Solid growth supported by multiple factors
Historically, Nigerian brewers have had one of the highest growth rates within the broader consumer space. Over the five-year period to 2010, the sector’s unit volume grew at an average annual rate (5-year CAGR) of around 12%. This is faster than the average annual growth rate of around 10% that most other names in the consumer sector tend to deliver. The sector’s growth has been underpinned by solid GDP growth, increasing urbanisation and a young population with over 40% under the age of 15.
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