A firm must constantly adjust its internal resource architecture to survive severe environmental shocks in volatile emerging markets. This case analysis evaluates the strategic resilience, operational adaptation, and balance sheet reconstruction of Nigerian Breweries (NB) PLC after the recent historic currency devaluations and inflationary pressures in Nigeria using the Resource-Based View (RBV) and the dynamic capabilities perspective. Employing the Harvard Business School (HBS) strategic framework as an analytical lens, we explore how the firm used its deeply embedded, path-dependent Route-to-Market (RTM) infrastructure and brand equity to transition from defensive balance sheet protection to offensive margin recovery. The analysis indicates that the execution of a multi-billion-naira rights issue systematically altered the capital structure of the firm, offsetting volatile foreign exchange exposure and reducing net finance costs. At the same time, the corporate integration of Distell Wines and Spirits Nigeria is an example of an asset-orchestration capability that has successfully taken the group’s product line into higher-margin segments. This strategic analysis illustrates that even as external macroeconomic pressures dictate the short-term dynamics of the industry; the long-term survival and sustainable competitive advantage (SCA) of a company will be driven by the internal ability of the firm to structurally realign, protect, and deploy its idiosyncratic, valuable, and inimitable corporate resources.

 Keywords: Resource-Based View, Dynamic Capabilities, Sustainable Competitive Advantage, Asset Orchestration, Emerging Markets, Corporate Restructuring, Nigerian Breweries PLC.