Leading the Recovery: Thibaut Boidin on Growth, Resilience and the Future of Nigeria’s Beverage Industry

Excerpts from an exclusive interview with Thibaut Boidin, MD/CEO, Nigerian Breweries Plc, by Nancy Iloh-Nnaji

As Nigerian Breweries marks 80 years of operation, its Managing Director/CEO, Thibaut Boidin, reflects on navigating economic headwinds, reshaping strategy for recovery, and positioning the company for long-term growth in a complex and fast-evolving market. In this conversation, he shares insights on leadership, consumer shifts, innovation, and the future of Nigeria’s beverage industry.

On His Career Journey and Leadership Foundations

**Nancy:  **_You’ve led across continents — from the French armed forces to corporate boardrooms in Europe and now Nigeria. What has shaped you the most? _

MoreStories

TD Africa, Cisco and Arravo Host C-Level Event on Secure and Intelligent Networking

March 4, 2026

Union Dicon Salt Plc says it’s unable to reach its 40% majority shareholder

March 4, 2026

Thibaut: \

My career wasn’t really planned. I didn’t initially intend to join the French Army, but that experience shaped me deeply. At 24, I was leading a team of 30 people in the Amazon. It taught me how to lead in uncertainty, align people, and manage risk. From there, my career evolved from opportunity to opportunity, often following inspiring leaders. Each experience shaped me in a different way.

Later roles across Europe taught me how to influence without direct authority and how to drive transformation across diverse markets. Today in Nigeria, those lessons remain relevant — alignment, clarity, and resilience matter enormously.

Leadership Philosophy

Nancy: How would you describe yourself as a leader? What is your leadership philosophy?

Thibaut: I grew up largely outside France, in Turkey, Romania, Australia, Brazil, Spain, Cameroon and that shaped me both personally and professionally.

My philosophy is simple: I believe in creating a safe environment for people while stretching them with high expectations. That combination drives healthy and sustainable growth. Safety without stretch doesn’t deliver results, and stretch without safety doesn’t last.

Nancy: So are you the calm and calculated CEO, or the “let’s move now” CEO?

Thibaut: A bit of both. You need both, especially in a company like Nigerian Breweries, large, impactful, and operating in a fastmoving consumer goods environment.

The market moves fast, consumers change fast, and the bigger the organization, the slower it can become. My role is to bring the right level of speed while maintaining discipline and thoughtfulness.

On Leading in Nigeria’s High-Energy Market

Nancy: What surprised you most when you arrived in Nigeria?

Thibaut: The complexity. Nigeria is like a country of countries. The diversity — north, east, west, different cultures, traditions, music, dress. It’s remarkable. It’s far more diverse than what I experienced in Europe.

Nancy: Nigerian consumers are resilient, expressive, brandconscious, and pricesensitive. What have you learned about them, and how do you balance global best practices with local realities?

Thibaut: I see clearly two major consumer groups in Nigeria.

About 20% of consumers behave like those in Western Europe or the US — premium, spirits, mixology, lifestyledriven consumption. Global trends show up strongly there. So there’s a lot of trends that you see outside of Nigeria that you actually see within these 20% of the population.

At the same time, 80% of the population faces affordability pressure. For them, our responsibility is to ensure the right value propositions so they can still enjoy our brands.

In the world, you see these two big trends. Some markets that are very mature where beer is a bit, under pressure. You could see this in the global figures moving towards different expectations in terms of experiences. And then you have another big trend that is affordability that you can see also in other markets like in India. The challenge is understanding both groups deeply and responding with the right portfolio choices.

Leading Through Crisis and Recovery

Nancy: Let’s talk about leadership in a highenergy market like Nigeria. Nigerians move fast. Over the last few years, especially since you arrived. Inflation has been intense, and that has changed consumer behavior significantly. While inflation is now moderating, how has Nigeria’s pace shaped the way you lead Nigerian Breweries Plc?

Thibaut: That’s a very good question. For me, there are two big steps ahead of us.

One is reacting to the tailwinds of the crisis we’ve experienced, both as an industry and as a country. Prices had to increase, inflation was extremely high, and disposable income came under serious pressure. All of that put significant strain on the beer industry, and the market declined over the last few years. So we have to respond, particularly around revenue and margin growth, and how we approach pricing this year and in the years ahead. That’s the short term.

The long term is a bit more complex. Going back to my 20% and 80%, what really matters is understanding how these two large consumer groups will evolve and how we adapt our portfolio to stay relevant to both.

We’re actually extremely lucky because our portfolio is relevant to virtually every Nigerian. From Maltina and HiMalt for younger consumers, to a wide range of beers, everything from international brands to locally brewed options. In fact, all our products are produced here in Nigeria. Beyond beer, we now have the Distell portfolio: wines, spirits, carbonated soft drinks, and energy drinks. It’s a very broad offering.

The key question is whether we need such a large portfolio, and which brands are truly the most relevant for our consumers. We also have to balance very different trends. About 20% of the population is looking for different taste profiles, perhaps healthier options, flavored beers, or new consumption experiences. Meanwhile, large parts of the country, like the North with 110 million people have completely different expectations and preferences.

So the longterm answer is not simple. We haven’t fully cracked it yet, but we’re working closely with the team, and by around the middle of this year, we should have much clearer direction.

Nancy: Your recent results show a strong rebound. What do the numbers really tell us?

Thibaut: 2025 was a turnaround year, but we are still in recovery.

Revenue grew significantly, profit returned, and cash flow is positive again. However, retained earnings are still negative, so we’re not paying dividends yet. There is still work to do.

Three things enabled the turnaround:

First, organizational focus and alignment. The entire company rallied behind clear priorities. This was a collective effort across breweries, sales, logistics, marketing, and head office teams.

