Formulating a plan to fix local government and the economy is set to top the agenda as President Cyril Ramaphosa and his executive convene the first Cabinet Lekgotla of the year in Pretoria later in the morning.
Ramaphosa and his Deputy, Paul Mashatile, will preside over the one-day meeting, which will be attended by Ministers, their Deputies, Premiers and members of the South African Local Government Association (SALGA).
With just months away from the local government elections, President Ramaphosa said the year 2026 will be dedicated to fixing the local sphere of the government, often seen as the coalface of service delivery.
The president also cautioned that unemployment, inequality and crime remained stubbornly high, warning that recent gains would mean nothing unless felt by ordinary citizens.
GOVERNMENT-BUSINESS PARTNERSHIP COMMITS TO “INCLUSIVE GROWTH, JOBS AND CONFIDENCE” AS CENTRAL FRAMEWORK FOR PHASE THREE
President @CyrilRamaphosa today met with Ministers and senior business leaders under the Government Business Partnership, formally commencing Phase Three of…
<p><img width="980" height="600" src="https://www.naijanews.com/wp-content/uploads/2024/02/Beer.jpg-980x600.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Economic Crisis: Many Nigerians Can No Longer Afford Beer - Nigerian Breweries CEO" decoding="async" fetchpriority="high" /></p>
<h2>The Chief Executive Officer of <a href="https://www.naijanews.com/topic/Nigerian-Breweries">Nigerian Breweries</a> Plc, Hans Essaadi, has stated that due to the current economic situation in Nigeria, citizens are finding it difficult to afford beer.</h2>
<p><strong>Naija News</strong> reports that Essaadi made this statement on Monday during an investor call that followed the release of its 2023 results.</p>
<p>Essaadi noted that it had been an unparalleled year for their business in Nigeria, witnessing a notable downturn in the mainstream lager market due to Nigerian consumers' inability to afford a Goldberg after a laborious day.</p>
<p>According to Bloomberg, NB incurred a foreign exchange loss of N153 billion attributed to the devaluation of the naira for the year ending December 2023.</p>
<p>NB increased the prices of its products in August 2023 to offset the continuous surge in input costs.</p>
<p>Among the alcoholic beverages produced by NB are Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler.</p>
<p>The NB Board of Directors commented on the financial results: "<em>The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes, which resulted in a cash shortage that severely hampered social and economic activities nationwide, set the tone for a turbulent year.</em></p>
<p><em>“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.</em>”</p>
<p>He added that despite the headwinds, “<em>The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira, which resulted in a foreign exchange loss of N153 billion, the Company recorded a net loss of N106 billion during the year.</em>”</p>
<p>The board emphasized its readiness to leverage its extensive experience in Nigeria to navigate the current macroeconomic challenges.</p>
<p>Despite the challenging environment, the company said it is committed to drawing from its over 77 years of operation in Nigeria to adapt to present conditions.</p>
<p>The post <a href="https://www.naijanews.com/2024/02/20/economic-crisis-many-nigerians-can-no-longer-afford-beer-nigerian-breweries-ceo/">Economic Crisis: Many Nigerians Can No Longer Afford Beer – Nigerian Breweries CEO</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
Donald Trump and Elon Musk’s sweeping effort to purge and reshape the federal government is underway. Federal employees have arrived at a “fork in the road,” the new administration proclaimed in a Tuesday night announcement. Their offer is that employees can choose to voluntarily resign effective September 30, but receive full pay and be exempt […]
(@PresidencyZA) January 27, 2026
