Manufacturer of Alomo Bitters, Kasapreko Company Limited, has disclosed that it has lost about $2 million in revenue as a result of the closure of Nigerian borders. The Ghanaian company made this known in a report signed by its Head of International Business Development, Francis Holly Adzah.
According to the report, the company had managed to transport three loaded trucks before the border was closed. The other trucks have been grounded at the border and its products wasted away.
“[We] managed to send in three trucks of products to the Nigerian market moments before the border was closed, Four other trucks loaded with products, one at the border and the others at the premises of the manufacturing company, have been left grounded due to the border closure by Nigeria, according to report.
“In September, we lost $1 million to the closure. October is almost ended and our checks show a loss of another million dollars. The situation is getting out of hand and very serious,” Adzah said.
This led to the company’s decision to venture into other African regions like Ivory Coast, Senegal, Togo, Benin and other European markets so as to offset the loss incurred from the Nigerian market due to the border closure.
What you should know: Kasaprenko has a huge market share in Nigeria as its beverage, Alomo Bitters, is widely consumed by Nigerians. Reports have it that in 2018 the company sold 580,000 cartons (13.9 million bottles) of Alomo Bitters in Nigeria alone.
The herbal alcoholic drink, which entered the Nigerian market in 2014, is mostly taken by men to enhance their sexual performance and virility. However, it is also acclaimed to have plants and herbs that are good for blood circulation with anti-malaria and anti-fever properties.
Meanwhile, prior to this disclosure, Nairametrics reported that members of the Ghana Union of Traders Association (GUTA) intended to stop the influx of Nigerian products imported to Ghana as a retaliatory move to the border closure. However, the Ghanaian government is yet to make a decision.