Tag Archives: Nigeria

FG, UNITAR, Guinness renew partnership to reduce accidents, deaths

The Federal Government, yesterday, renewed the three-year partnership agreement with the United Nations Institute for Training and Research, UNITAR and Diageo, parent company of Guinness Nigeria, aimed at reducing deaths and injuries through accidents in Nigeria.

The agreement was signed on behalf of Nigeria by the Minister of Transport, Rotimi Amaechi, while Mr. Baker Magunda, Managing Director of Guinness Nigeria and Mr. Nikil Seth, Executive Director, UNITAR, signed for the various organizations.

Senate seeks suspension of proposed excise duty rate increase on locally produced alcoholic beverages

The Senate, on Tuesday called on the Federal Government to suspend the planned excise duty increase on locally produced alcoholic beverages set to go into effect on June 4th. The Upper Chamber of the National Assembly said that the increase which would raise the excise duty rate on alcoholic beverages from the current rate of 20% to 67% represents a 300% increase and should be suspended until there is a better understanding of the new policy by all stakeholders in the interest of the national economy.

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.

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.

Nigeria Welcomes FIFA World Cup Trophy Tour

The much anticipated FIFA World Cup Trophy Tour arrived in Nigeria on Wednesday, with a first stop in Abuja, Nigeria’s capital and was received by the President, Muhammadu Buhari at the Presidential Villa. Also present at the welcoming ceremony were other stakeholders such as the President of the Nigeria Football Federation (NFF), Amaju Pinnick, Minister of Sports, Solomon Dalung, officials of the Coca-Cola Company including the Managing Director of Coca-Cola Nigeria Limited, Bhupendra Suri and his counterpart and Managing Director at the Nigerian Bottling Company (NBC), Georgios Polymenakos.

Coca-Cola to unveil ‘Safe Birth Initiative’ for Ivory Coast and Nigeria

Soft drinks giant Coca-Cola  on Thursday announced the launch of “The Safe Birth Initiative” a new programme to aid the Health Ministries of Ivory Coast and Nigeria tackle high maternal and infant mortalities.

The pledge was made by the company’s Group President for Europe, Middle East & Africa (EMEA), Brian Smith while paying a courtesy visit to the President of Ivory Coast, His Excellency Alassane Ouattara.

Nigerian Beer Festival Kicks-off amid Merrymaking

The First Nigerian Beer Festival got underway on Monday evening as billed amid an atmosphere of celebration at the Atlantic City Waterfront, Victoria Island, Lagos.

The event opens daily with hundreds of fun seekers trooping to the waterfront to enjoy the excitement, fun and entertainment of the carnival.

Nigeria now second leading producer of Sorghum in the world

Nigeria’s agricultural production of sorghum has leaped to the second place, now trailing only the United States in annual production.

Data obtained from the United States Department of Agriculture (USDA) forecasts world sorghum production at 59.34 million metric tonnes for 2017/2018.

Of this number, USA’s output is projected to reach 8.4m metric tonnes while Nigeria is second with 6.4m metric tonnes, and Mexico comes in the third position with 6.0m metric tonnes.

Nigeria’s dollar scarcity to persist – Moody’s

Nigeria’s dollar scarcity is likely to continue in the foreseeable future despite recent efforts by the Central Bank of Nigeria (CBN) to make more dollars available, according to Moody’s Investors Service.

In a report released by the global rating agency on Wednesday, which it said was an “Update to the markets,” the firm said that despite recent progress in foreign exchange liquidity, dollar availability in Nigeria are unlikely to return to previous levels.

Beta Glass first quarter profit surges as revenue growth fuels strong start to 2017

Beta Glass Plc, on Friday reported its first quarter results for the 2017 financial year, with the glass bottle and metal crowns company posting a profit after tax of N800m, up from N62m declared in the same period in 2016.

The company which has sustained strong sales and profit growth in the last three quarters said that revenue in the first quarter grew 44% to N4.4bn bolstered by a surge in local demand as foreign exchange headwinds force a drop in imports.