NIGERIA

Coalition of NGO Business Groups seek FGs reversal of new excise duty on alcohol, tobacco

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Federal Government has been urged to reconsider its decision to raise excise duty on locally produced alcohol and tobacco as the new policy risks threatening the over N420bn in investments so far made in the wine and spirits industry. The call was made by a coalition of non-governmental organisations (NGOs) made up of the Business Renaissance Group and Sustained Development Collective while speaking with journalists in Abuja. It would be recalled that the Federal Government on March 11 approved an amendment to the excise tariff rates for alcoholic beverages and tobacco products which is expected to go into effect on June 4, 2018. The President of BRG, Mr. Omife Omife, said that with the new tariff regime, firms in the sector faced high risk of shutdown, especially in the low price segm...

Diageo’s EABL to start producing spirits locally as demand in Nigeria, Kenya grows

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Kenya-based East African Breweries Limited (EABL), a subsidiary of Diageo Plc has announced plans to start producing spirits in its local market as demand for its products surge in Kenya and Nigeria. The company which is known for its Tusker Lager said it will invest $13.88 million (approx. 1.4bn Kenyan shillings) to fund a 20,000 bottles per hour spirits line, which will double its production capacity at a plant in the outskirts of Nairobi. The firm said it will start producing Captain Morgan locally to cut costs and make high-end offerings more widely accessible to both domestic consumers and for export. The Kenyan version of the spirit known as Captain Morgan Gold, will retail for between 800 – 900 Kenyan shillings per 750 ml bottle – half the price of the imported bottles. Production i

Nigerian Breweries plans to lessen impact of new excise tax on consumers through cost savings initiatives

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Nigerian Breweries Plc, said it will lessen the impact of the new excise tax on tobacco and alcohol on consumers that is set to come into effect on 4th June by intensifying cost saving initiatives. The brewer said it would seek to increase its local sourcing of raw materials as well as attempt to obtain further improvements in its sorghum value chain. The firm added that it will consolidate its earnings through improved consumer value engagement, market penetration, stocking to hedge against market volatility as well as ensuring a balance in the management of input costs and price consumers pay for its products. The maker of Star Lager said it is optimistic of achieving 60% local sourcing target by 2020, from the current level of 50%. Speaking to the media ahead of its Annual General Meeti...

Lebanon’s political system leads to paralysis and corruption

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
IT IS difficult to escape the grip of religion in Lebanon. The rules that govern marriage, property rights and inheritance are administered by religious courts. Well-to-do secular Lebanese can fly to Cyprus to marry in civil ceremonies. But once back home, if their relationship goes sour, Muslims still have to deal with religious judges, who rule on divorce, alimony and child custody. Lebanese are increasingly fed up with this way of doing things. The number of believers has steadily declined since 2011. Today almost a quarter of people say they are not devout, according to Arab Barometer, a pollster. Nearly half say they are only somewhat religious. Trust in clerics and the clergy has never been so low. This helps explain why more and more Lebanese want to overhaul the way the country...