Fidelity bank banner Bayelsa State banner
11,254 jobs lost, 13 firms shut in food, beverage sector

By Kayode Ekundayo, Lagos on 21/05/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 403

•AFBTE president, Patrick Anegbe
•AFBTE president, Patrick Anegbe

About 11,254 jobs have been lost with 13 companies shutting down in the nation’s Food, Beverage and Tobacco sub-sector in the last four years.

The President of the Association of Food, Beverage and Tobacco Employees (AFBTE), Patrick Anegbe, said the figure is expected to rise if the recently approved rise in excise duty on tobacco and other consumer goods manufactured locally comes into effect from June 4, 2018.

The breakdown of the job loss shows that 8,456 jobs was lost in the drinks (breweries, bottles and distillers) 2,683 jobs lost in the tobacco and 115 jobs was lost to others within the period.

Specifically, with 28,059 employed by 29 companies in 2013, 17,453 workers were retained by 16 companies as 13 companies shut down or relocated outside the country.

Speaking at the association’s annual general meeting in Lagos at the weekend, Anegbe, while bemoaning the state of the nation’s economy lamented that the manufacturing sector is yet to feel the ease of going business policy.

Anegbe said, “It is obvious that the impact of absorbing the cost of the revised duty would be overwhelming on current players in the industry. The development will no doubt reverse some of the growth recorded by the food, beverages and tobacco sub-sector. 

“In 2017, the sector improved by 8.62 per cent over 2016, recording a growth of 2.35 per cent and outperforming GDP growth”, he said

Anegbe said the manufacturers oppose the increase and the timing, as most players in the sector are just recovering from the negative profitability and revenue contradiction.

“Taxes are withdrawals and the increase in excise duty will reduce margins and could prompt higher unemployment. We strongly hold the view that if the intention of the government is to grow the industries, imposing exorbitant duties on locally manufactured goods is a contradiction of that objective,” he noted.

Anegbe also expressed the association’s worry over the introduction of borehole taxes in Lagos and Ogun states, stressing that Federal government should come to the rescue of manufacturers in the two states by dissuade them from compelling them to pay for providing their own water through boreholes. (DailyTrust)

Source News Express

Posted 21/05/2018 12:26:58 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
ECOWAS Court orders FG to pay N50m to...

States share $150 million NLNG dividend

Uduaghan tasks African govts on exemplary leadership, good...

2017 budget: National Assembly tampered with key projects,...

Chibok Schoolgirl’s Parent Dies In Road Accident

Lagos mega youth conference to hold on Democracy...

Troops nab Boko Haram financier, raid camp

Iheanacho scores for City in English FA Cup,...

No intention to sack workers, slash salaries —Okorocha...

CBN injects fresh $210m into Forex Market

National Hospital alerts the public on unknown patient,...

Man to spend 6 months in jail for...

 

Latest News IGP Idris is a threat to our democracy, By Fredrick Nwabufo Obasanjo, Jonathan, Buhari can’t account for $82.5bn oil money: Investigation Saraki can only avoid impeachment if he resigns – Oshiomhole Presidential Order: I-G directs immediate overhaul of SARS •Contacts to call in case of harassments Saraki, Bafarawa, Dankwambo go to hilltop to stop Buhari 2019: Obasanjo, defectors can’t stop Buhari — Tinubu 4th Tony Elumelu Foundation Entrepreneurship Forum: 5,000 expected in Lagos for Africa’s largest entrepreneurial convening 7 fake revenue agents apprehended in Anambra No foreign pressure on Buhari to drop 2nd term bid – Presidency Investors relocate 100,000bd Brownfield refinery from Turkey to Nigeria Only 35, 652 pupils studying in modern Almajiri schools in Northwest: NAN Survey FG pledges to promote establishment of digital classrooms

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (376,689 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,020 views) Shameless Genevieve Nnaji exposes breasts in public (295,713 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,449 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,057 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,848 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,184 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,345 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,408 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (157,880 views) Lagos plane crash: Journalist releases victims’ names (152,390 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,776 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (907) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (526) Features (632) Global Business Monitor (294) International (2,265) Interview (161) Live Commentary (28) Love Matters (134) News (38,006) Opinion (1,057) Pidgin (11) Politics (6,037) Religion (814) Sports (1,643) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement