Business

Govt’s Excise Duty Puts 950,000 Manufacturing, Allied industries jobs at Risk of Layoffs

Published

3 years ago

May 18, 2023

580 Views

The increases in excise duty on sweetend beverages, beers, tobacco and single use plastics by the Federal Government will severely affect 950,000 direct and indirect employees in the manufacturing sector’s value chain.

Based on this, the Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the 2023 Fiscal Policy Measures, and retain the 2022 -2024 excise duty roadmap as approved in the 2022 FPM.

This is to foster stability in the affected sectors and their value chain.

Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), said that the government had better suspend the policy in the interest of the national economy.

At a press conference in Lagos, the previous day, the MAN President noted that companies in the affected industries support other businesses in their value chain, cutting across agriculture, logistics, bottling, labelling and packaging businesses, as well as factory and office staff, distribution, wholesale and retail businesses, catering for over 950,000 direct and indirect employees.

” For instance, over 37,000 sorghum farmers rely on the brewing sector for their livelihood. Unemployment rate which stands at 41 percent , puts about 489,000 existing jobs at risk and which will further widen the unemployment gap,” he said .

He explained that a crash in sale volumes and consequent cuts in production will severely impact
these businesses in the value chain, which will have a multiplier effect on the national economy.

” For instance, supplier transactions in the sector declined by over N260 billion by the end of 2022, when compared to 2021,” he said.

He said that retaining the 2023 FPM will have a negative signalling effect on current and prospective investors.

“A continuing decline in sale volumes will necessitate production cuts and a re-evaluation of investments in the sector. Specifically, if sales proceeds can no longer sustain
business overheads and operating expenses, businesses will be forced to scale
down their operations which would result in factory closures, job losses, a decline in exports and much more.

It is instructive to note that the Excise increase is a direct attack on Foreign Direct Investment (FDI),” he said.

Commenting on the introduction of the Single Use Plastics tax, he said that it is necessary for the authority to reverse the tax on Single Use Plastics and engage with relevant stakeholders
to facilitate ongoing initiatives, which have a better prospect of achieving the desired environmental objectives.

“A good example of this is the Food & Beverage Recycling Alliance, approved by the federal government,” he said.

Business

BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

7 hours ago

July 17, 2026

OCHEFA

26 Views

Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.

Business

Naira Exchange Today Rates Friday,July 17

Published

8 hours ago

July 17, 2026

OCHEFA

26 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 417 Sell ₦1,423

GREAT BRITISH POUND (GBP)Buy ₦1,900 Sell: ₦1,920

EURO (EUR) Buy ₦1,600 Sell ₦1,615

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,381.53

GREAT BRITISH POUND (GBP) ₦1,866.17

EURO (EUR) ₦1,582.68

SWISS FRANC (CHF) ₦1,710.03

JAPANESE YEN (JPN) ₦8.51

CHINESE YUAN (CNY) ₦204.05

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,876.60

SAUDI RIYAL (SAR) ₦367. 87

SOUTH AFRICAN RAND (ZAR) ₦84.08

Business

IEA ratifies Nigeria as an Association Country

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;

Published

4 days ago

July 13, 2026

OCHEFA

76 Views

Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA

The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.

Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.

“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said

“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.

In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.