Tag Archives: Spirits

No tariff increase on food items, luxury goods as earlier reported – FG

The Federal Ministry of Finance, on Friday, clarified that import duties on luxury goods and food items have not been raised, as was earlier reported.

In a statement issued by the Director of Information, Salisu Dambatta, the ministry said that contrary to some media reports that tariffs on such items have been raised, the government had no such plans at this critical period.

Dambatta further said that instead of increasing import duties, what the government did was to reduce most of the items based on the fiscal measures for 2016.

FG raises import duties on luxury items, consumables including alcoholic spirits, beverages

The Federal Government has raised import duties on luxury goods such as yachts and sport utility vehicles (SUVs) brought into the country, but also included are alcoholic spirits, beverages and tobacco whose tariffs have risen from 20% to 60%.

Guinness Nigeria acquires exclusive distribution rights to Diageo’s premium spirits in Nigeria

Guinness Nigeria Plc announced on Monday that it has acquired exclusive distribution rights to the International Premium Spirits (IPS) brands of Diageo’s Nigerian operations.

Diageo is Guinness Nigeria’s parent with a majority shareholding of 54.3 percent in Guinness stocks and with an expressed intent to increase its stake to 70 percent.

Diageo’s sales growth hampered by currency weakness

Diageo, the world’s largest distiller and maker of key brands like Guinness stout and Johnnie Walker, said that it expected sales growth in 2015 than in the previous year but was being hampered by currency weakness in emerging markets, which would lower operating profits by about £150 million.

In a trading update for its annual meeting, the drinks maker said that it sold more drinks in the first three months of its financial year than a year earlier.