By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ng
  • News
    • Politics
    NewsShow More
    FIRS, Lagos State Sign MoU to Establish Joint Tax Audit System
    February 7, 2023
    Christian Atsu still missing, not found — Hatayspor President
    February 6, 2023
    Abdulrasheed Bawa
    Contempt: Court sentences EFCC boss to Kuje Prison
    February 6, 2023
    Aisha Buhari part of Aso Rock cabals — Naja’atu Mohammed
    February 6, 2023
    Ahmed Lawan
    Supreme Court Ruling Upholds Ahmad Lawan’s Senatorial Candidacy for Yobe North
    February 6, 2023
  • Entertainment
    EntertainmentShow More
    Beyonce
    Beyonce Breaks All-Time Grammy Record with 32 Wins
    February 6, 2023
    Viola Davis
    Viola Davis’ Memoir “Finding Me” Earns Grammy for Best Audiobook Narration
    February 6, 2023
    Viola Davis
    Viola Davis Makes EGOT History, Wins Grammy for Best Audiobook Narration
    February 6, 2023
    Tems
    Tems Shines Bright at the Grammys with Best Rap Melodic Performance Award
    February 6, 2023
    Tony Elumelu Shares Throwback Picture from His Youth Service Days
    February 3, 2023
  • Business & Economy
    Business & EconomyShow More
    FIRS, Lagos State Sign MoU to Establish Joint Tax Audit System
    February 7, 2023
    MTN CEO Ralph Mupita Praises NGX for Democratising Access to Financial Securities
    February 6, 2023
    (L-R) Chairman, Sinoma International Engineering (Nanjing) Co. Ltd., Liu Renyue; President/CE, Dangote Industries Limited, Aliko Dangote; Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin; and Group Managing Director, Dangote Industries Limited, Olakunle Alake at the Signing ceremony in Lagos, of 2x6000 TPD Cement Project, Itori Cement Plc, Ogun State in Lagos.
    Dangote, Sinoma Sign Agreement to Build Six Million Ton Cement Plant in Ogun State
    February 1, 2023
    Emefiele: CBN to Continue Accepting Old Naira Notes After February 10 Deadline
    January 31, 2023
    NNPC Takes Over Addax Petroleum Assets
    January 31, 2023
  • Sport
    SportShow More
    Name on my jersey wrongly spelt — Casemiro
    February 5, 2023
    Nigerian billionaire, Dozy Mmobuosi closes in on buying English club, Sheffield United
    February 3, 2023
    Antonio Conte
    Spurs head coach Antonio Conte to undergo surgery for Cholecystitis
    February 1, 2023
    Man United’s Eriksen ruled out for 3 months over injury
    January 31, 2023
    Osimhen shines as Napoli extend lead in Serie A title race
    January 30, 2023
  • Tech
    TechShow More
    Google announces ChatGPT rival Bard
    February 6, 2023
    Samsung Galaxy S23
    Glo, Samsung Strike Exclusive Deal for New Galaxy S-23 Smartphone
    February 4, 2023
    ChatGPT Plus: OpenAI launches Premium Version of its Popular Chatbot
    February 1, 2023
    SpaceX Launches Starlink Services in Nigeria: The First African Country to Receive Satellite Internet
    January 31, 2023
    Kashifu Inuwa
    Forbes Recognizes NITDA’s Kashifu Inuwa with Best of Africa Corporate Governance Award
    January 16, 2023
Reading: Manufacturers move to hike Soft drinks price
Share
Aa
Okay.ngOkay.ng
Aa
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
EconomyNews

Manufacturers move to hike Soft drinks price

Tesla Lawal By Tesla Lawal Published November 26, 2022
Share
3 Min Read
SHARE

According to the Carbonated soft drinks sub-sector board of the Manufacturers Association of Nigeria (MAN) has said that prices of soft drink may likely soar should the federal government enforce the proposed 20 percent excise tax on non-alcoholic beverages.

The manufacturer further foresaw a further decline in sector revenue base, adding that such move would rub off negatively on the economy.

They stated this at business discussion in Lagos, which had sectoral heads in attendance.

The attendees also highlighted other pressing challenges in the sector which they said would get compounded with the proposed tax.

- Advertisement -

They said the prevailing N10 per litre tax regime was already crippling the sector and SMEs businesses.

According to the Manufacturers Association of Nigeria (MAN), the sub-sector of carbonated soft drinks, soft drink prices could increase if the federal government enacts the planned 20 percent excise tax on non-alcoholic beverages.

The manufacturer added that a further decline in sector revenue base would have a negative impact on the economy.

They made this claim during a business discussion in Lagos, which included sectoral heads.

The attendees also brought up additional urgent issues facing the industry, which they claimed would be made worse by the proposed tax.

They said the prevailing N10 per litre tax regime was already crippling the sector and SMEs businesses.

Speaking at the meeting, Corporate Affairs and Sustainability Director, Nigerian Bottling Company (NBC), Ekuma Eze warned that the proposed tax would result in massive job loss.

He said, “ The 20 percent ad-valorem excise tax will not only kill the sector but result in revenue loss, and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce.’’

Quoting report, Eze said the existing N10 per litre excise tax contributed to 8 percent revenue decline in the sector between June and August 2022.

He added, “It is projected that the decline will hit 25% by December 2022 if not reviewed. This excludes the cost of write-offs of products produced, excised but not sold.

TAGGED: Commodity prices, Man
Share this Article
Facebook Twitter Whatsapp Whatsapp Telegram Email Copy Link Print
What do you think?
Happy0
Love0
Sad0
Angry0
Joy0
Surprise0

Connect with Okay on Social

Facebook Like
Twitter Follow
Instagram Follow
Telegram Follow
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

FIRS, Lagos State Sign MoU to Establish Joint Tax Audit System
Business News
Google announces ChatGPT rival Bard
Tech
Christian Atsu still missing, not found — Hatayspor President
News
Abdulrasheed Bawa
Contempt: Court sentences EFCC boss to Kuje Prison
News
Aisha Buhari part of Aso Rock cabals — Naja’atu Mohammed
Politics
- Advertisement -

You Might Also Like

BusinessNews

FIRS, Lagos State Sign MoU to Establish Joint Tax Audit System

February 7, 2023
News

Christian Atsu still missing, not found — Hatayspor President

February 6, 2023
Abdulrasheed Bawa
News

Contempt: Court sentences EFCC boss to Kuje Prison

February 6, 2023
Politics

Aisha Buhari part of Aso Rock cabals — Naja’atu Mohammed

February 6, 2023
Previous Next
Okay.ngOkay.ng
Follow US

© OKN MEDIA PUBLISHING 2022 - All rights reserved

  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
Welcome Back!

Sign in to your account

Lost your password?