Economic downturn hits Guinness, NB sales

. Guinness shares drops by 4%

. NB shares also by 12%

 Nigeria’s second biggest brewer, Guinness Nigeria, has been hit by serious economic downturn as the half-year profit of the company fell by 66 per cent.

National Daily gathered as a result of the economic downturn, net income of the company declined by 66 per cent to 1.2 billion in the six months through December, 2014. Guinness Nigeria shares traded at 115.50 naira at the close in Lagos on January 29.

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The shares are down 4 percent this year, compared with a 26 percent decline by larger competitor Nigerian Breweries, part owned by Heineken.

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Nigeria, Africa’s biggest economy, is facing a squeeze in consumption as the nation of over 170 million people suffers from a slump in crude oil prices that has reduced the country’s main source of revenue. The nation’s economy probably grew 3 percent last year, the slowest pace since 1999, according to the International Monetary Fund.