February 11, 2013 / 11:06 AM / in 5 years

Diageo on track to completing $370 mln Nigerian brewing expansion

LAGOS, Feb 11 (Reuters) - Diageo will complete by November a 235 million pound ($372 million)investment in Nigeria to boost its beer production capacity in Africa’s most populous nation by 50 percent, the firm’s president for Africa said on Monday.

Diageo, which produces Guinness in Nigeria, has already spent half the money to expand its operations and will complete the investment within nine months, Nick Blazquez told Reuters on the sidelines of an investment conference.

Nigeria, a country of 160 million, is the world’s largest consumer of Guinness but Blazquez said beer sales had declined in the last year because of reduced disposable income, due to higher electricity and motor fuel prices.

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