The Worldwide Brewing Alliance’s new report on the global economic impact of the beer sector has shown that the sector contributed $2.2bn to the Nigerian economy in 2019.
During a webinar, the Worldwide Brewing Alliance said the report, which was produced by Oxford Economics, showed the impact of the sector on different economies.
According to the report, the global beer sector contributes to Nigeria’s economy through its domestic and international operations, as well as the worldwide supply chain.
It stated that “The global beer sector supported a $2.2bn gross value-added contribution to Nigeria’s Gross Domestic Product in 2019. This was equivalent to 0.6 per cent of national GDP, or 73 per cent of Zaria’s economy.”
It stated that the global beer sector sustained over 309,000 jobs in Nigeria in 2019.
This was equivalent to 0.4 per cent of national employment, or 81 per cent of employment in Aba, the report added.
It stated that the global beer sector supported $526m in tax revenues in Nigeria in 2019, which was 1.7 per cent of government revenue.
The report said the production and consumption of beer had reached all parts of the global economy.
For the first time, the report said it quantified the total economic impact of the global brewing sector between 2015 and 2019.
The report said, “The study relies on 2019 data rather than 2020 because of the distortions caused by COVID-19. The effects of the pandemic mean that 2019 is more representative of a normal year for the beer sector.
“The global data cover 70 countries representing 89 per cent of global beer volumes. The data were supplied by four major brewers: Anheuser-Busch InBev, Carlsberg Group, Heineken, and Molson Coors Beverage Company.”
All monetary values were expressed in US dollars in constant 2019 prices and exchange rates.
Source Punch
