few years ago, several companies struggled with the difficult economic environment. We made the decision to stay because we believe in Nigeria’s future. What we learned is that businesses must build a strong financial foundation that enables them to grow during good times and remain resilient during difficult periods. Over the last two years, we have worked hard to strengthen our financial position. Today, we have significantly improved our cash position, eliminated our debt obligations and created the flexibility to invest in future growth. In a volatile environment, cash generation and financial discipline are critical. The third lesson relates to adaptability. Every time we have gone through a crisis, the company has emerged stronger. This latest period is no different. We have become a more agile organisation, quicker to respond, quicker to make decisions and better equipped to seize opportunities.
When are Nigerians going to feel the benefits of all these reforms?
That is an important question. At the end of the day, our consumers are Nigerians. They are the people who buy and enjoy our products, and we are very conscious of the pressure many
households continue to face.
Disposable income remains one of the biggest challenges in the market today. However, we believe many of the reforms being implemented are moving the economy in the right direction. The key question is how quickly the benefits translate into improved purchasing power and better living conditions for ordinary Nigerians. We remain hopeful about the future and optimistic that the foundations being laid today will support stronger growth over time.
Given the current economic realities, including double-digit inflation, do you still see Nigeria as an attractive market for business?
Absolutely. If you take a step back and look at countries with the greatest long-term potential, population growth is one of the strongest drivers, especially in fast-moving consumer goods. Nigeria has a population of more than 240 million people and remains one of the fastest-growing countries in the world. It is projected to become one of the most populous countries globally in the coming decades. For our industry, that represents a significant opportunity. The second dimension is that we believe the brewing industry still has substantial untapped potential. Consumption levels remain below those of many comparable markets, suggesting
significant room for growth as economic conditions improve.
Very few countries combine this level of demographic growth with such a strong connection
between consumers and brands. We are present across beer, malt, spirits and wine, and we continue to see strong affinity for our portfolio across different consumer segments.
After 80 years in the country, Nigerian Breweries is deeply rooted in Nigerian culture, and that gives us confidence in the future.
What would you like NB Plc to be remembered for when it celebrates its 100th anniversary?
I would like us to continue being known for what we are known for today. For 80 years, we have shaped, led and innovated within the industry. We have gone beyond business by supporting communities, building value chains and contributing to Nigeria’ s development.
Our value chain stretches from agriculture to manufacturing, logistics, retail and hospitality. It
supports thousands of businesses and livelihoods across the country. My aspiration is that we continue to do this, but at an even greater pace. As an industry leader, our responsibility is not only to grow our business but also to help unlock the full potential of the industry.
The second aspect is our people. Nigerian Breweries has built a reputation for attracting outstanding talent and developing leaders across functions, whether in finance, supply chain, sales, marketing, corporate affairs, legal or digital and technology. My dream is that we continue to build a winning culture, strengthen our capabilities and remain one of the most attractive employers in Nigeria.
2025 was a turnaround year for NB. What were the key steps taken to return the company to profitability?
Three factors played a critical role. The first was the rights issue. HEINEKEN and our shareholders demonstrated strong confidence in Nigerian Breweries by reinvesting in the business. That decision significantly strengthened our balance sheet and accelerated our recovery. The second factor was relentless focus on productivity and cost management. Our teams did an excellent job optimising costs and improving efficiencies across the business despite a challenging operating environment. The third factor was our focus on winning brands. We became more deliberate about where we allocate resources and investment. Brands such as Heineken, Desperados, Maltina and others have responded strongly to that focus. Today, we have a much stronger financial position, improved cash generation and the ability to fund growth from within the business. That represents a significant transformation compared to where we were only a few years ago.
There was a 9% increase in revenue growth in H1 2026. What has been the major driver of revenue growth so far this year?
The quality of growth is different this year. Last year, a greater portion of growth came from pricing, largely due to the inflationary environment. This year, we have been very conscious of affordability and the pressure consumers are facing. We have therefore used pricing much more selectively. Growth is increasingly being driven by a healthier mix of factors, including portfolio mix improvements, revenue-growth initiatives and stronger brand performance. That creates a more sustainable growth profile for the business going forward.
Beyond producing beverages, how do you support the markets in which you operate?
One of our biggest contributions is the value chain we support. Many people only see the finished product, but behind every bottle is an extensive ecosystem that includes farmers, suppliers, transporters, engineers, distributors, retailers and many other businesses.
Supporting and growing that ecosystem remains one of our most significant contributions to the Nigerian economy. Secondly, we are deeply committed to community development.
We have breweries, depots and operations across the country, and wherever we operate, we seek to make a positive impact through initiatives such as water projects, agricultural development and local partnerships. The Maltina Barley Project is one example of our commitment to developing local agriculture and creating economic opportunities.
The third dimension is the future of the industry itself. As Chairman of the Beer Sectoral Group, we are working with government and industry stakeholders on a 10-year master plan for the sector. We believe the brewing industry can play an even greater role in economic growth, agriculture, manufacturing and job creation. The master plan is intended to provide a roadmap that supports sustainable growth, increased investment and greater value creation across the entire ecosystem.
How far has NB gone with its backward-integration process, and how are you managing raw- material sourcing amid FX challenges?
A significant proportion of our sourcing is already local. Many of our suppliers are Nigerian, and materials such as glass, cans, PET packaging and labels are sourced through local value chains. However, we want to go much further. One of our biggest ambitions is to increase the local sourcing of agricultural inputs and reduce our dependence on foreign exchange over time. The Maltina Barley Project is a good example. Ideally, our ambition is to source 100 per cent of our barley locally. We have been working on this for several years and currently support over 1,100 farmers in cultivating barley in Nigeria. Agriculture is a long-term endeavour. Even with a strong plan, outcomes are influenced by climate and other factors beyond our direct control. That is why backward integration takes time. We have seen similar success in Ethiopia, and we believe it can be achieved in Nigeria as well. With the right infrastructure, government support and industry collaboration, we can significantly increase localisation in the years ahead.
How are you staying ahead amid growing competition in the sector?
Competition is healthy. I am actually pleased that we have strong competitors because strong
competition raises standards across the industry and ultimately benefits consumers. It pushes
everyone to innovate, improve quality and deliver better experiences.
As for Nigerian Breweries, we will continue building on our strengths. We have led this industry for 80 years because we understand our consumers, have a strong route-to-market network, a unique footprint and some of the strongest brands in the market.
We also have a much stronger financial foundation today, which allows us to invest confidently in growth. Going forward, we will continue investing in our people, strengthening our capabilities, simplifying how we work and supporting the brands that consumers love. Innovation remains critical, and consumers can expect exciting experiences and initiatives from our portfolio in the years ahead.
What would you like to see from the government and other stakeholders to help take the industry to the next level?
We believe the current economic reforms are moving in the right direction. The question is how quickly the benefits are felt by consumers and businesses.
For me, one of the most important priorities is seeing the industry’s 10-year master plan come to life. This plan has been developed in collaboration with government and the Manufacturers
Association of Nigeria, and we believe it has the potential to unlock significant investment across the value chain. It can support agriculture, manufacturing, retail and employment while giving investors greater visibility and confidence to make long-term commitments. Nigerian Breweries has already invested substantially in Nigeria over the years and continues to invest significantly each year.The master plan provides an opportunity for the entire industry to contribute even more to Nigeria’s economic growth and long-term development. At the end of the day, the biggest opportunity lies in unlocking further investment, strengthening