Daily Archives: October 28, 2019

European Commission shows off how to use European dairy products in African cuisines


The European Commission, in partnership with French Dairy Interbranch Organization (CNIEL), recently hosted professionals, talented African cooks and media to tastings and workshops on the use of European dairy products in the African cuisine.

Internationally acclaimed Chef Christian Abegan and Pierre Gay, Meilleur Ouvrier de France Fromager (Best Cheesemonger in France) facilitated the programme, themed, “Afrogourmands” in Lagos.

VAT increase will hurt businesses, consumers – Guinness Nigeria

Guinness logo

Guinness Nigeria Plc has said that the ongoing plans by the Federal Government to raise the Value Added Tax (VAT) rate from 5% to 7.5% would have a negative effect on businesses in the country.

The company made this known when its chairman, Mr. Babatunde Savage spoke at the company’s 2019 Annual General Meeting in Abuja recently. He said that a VAT increase would negatively impact manufacturing firms in the country, increase the cost of doing business and further reduce the disposable income of Nigerians.

Nigerian Breweries’ profit decline seven consecutive quarters as excise tax increase bites

bottles of beer

Nigerian Breweries Plc has reported a further decline in earnings for the first nine months of its financial year. Profits fell by 17% to N12.3bn from N14.8bn in the previous year. It would be the seventh consecutive quarter that the company’s profit has declined.

Cadbury Nigeria sustains growth momentum in nine months

Cadbury Nigeria building

Cadbury Nigeria Plc reported higher profits in the nine months to the end of September, with earnings rising to N648m from N172m in the same period in 2018.

The profit growth was driven by a 7% rise in revenue to N28.9bn from N26.9bn. The company also benefitted from a tepid rise in cost of sales to N23bn from N21.6bn and administration expense which rose marginally by 2%.