Reuters reported that this was aimed at increasing its beer production capacity in Africa’s most populous nation by 50%, citing the firm’s president for Africa, Nick Blazquez.
The report has it that Diageo had already spent half the money to expand its operations and would complete the investment within nine months.
Nigeria, a country of 160 million, is the world’s largest consumer of Guinness stout but Blazquez told Reuters beer sales had declined in the last year because of reduced disposable income, which was mainly due to higher electricity and fuel prices.
Diageo is a premium drinks business with an impressive array of beverage alcohol brands across spirits, beer and wine. These brands include Johnnie Walker, Crown Royal, J&B, Windsor, Buchanan’s and Bushmills whiskies, Smirnoff, Ciroc and Ketel One vodkas, Baileys, Captain Morgan, Jose Cuervo, Tanqueray and Guinness.
Many of its brands have been around for generations, while some have been developed more recently to meet new consumer tastes and experiences.
The company is trading in approximately 180 markets and employs over 25.000 talented people around the world. With offices in 80 countries, it also has manufacturing facilities across the globe including Great Britain, Ireland, United States, Canada, Spain, Italy, Africa, Latin America, Australia, India and the Caribbean.