The Manufacturers Association of Nigeria has said that the recent increase in excise duty for beverage and tobacco goods will force businesses to scale down operations, which will result in factory closures, job losses, a decline in exports among others. MAN President, Francis Meshioye, stated this on Tuesday during a press conference held in Lagos to raise objections on the recently published 2023 Fiscal Policy Measures. According to Meshioye, the brewing sector, which would bear the brunt of the excise duty hike suffered a massive decline of -169 per cent in profit before tax in Q1 2023. Meshioye said, “The manufacturing sector has been struggling with crashing sales, mainly attributable to the sustained naira scarcity. A continuing decline in sale volumes will necessitate production cuts and a reevaluation of investments in the sector.

Source: Punch May 17, 2023 06:36 UTC