Business

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

Published

3 years ago

May 18, 2023

689 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

Naira Rates To Dollar, Pound ,Euro… Friday, October 2

Published

18 hours ago

October 2, 2026

OCHEFA

16 Views

BLACK MARKET RATES

₦1375DOLLAR (USD)

₦1845 POUND (GBP)

EURO (EUR) ₦1550

₦1000 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦370 UAE DIRHAM

₦190 CHINESE YUAN (CNY)

₦100 GHANA CEDI (GHS)

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR (AUSSIE)

Official CBN Exchange Rates

DOLLAR (USD)₦1329.16

POUND (GBP)₦1766.59

EURO (EUR) ₦1510.06

SWISS FRANC (CHF) ₦1593.91

JAPANESE YEN (JPN)₦8.47

CFA FRANC (XOF) ₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23

CHINESE YUAN (CNY) ₦198.25

SAUDI RIYAL (SAR) ₦353.97

SOUTH AFRICAN RAND (ZAR) ₦81.18

Business

Obasanjo: “Aliko Embarrass Me”

He got all his workers together in that refinery and said, without telling me, and there, said…

Published

2 days ago

October 1, 2026

OCHEFA

34 Views

Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.

Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.

He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”

According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.

He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.

He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”

Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.

“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”

Business

Minister Tasks Charcoal Merchants on Sustainable Forestry

The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.

Published

2 days ago

October 1, 2026

OCHEFA

36 Views

•Charcoal merchants and other stakeholders in the forestry sector

The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.

The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.

Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.

The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.

Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.

He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them

( THISDAY)