The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has vouched Federal government’s willingness to support beer brewers remain in business despite the daunting challenges.
Addressing representatives of the Beer Sectoral Group of the country’s manufacturing sector on Thursday in his office led by the Managing Director of International Breweries, Mr. Hugo Pius Rocha, Adebayo said the government is fully aware of the challenges facing the manufacturing sector, assuring that it is doing everything possible to address them.
In his presentation to the minister, secretary of the beer sectoral group, Mr. Tony Eneh, listed the challenges facing beer brewers to include devaluation, restricted access to foreign exchange, insecurity, escalating logistics cost, COVI-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 brewers, their net profit has been on the decline due to the various challenges.
Eneh, therefore, sought the minister’s support 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 is 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, Adebayo said he had assurances from the Central Bank Governor that attention would be given to manufacturers using local raw materials in their quest to import machineries for their business.