Business

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

Published

3 years ago

May 18, 2023

557 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 Exchange Rates To Foreign currencies Tuesday, 23 June 2026

Published

20 minutes ago

June 23, 2026

OCHEFA

3 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,369.11

GREAT BRITISH POUND (GBP) ₦1,815.44

EURO (EUR) ₦1,566.39

SWISS FRANC (CHF) ₦1,692.14

JAPANESE YEN (JPN) ₦8.46

CHINESE YUAN (CNY) ₦202.08

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,862.29

SAUDI RIYAL (SAR) ₦364.65

SOUTH AFRICAN RAND (ZAR) ₦83.36

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1,400

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 590 Sell ₦1, 610

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

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

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

Okereke-Onyuike Hails CIS First Female President, Ahimie

Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.

Published

23 hours ago

June 22, 2026

OCHEFA

29 Views

Photo: Okereke-Onyuike

Former Director-General of The Nigerian Stock Exchange (now NGX), Professor Ndi Okereke-Onyuike, has described the emergence of Dr Fiona Ahimie as the first female and 14th President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS) as a historic breakthrough for gender inclusion and leadership within Nigeria’s capital market.

Professor Okereke-Onyuike made the remarks when she hosted Ahimie and a high-powered delegation from the Institute on a courtesy visit ahead of the President-Elect’s inauguration scheduled for June 25, 2026.

During the visit, Ahimie formally invited Professor Okereke-Onyuike to attend the historic event.

Welcoming the delegation, Professor Okereke-Onyuike expressed delight at the election of Dr Ahimie, noting that her emergence represents a defining moment in the 30-year history of the Institute and a significant milestone for women in the financial services sector.

Okereke-Onyuike commended the CIS for demonstrating confidence in the leadership capacity of women and for taking a bold step towards strengthening gender balance in the profession.

Business

Crude Oil Prices Plunge Following Progress in US-Iran Nuclear Talks

Published

23 hours ago

June 22, 2026

Charles Flames

34 Views

Oil prices tumbled sharply on Monday as reports of advancing diplomatic talks between the United States and Iran eased fears of supply disruptions in the Middle East, a key global crude production hub.

Brent crude futures fell more than 4% in early trading, dropping below $78 per barrel, while West Texas Intermediate (WTI) crude lost over $3, trading around $74. The decline marks the steepest one-day drop in several weeks.

Market analysts attributed the sell-off to optimism surrounding indirect negotiations between Washington and Tehran aimed at reviving elements of the 2015 nuclear deal. Sources familiar with the discussions indicated that both sides have shown flexibility on key issues, including sanctions relief in exchange for limits on Iran’s uranium enrichment program.

“Geopolitical risk premium that had been built into oil prices is evaporating fast,” said Sarah Thompson, senior commodities analyst at Global Energy Insights. “Any de-escalation in US-Iran tensions typically leads to a swift market reaction, as investors price in the potential return of Iranian barrels to the international market.”

Iran, which holds some of the world’s largest proven oil reserves, has been largely cut off from global markets due to stringent U.S. sanctions. A successful diplomatic breakthrough could add hundreds of thousands of barrels per day to global supply within months, according to industry estimates.

The price drop comes amid other supportive factors for lower energy costs, including strong U.S. production levels and signs of moderating demand growth in China. However, some traders cautioned that the talks remain fragile and any setback could quickly reverse the gains.

White House officials declined to comment on specifics but reiterated the administration’s commitment to preventing Iran from developing nuclear weapons through diplomacy when possible.

Energy markets will closely watch developments in the coming days, with the next round of discussions expected to take place in a European capital.