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 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.
Anheuser-Busch InBev said on Wednesday it plans to introduce African beer brands to its markets around the world as it seeks to make the most of its decision to acquire SABMiller.
“There are so many very unique African brands and I think it is time to sell African beers to the greater market,” said Ricardo Tadeu, Head of AB InBev’s African Operations.
The National Agency for Food and Drug Administration and Control (NAFDAC) on Saturday raided the Ogbaru Relief Market, near Onitsha and arrested eight persons including a nursing mother who were involved in the production and sale of adulterated alcoholic beverages.
The agency shut three shops in the market and seized counterfeit drinks and production materials worth millions of naira.
Beta Glass Plc, the glass container and metal crowns company on Friday reported its results for the 2016 financial year, with the firm maintaining the same momentum it experienced in the first nine months of the year.
The company said that full year profit grew 91% to N3.8bn, from nearly N2bn in the previous year, driven by a surge in local demand as foreign exchange headwinds force a drop in imports.
In furtherance of its continued commitment to interventions that transform lives and improve the health and well-being of communities in Nigeria, Guinness Nigeria Plc has constructed seven hand pump water boreholes in Bebi Community, Obanliku Local Government Area (LGA) of Cross River State.
Diageo Plc, the world’s largest spirits maker with big footprints in Africa in both beer and spirits segment said recently it has a strong positive outlook for its business on the continent. The group’s Africa president John O’Keeffe last week spoke with analysts on a wide range of issues pertaining to the group’s activities and strategy on the continent.
Beer lovers are set to experience a weekend of diverse, all-inclusive beer adventure plus a weekend to indulge in a lifestyle where their biggest decision will be how they pick which activity to attend. This is as Nigeria’s first ever Beer festival is billed to hold in Lagos.
The Lagos Beer Festival holds April 22-23, 2017 at the National Stadium Surulere-Lagos and promises to be the largest annual gathering of beer enthusiasts, connoisseurs, celebrities, bar crawlers and those just wanting to learn more about beer.
The Federal Government on Tuesday unveiled its Economic Recovery and Growth Plan after consultations with stakeholders from both the public and private sectors of the economy.
The plan includes raising the Value Added TAX (VAT) rate on luxury items from current 5% to 15%. The Government is projecting raising N350bn through the increase in VAT rate on luxury items and improvement in company’s income tax, which would commence in 2018.
The Federal Government on Wednesday unveiled a revised National Tax Policy which is meant to provide for an efficient tax system and address the low tax-to-GDP ratio.
Addressing the media on the revised tax system after the conclusion of the Federal Executive Council meeting on Wednesday, the Minister of Finance, Kemi Adeosun, said that the cabinet, which was presided over by the Vice President, Yemi Osinbajo has approved the revised National Tax Policy which will see the Value Added Tax (VAT) on luxury items, like champagne, among others raised from the current 5%.
