Business
Guinness Nigeria begins local manufacturing of spirits
L-R Non Executive Director, Mr. Bismark Rewane; Vice-Chairman, Mr John O’Keffe; Company Secretary, Mr. Rotimi Odusola; Chairman, Mr. Babatunde Savage, and Managing Director/CEO, Mr. Peter Ndegwa all of Guinness Nigeria Plc at the 66th Annual General Meeting of the company which held at the Flamingo Hall of the Best Western Hotel, Benin, Edo state.
L-R Chairman, Guinness Nigeria Plc, Mr. Babatunde Abayomi Savage; Managing Director, Guinness Nigeria Plc, Mr. Peter Ndegwa;Governor, Edo State, Mr Godwin Obaseki; and Guinness Benin Brewery Plant Manager, Mr. Kingsley Imade at the commissioning ceremony of the new Guinness Spirits Production Line at the Guinness Benin Brewery, Ikpoba Hill, Benin.
In a move aimed at reducing the import dependent profile of the Nigerian economy, creating more jobs and boosting the local sourcing of raw materials, leading manufacturer and Nigeria’s only total alcohol beverage company, Guinness Nigeria Plc, has commissioned a new production line that will support the local manufacturing of some of its spirits brands in Nigeria. Some of the brands to be manufactured locally include Smirnoff X1 intense chocolate vodka, Smirnoff Extra Smooth Vodka, Gordon’s Dry Gin, Moringa Citrus Blend, McDowell’s No. 1 Reserved Whisky, McDowell’s VSOP and Royal Challenge Finest Premium Whisky.
The production line, with a design capacity of 1.2 million cases, is located within the Guinness Brewery, Ikpoba Hill, Benin city. It was commissioned by the Executive Governor of Edo state, Mr. Godwin Obaseki at amidst pomp, fanfare and commendation for this landmark stride by Guinness Nigeria. Governor Obaseki, who nostalgically recalled his long personal relationship with the brand as a stockbroker, commended the board and management of Guinness Nigeria for this feat, and urged other companies to see the current economic recession as an opportunity for backward integration and expansion of their business horizons.
“This is a company I am very close to and very fond of, and so, I am quite excited that one of my first official corporate functions as Governor is to commission the new spirits line for the company. We are very pleased that Guinness is part of the landscape of Benin and Edo State, and has been so since 1974. And so, for us, you are a partner, and as a state, we will take our partnership very seriously. Even though the economic environment in Nigeria today is quite challenging and difficult, for us in Edo State, we see opportunities embedded in those challenges,” Obaseki said.
Governor Obaseki also used the occasion to announce that the Edo state government would like to partner with Guinness Nigeria to create a minimum of two hundred thousand jobs over the next four years in line with his administration’s agenda.
In his remarks, Chairman, Guinness Nigeria, Mr Babatunde Savage described the commissioning as part of the company’s rich and prestigious legacy and a testament to its long term commitment to Nigeria.
“Guinness Nigeria has a strong heritage in Nigeria and in Benin since we built our brewery here in 1974 with a robust portfolio of global brands like Guinness and Johnnie Walker to boot. Today, we add to that strong heritage with the commissioning of our spirits production line in Nigeria – a first for Guinness Nigeria. With this line, we are now able to produce previously imported spirits locally and we are able to offer a wider variety of products to our consumers at a more affordable price point,” Savage enthused.
Mr. Savage also reiterated the company’s commitment to making a marked and positive difference in the lives of Nigerians via strategic social interventions.
“As a responsible corporate citizen, Guinness Nigeria is interested in more than running a profitable business, we are also enriching our communities with investments in the areas of provision of water, health facilities and education scholarships to mention a few. As an example, in the water sector to date, we have impacted over 1.5million people in Nigeria through the provision of potable water to 25 communities in 14 States across Nigeria,” Savage said.
President, Diageo Africa, Mr. John O’Keffe, noted that the commissioning reinforces Guinness Nigeria’s position as the first and only Total Beverage Alcohol (TBA) Company in Nigeria.
“Guinness Nigeria is now able to offer a truly broad portfolio of beer, spirits and non-alcoholic drinks to consumers at every category and price point. Innovation is a competitive advantage for us in this market and we have a strong innovation pipeline with plans to introduce some exciting new products for our consumers to enjoy.
Also our commitment to local sourcing is further strengthened by the commissioning of this plant that will produce preciously imported spirits, using locally supplied raw materials. As part of our broader local raw materials (LRM) sourcing, we are looking to increase our locally sourced production inputs to 70% in the coming years,” O’Keffe mentioned.
Some dignitaries present at the occasion include Managing Director, Guinness Nigeria Plc, Mr. Peter Ndegwa, British High Commissioner to Nigeria, Mr. Paul Arkwright, Edo State Deputy Governor, Hon. Philip Shaibu, Secretary to the State Government, Barr. Osarodion Ogie, Edo State Head of Service, Mrs. Gladys Idahor, the Chief of Staff, Edo State Government, Mr. Taiwo Akerele.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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