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
Another award has been added to the shelves of Airtel Nigeria for the quality service it offers its numerous subscribers.
At the 14th Nigerian NewsDirect Awards held at the Lagos Oriental Hotel on Friday, December 6, 2024, the company went home with the Most Preferred and Admired Telecommunications Brand award.
The chief executive of Airtel Nigeria, Mr Dinesh Balsingh, thanked the news platform for the recognition, reiterating the dedication of the organisation towards the growth of Nigeria.
“At Airtel, we remain steadfast in our mission to enrich lives and contribute to the sustainable growth of our nation, and we are proud to receive this award as the Most Preferred and Admired Telecommunications Brand.
“This recognition reaffirms our commitment to connecting Nigerians, driving digital inclusion, and empowering communities through innovative solutions,” he said.
The ceremony, themed Achieving Economic Prosperity: The Role of Human Capacity Development, Fiscal Prudence, and Revenue Generation, celebrated outstanding contributions made by individuals and corporate organisations to national development across sectors and industries.
The chairman of Odu’a Investment Limited, Mr Bimbo Ashiru, thanked all participating entities for their “continuous contributions and support to the nation’s growth.”
“You have demonstrated excellence and have significantly contributed to Nigeria’s progress and we believe this platform will continue to highlight and encourage best practices across industries,” he stated.
The event attracted several persons, including the chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair; and the Registrar-General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji; among others.
By Modupe Gbadeyanka
The second edition of the Ibadan Chops and Chills Festival held on December 1, 2024, received the backing of Rite Foods Limited.
It was a platform for young entrepreneurs, food vendors, and entertainers to showcase their talents and promote the rich cultural heritage of Oyo State in particular, and Nigeria in general.
Rite Foods used the event to foster growth and innovation among enterprising youths in society in demonstration of its commitment to youth empowerment and community engagement.
The Corporate Communications Manager at Rite Foods, Mr Innocent Adulugba, said, “As a manufacturing company driven by innovation, Rite Foods Limited believes in the power of young people and the importance of providing platforms that enable them to showcase their skills and talents.”
“The Ibadan Chops and Chills Festival aligns with our mission to inspire, support, and add value to talents and entrepreneurs across Nigeria,” he added.
“Rite Foods Limited recognizes the Ibadan Chops and Chills Festival as a platform for growth and that is why the company is here today to leverage support so the participating food exhibitors can benefit via joint marketing efforts, co-promotions, and expanded distribution channels under one roof,” Mr Adulugba stated.
“We are partnering with food vendors to offer consumers a more comprehensive and enjoyable experience, such as pairing beverages like Bigi, Sosa or Fearless with complementary food options of their choice,” he noted.
Also speaking, the convener of the programme, Ms Chinwendu Festus of Wendy’s Kitchen, said, “The first edition of Ibadan Chops and Chills was a success, which inspired us to aim higher this year.
“Our goal is to provide young people with the space to showcase their culinary talents, grow their businesses, and connect with a broader audience.”
The Commissioner for Youth and Sports, Ms Wasilat Adefemi Adegoke, stated, “This initiative is one of the best I have seen. It aligns perfectly with our administration’s goals of empowering the youth, promoting cultural heritage, and fostering talent.”
It was gathered that the festival featured cooking competitions, entertainment shows, guest tours and vendor exhibitions, which highlighted the diversity and ingenuity of participants and the diversity of food options on display.
In this economy, you can’t be paying for things and not getting the full value. Unfortunately, that’s how most cable TV subscribers feel. It’s like there’s a lot on TV, but nothing for you. Here’s a solution to that problem. We’ve taken the time to sieve through everything, so you don’t have to. Here are a few tips to help you make the most of your GOtv subscription during the holidays.
Take Advantage of the Golden Window Offer: The best entertainment sits on GOtv Supa Plus – and there’s an easy step to get there. To celebrate, GOtv is extending the Golden Window deal for Supa+ subscribers. Instead of paying the regular ₦15,700, you can now enjoy the Supa+ package for just ₦13,900. That’s where all the Premier League games sit. There’s a game almost every day this period. You also get Africa Magic Showcase for a little family drama – relive the easy-to-watch TV series, suitable for the family. Don’t miss out on this premium offer; take advantage of the savings while you can.
Check Out New Channels: Why not try something new and explore different channels this Christmas? It’s a great chance to step outside your usual picks and discover some festive gems and fresh content you might not expect. From comedy specials to music concerts. For example, the Holiday Pop-Up Channel will have the most recent stand-up comedy show from Nigeria’s best stand-up Comedian – Bovi — Christmas with Bovi (December 24th–26th). It’s also better to watch the Calabar Rocks Music Concert, Naija Most Wanted, and the Akwa Ibom Christmas Carols Festival 2024 on TV than under the sun.
Set Reminders for Special Movies and Shows: With all the festive activities going on, it’s easy to forget and get lost in pointless scrolling online. A simple reminder can remind you to take a break from triggering social media posts and enjoy wholesome entertainment on TV. From new Africa Magic originals like ‘The Jump’ and ‘10th Anniversary’ to classic favourites like Bad Moms and Problem Child – a classic, there’s so much to enjoy. Set those reminders so you can enjoy all the festive cheer without the fear of missing out.
Host Watch Parties: The holidays are all about spending time with loved ones, and what better way to do that than by hosting a watch party? With your GOtv subscription, you’ve got everything you need for a fun-filled day. Picture this: Christmas Day, surrounded by family and friends, all gathered together to enjoy the Bovi Comedy Special—Christmas with Bovi. Whether it’s a comedy special, a classic holiday movie, or the latest Africa Magic original, there’s something to bring everyone together. So, make it a date, prepare the Christmas rice and chicken, and enjoy.
Stream Online via the GOtv App: During the festive season, homes are often buzzing with family members coming together to celebrate. If your household is anything like this, the battle for control of the remote and deciding what to watch can get intense. To avoid the remote wars, you can make use of the GOtv Stream app. The real owners of the remote can watch what they want while you stream yours – everyone wins.
So, go ahead and subscribe now or upgrade to unlock the cheer and excitement of the season with GOtv. Take advantage of the GOtv Supa Plus Golden Window and pay just N13,900 instead of the usual N15,700.
To upgrade, subscribe, or reconnect, simply download the MyGOtv app or dial *288#. To catch up and for on-the-go viewing, don’t forget to download the GOtv Stream App and enjoy your favourite shows anytime, anywhere.
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