Prices of soft drinks rise amid FX woes, inflationary pressure

Prices of soft drinks are on the rise as the industry continues to grapple with the fallout from macroeconomic headwinds induced by the drop in oil price. Nigerian Bottling Company (NBC), the More »

How brewers are selling beer with folklore

As Nigeria’s recession deepens and consumers pockets are squeezed, majority of those still drinking have shifted their beer preferences to value or low cost brands. Nigerian Breweries Plc, the country’s leading brewer More »

Category Archives: Wines & Spirits

CPC endorses FG’s move to increase excise duty on alcohol and tobacco

The Consumer Protection Council (CPC), on Tuesday put its weight behind the Federal Government’s decision to raise the excise duty rates on alcoholic beverages and tobacco products.

The agency’s Director-General, Mr Babatunde Irukera, said the increase would serve as a measure to reduce the risks of abuse and disease. Irukera said that though CPC protected the rights of all consumers and their prerogative to make personal lifestyle choices, it, however, encourages responsible consumption in all circumstances.

MAN opposes excise duty rate increase on alcohol, tobacco; seeks its reversal

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the newly proposed excise duty rate increase on alcohol and tobacco products, saying that its implementation will lead to job losses and plant closures in the affected industries.

The President, MAN, Dr. Frank Jacobs, spoke on the issue in Lagos on Wednesday while addressing the media on the association’s position on the African Continental Free Trade Agreement.

Hospitality industry reacts to ban of alcohol by Kwara State

The hospitality industry have called on the Kwara State Government to lift the ban on the sales, production and consumption of alcohol in the state.

They said the enforcement of such a law would have far reaching effect on the nation’s economy and the hospitality industry.

They spoke with newsmen in separate interviews on Friday in Lagos.

NUFBTE chides FG’s new excise duty on alcoholic beverages, tobacco

The National Union of Food Beverage and Tobacco Employees (NUFBTE) has criticised the Federal Government and threatened to go on a labour strike over the planned increase on the excise duty rates for alcoholic beverages and tobacco.

While speaking at a meeting by the organised labour, President of NUFBTE, Lateef Oyelekan, said that more than 20,000 workers are presently employed in the alcoholic and tobacco sector and may lose their jobs if the amendment takes effect.

Kwara State bans alcohol sale, consumption

Kwara State Government has banned the sale and consumption of alcohol. Governor Abdulfatah Ahmed, has signed into law a bill banning the sale and consumption of alcohol in certain areas of the state.

The bill known as the Prohibition Against the Production, Sale, and Consumption of Liquor in Certain Areas Law 2018, was passed by the State Assembly and signed into law by the governor.

New excise duty rates on alcohol, tobacco too low – IMF

The International Monetary Fund (IMF) has said that the recently implemented excise duty rates for alcoholic beverages and tobacco products by the Federal Government of Nigeria were too low and instead should be higher to act as “a fail-proof revenue raising strategy.”

The World body is recommending a 100% increase in excise duty be slapped on the affected products to conform to global norms.

Tariffs on Alcohol, Tobacco to go up in June 2018 – Finance Minister

The Federal government has signed-off on the implementation of a new excise duty regime on alcoholic beverages and tobacco products as it seeks to raise government’s fiscal revenues.

President Muhammadu Buhari has approved an amendment to the excise tariff rates for alcoholic beverages and tobacco products which are slated to go into effect on 4th June 2018, the Minister of Finance, Mrs. Kemi Adeosun said on Sunday.

Brown-Forman sustains momentum as nine months sales rise 9%

Brown-Forman Corp, the US-based spirits firm behind such brands as Jack Daniel’s whiskey, Woodford Reserve and Old Forester bourbon reported its nine months results through 31 January 2018 on Wednesday, with the Louisville, Kentucky based firm posting a 9% revenue growth to $2.5bn. In the third quarter alone, sales rose 9% to $878m.

Coca-Cola to venture into alcoholic drinks

Coca-Cola has announced it would start making alcopops in Japan.

Alcopops are a special type of alcoholic beverages that mixes flavoured or real fruits such as apples, citrus, lemon and others with spirits like vodka, rum, etc.

Gruppo Campari sustains growth as full year revenue rise 5.2%

Gruppo Campari, the Italy-based spirits firm behind brands such as Campari aperitif, Wild Turkey bourbon and Skyy vodka reported full year 2017 revenue increase of 5.2% to €1.8bn, thanks to the continued growth of its Global Priorities and Regional Priority brands.

Net profit for the period surged 114.3% to €356.4m from €166.3m in the previous year.