The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has expressed the readiness of the Federal Government to support beer producers to keep them in business in the face of daunting challenges.
Addressing representatives of the Beer Sectoral Group of the nation’s manufacturing sector on Thursday in his office led by the Managing Director of International Breweries, Mr Hugo Pius Rocha, the Minister said the government is fully aware of the challenges facing the manufacturing sector and was doing everything within its power to address them.
In his presentation to the Minister, the secretary of the beer sectoral group, Mr Tony Eneh had listed the challenges facing producers of beer to include devaluation, restricted access to foreign exchange, insecurity, escalating logistics cost, covid-19, ease of doing business, increasing excise duty, multiplicity of taxes and tax stamp.
He noted that despite the increase in the yearly taxes paid by the beer producers, their net profit has been on the decline due to the various challenges listed by them.
Eneh therefore sought the support of the Minister towards achieving excise deferment for year 2022 and beyond; support with ministerial engagements; access to foreign exchange; closer engagement between the Minister and the beer industry; and other support that may be deemed necessary.
Reacting, Adebayo said he was ready to offer support for the sector by engaging his colleagues on some of the issues raised in their presentations.
On the issue of forex, he said he had assurances from the Central Bank Governor that attention would be given to manufacturers using local raw materials in their bid to import machines for their use.