Second, smart pricing and revenuemargin management, which helped us navigate affordability challenges.

Third, strong cost discipline, with savings reinvested behind the right priorities.

Macroeconomic stabilization also helped, but affordability pressure on the industry remains.

Nancy: Are you optimistic that this could be the start of a new growth cycle?

Thibaut: Very optimistic. Nigerians are incredibly optimistic. There’s a strong cando mindset, a belief that things are possible. That matters.

From a business perspective, we refreshed our long term vision, aligned with Heineken Evergreen 2030, with growth as the top priority. Given our size and history, it’s our responsibility to help return the industry to growth.

Culture, Performance, and People

Nancy: What culture are you intentionally building at Nigerian Breweries?

Thibaut: Culture should evolve, not be transformed. Nigerian Breweries has been successful for 80 years for a reason. The pioneering spirit, performance mindset, joy of true togetherness, and people focus are already part of our DNA. So, I don’t think there’s a revolution. Now the culture of performance can still improve. Because in the markets where you have this volatility. This still requires some shifts, but we want to do this and we’re doing it step by step without breaking what makes us. What we’re strengthening is speed of execution, crossfunctional alignment, and performance, without losing our care for people.

Nancy: High performance comes with pressure. How do you balance stretch with psychological safety?

Thibaut: Performance and behavior must go together. You cannot overperform without behaving well, and the opposite also doesn’t work.

It starts with leadership. The executive team must lead by example. We aligned early on how we want to behave, how we lead, and how we create safety while stretching people.

Transparency is critical — honest feedback, openness to challenge, and listening. When people challenge me, I’m happy. It means I’m hearing the real truth.

Safety comes from how leaders respond. Stretch comes from ambition and responsibility, not pressure for pressure’s sake.

On Innovation, AI and Digital Transformation

Nancy: How are you thinking about innovation and Gen Z?

Thibaut: Innovation is not necessarily about launching many new products. We already have a very strong portfolio.

The real question is execution, understanding consumers deeply and delivering the right solutions. Brands like Desperados resonate strongly with Gen Z, and pack innovation also plays a role. Our focus is on executing the portfolio well and meeting evolving expectations

Nancy: Let’s talk about AI. We’re in what many call the Fourth Industrial Revolution. What possibilities do you see for AI? Is the industry prepared for this level of digital disruption, and how do you see it impacting Nigerian Breweries?

Thibaut: My view on AI is simple — we should approach it with curiosity, but also with caution.

Caution because no one fully understands the long-term implications of this technological shift. Historically, society reflects on the consequences of major revolutions only after they’ve happened. And AI will fundamentally affect how we live and how we work. That requires thoughtful leadership.

At the same time, we must actively explore the opportunities. At Nigerian Breweries, we are already deploying AI in targeted ways. Our Digital & Technology team is running several practical applications — some small, but highly effective. We are also exploring AI-driven solutions that enhance customer engagement and operational efficiency.

The key question is not whether to invest in AI, it is where to invest. AI can absorb significant capital with limited return if not carefully prioritized. So we are being disciplined about resource allocation, focusing only on use cases with clear business value and strong ROI potential.

We are adopting a test-and-learn approach, starting small, scaling what works. The advantage of AI is that it improves over time. It learns, it evolves. That makes experimentation essential.

In short, we are optimistic, but pragmatic. AI is not a trend to chase. It is a capability to build deliberately and responsibly.

Legacy and the Next 80 Years

Nancy: Beyond beverages, what impact have you had in Nigerian communities? I know you’ve built partnerships around culture, sports, and social impact. How does this strengthen your brand and legacy as you look to the next 80 years?

Thibaut: Community impact is not separate from our business. It is part of how we build a lasting legacy.

Let me give you two examples.

The first is Maltina Teacher of the Year. I experienced it personally this past year, and it left a strong impression on me. Not because it carries our brand name, but because it supports education. If you want to grow a country sustainably, you must invest in education. For over a decade, we have supported teachers across Nigeria, recognizing and rewarding excellence.

Education builds human capital. Human capital builds nations. And strong nations build strong businesses.That is why I want us to accelerate this programme, to deepen its reach and long-term impact.

The second example is localization. We produce in Nigeria, for Nigeria. But beyond manufacturing, we are focused on increasing local sourcing, particularly in agriculture. Sorghum is already widely sourced locally, and we are exploring how to strengthen barley production domestically as well. My Supply Chain Director is currently in the North working with farmers, and I will be visiting soon myself.

These initiatives may seem far from selling beverages, but they are fundamental to our future. They build trust, resilience, and long-term relevance. If we want to lead this industry for the next 80 years, our impact must extend beyond products. It must be felt in classrooms, on farms, and in communities across Nigeria. That is how you build a brand that lasts.

Nancy: What does 80 years mean to you personally?

Thibaut: It’s a huge honor and responsibility. Many leaders came before me, and my role is to help build the next 80 years.

We will celebrate the legacy properly, but the biggest celebration would be returning to volume growth.

Nancy: When you look at the next decade, what excites you the most about Nigerian Breweries?

Thibaut: The potential.

So the potential of this company, and I really mean it because I think people deserve it, and this history of Nigerian Breweries deserves us to continue to lead these markets, to innovate in the markets, but also to grow the markets.

The potential is huge. You have 230 million people in Nigeria. It is going to be the third biggest country in the world in 2050. So the potential is, absolutely huge.

Our job now is to make sure that we have the right portfolio, the right partners, the right customers, the right route to markets to make sure that we capture this potential.

Nancy: Finally, what legacy would you like to leave?

Thibaut: Growth.