Nigerian Breweries CEO Warns of Tax Stamp Impact

Thibaut Boidin, the Managing Director and Chief Executive Officer of Nigerian Breweries Plc, expressed concerns that the Nigerian government's proposed tax stamp policy could lead to a 100% decrease in profits across the brewing industry, potentially destabilizing the sector. During the company's 80th pre-Annual General Meeting media briefing in Lagos, Boidin emphasized the necessity for policies that ensure fiscal stability to sustain investment and support economic growth.

He noted that while the tax stamp is typically introduced to curb illicit products and counterfeiting, the formal brewing industry in Nigeria does not face such issues. The implementation of this policy could severely impact profits and trigger broader economic damage, affecting three million jobs linked directly and indirectly to the industry.

Despite these challenges, Nigerian Breweries aims to return to profitability in 2025, having reported a pre-tax profit of ₦161.06 billion for the 2025 financial year, rebounding from a loss of ₦182.9 billion in 2024.