Nigeria’s major listed brewers — Nigerian Breweries, International Breweries, and Guinness Nigeria — collectively spent over N220 billion on advertising and distribution in the first half of 2026. This aggressive spending aims to capture market share amidst intense competition and shifting consumer habits, as the firms reported a combined revenue of N1.4 trillion, a 7% year-on-year increase. Notably, Guinness Nigeria outperformed its peers in Q2 revenue growth, benefiting from the integration of the Tolaram Group’s distribution network. Analysts maintain a cautious outlook on the sector, citing high valuation multiples and declining beer consumption trends among younger demographics.