At breakfast in Davos, Heineken CEO Jean-François van Boxmeer, told executives at the conference that he thought Nigeria is safer for his company than Greece, according to DealBook.He is reported to have said: “Nigeria is more predictable than Greece. I’m speaking of our business.”
Boxmeer said he gauged a country by three primary criteria:
2. GDP growth
Though his advice may be a good rule of thumb he pointed out that perhaps this made sense because his company was in the business of making beer. In keeping with his statement though, Heineken acquired two business in Nigeria on January 12, a move that will boost its capacity to 3.7 million hectoliters.
In their third quarter earnings report, the company released a statement attributing a 1% drop in volume in Central and Eastern Europe and a drop in consumption due to austerity measures in places like Greece. In comparison there was 12% volume growth in Africa with Nigeria accounting for the most growth in the region.