Inflation: Wine consumption drops in Nigeria

Wine consumption in Nigeria declined by 9 percent to 31.5 million litres in 2023 from 34.7 million in 2022 amid inflation.

This is according to a recent report by Euromonitor International.

The data shows that the decline in the consumption of wine is not unconnected to the country’s inflation which stood at 33.40 percent in July 2024.

“Red wine is the largest product in alcoholic wine, with sales impacted by rising prices and inflationary conditions.

“Wine is a relatively niche category in Nigeria that is growing from a low base, due to the growing desire for novel types of alcoholic drinks among Nigerians and an increase in the female drinking population,” authors of the Euromonitor report said.

The National Bureau of Statistics data showed that Nigeria imports wine drinks from South Africa, Italy, Spain and Brazil.