Diageo's Guinness Nigeria sale puts new spotlight on struggling economy [Yahoo! Finance]
Diageo plc (DEO)
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Source: Yahoo! Finance
Western conglomerates will flee Africa's most populous country as inflationary pressure continues to cut consumer spending power. Diageo will sell its 58% stake in Guinness Nigeria to Singaporean group Tolaram for about $70 million but will retain ownership of the Guinness brand. The sale follows a need for “a flexible and asset-light beer operating model,” Diageo said on Tuesday. It will continue to lead marketing strategy for Guinness Nigeria's non-alcoholic malt drinks, alcoholic sodas, and beers including the flagship brand Guinness Stout, which has been sold in Nigeria for more than 70 years. The deal comes on the back of the Nigerian company's recent bumpy performance in the last decade as the naira weakened sharply against the dollar. Guinness Nigeria's loss after tax exceeded 18 billion naira (about $28 million) last year. A decade ago, its profit of 9.5 billion naira was worth over $58 million. An inflation rate jump from 22% to 33% in the past year has crushed Nigeri
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