Brands/Products
Manufacturers Warn of Imminent Collapse of Soft Drinks Sector
By Modupe Gbadeyanka
The proposed introduction of a 20 per cent ad-valorem excise tax by the federal government on non-alcoholic beverages, which covers the widely consumed Carbonated Soft Drinks (CSD) segment, could lead to the collapse of the soft drinks sector, the CSD arm of the Manufacturers Association of Nigeria (MAN) has cried out.
The group urged the government to rescind its decision on the matter, stressing that such a move would spell doom for the sector as the effect of the prevailing N10 per litre tax regime was already crippling the sector with its biting effects on their businesses, a sector that accounts for 33 per cent of the entire manufacturing sector in Nigeria.
Rising from a meeting last Thursday in Lagos, the sectoral group said “the additional 20 per cent will not only kill the sector but result in the loss of revenue by the federal government and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce,” noting that it was already having devastating effects on the end cost to consumers, considering their poor economic condition.
The group called for the suspension of the excise tax being proposed by the federal government to forestall the collapse of the industry.
Corroborating this position, the Corporate Affairs and Sustainability Director of the Nigerian Bottling Company (NBC), Mr Ekuma Eze, pointed out that the N10 per litre currently in practice has no bearing on profitability for any of the members of the sectoral group.
He stated that since the introduction of the N10 per litre excise tax, businesses in the sector have been experiencing a worrisome decline; the average loss in volume and revenue is 10 per cent between June to September 2022, and it is estimated that the decline will further worsen to 25 per cent by December 2022.
It was stated that with the proposed 20 per cent ad-valorem tax introduction, the collapse of the soft drink market is imminent. This will be catastrophic as thousands of jobs will be affected, and the ultimate aim of the government in collecting revenue will be completely defeated.
Interestingly, the manufacturing industry contributes 15 per cent to the Gross Domestic Product (GDP) of the Nigerian economy, while the food and beverage sector contributes 5 per cent, and with a payment of N202 billion to the government on Value Added Tax (VAT), and N207 billion in Company Income Tax, an enormous amount that would be lost by the federal government if the sector is allowed to collapse, which will have a multiplier effect on infrastructural development and growth of the already troubled economy.
According to the Nigeria Bureau of Statistics (NBS), the food and beverage division of the economy in the last five years generated 1.5 million jobs, both direct and indirect, and it was from 2020 to date that some companies in the sector strived to pay Minimum Tax, which is a pointer to the fact that the business climate is deteriorating, as the companies are finding it difficult to carry out their operations effectively.
By Modupe Gbadeyanka
To make finding the right service provider or reaching the right customer seamless, popular local information portal, Connect Nigeria, has introduced a Quote Request platform.
Connect Nigeria described the new system as “a digital solution designed to make connecting with service providers faster, easier, and more reliable.”
It said the Quote Request was built for consumers who need services quickly and want trusted options without the stress of searching endlessly; and service providers and businesses looking for real, high-intent customers without spending heavily on marketing.
“Whether you need a caterer for an event, a plumber for your home, or a designer for your brand, the platform is designed to connect you with the right people,” Connect Nigeria added.
“By connecting demand directly with supply, the platform creates a more structured and dependable marketplace,” it further stated.
At its core, the Quote Request simplifies the entire process of finding and offering services.
To use the service, users have to submit a request describing the service or product needed, which is then sent to verified vendors on the platform. Interested providers respond within 1–2 days, and users compare offers and choose what works best for their needs and budget.
“Instead of searching for vendors, the vendors come to you, with relevant, tailored responses,” Connect Nigeria explained.
The company expects this new platform to eliminate the stress of endless online searches, delayed or vague responses, and uncertainty about service quality.
As for businesses, it solves poor visibility, inconsistent customer flow, and lost opportunities due to slow response times.
Connect Nigeria Quote Request mobile app is now available on the Google Play Store and Apple App Store.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
