BUSINESS SUMMIT: Customs, NAFDAC To Lead Discourse On Proposed Beverages Excise Duty

As the Federal Government concludes plans to have Nigeria customs begin collection of excise duties on some products such as carbonated beverages, water, tiles, among others; MMS Plus newspaper is set to organize a business summit to deliberate on the policy.

 

The event themed; “X-raying the Proposed Excise Duty Regime for Carbonated Beverages in a Recovering Economy” is scheduled to take place on Tuesday November 9th, 2021 at the MMS International Image Centre in Festac, Lagos while Facebook and Zoom virtual connections will also be available.

 

According to the organizers of the hybrid conference, a discourse on the subject has become pertinent following the reservations that greeted the proposed re-introduction of Excise Duty regime on beverages and other sundry items by the Organized Private Sector (OPS).

 

Some high profile personalities such as: the Comptroller-General of Nigeria Customs Service (NCS), Col. Hammed Ali (Rtd.); Executive Secretary of Nigerian Shippers’ Council (NSC), Hon. Emmanuel Jime; Director General of National Agency for Food, Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye.

 

Others are: President of Manufacturers Association of Nigeria (MAN), Engr. Mansur Ahmed; a trade expert with the Nigerian Economic Summit Group (NESG), Dr. Ikenna Nwosu; National President of Water Producers Association of Nigeria (WAPAN), Mr. Mackson Odiri Egberi and an ex-banker and CEO of Quiet Dimensions Limited, Mr. Ime Udoma; are expected panelists at the event.

 

Other panelists include: President, Association of Food,Beverage and Tobacco Employers(AFBTE), Engr. Patrick Anegbe; President,Lagos Chambers of Commerce and Industry(LCCI), Mrs. Toki Mabogunje; Executive Secretary, National Action Committee on  African Continental Free Trade Area(AfCFTA),Mr. Frank Anatogu.

 

Meanwhile, the Chairman of Nigerian Ports Consultative Council (PCC), Otunba Kunle Folarin is expected to moderate the dialogue as a refined economist.

 

Speaking ahead of the event, Editor-in-Chief of MMS Plus newspaper, Mr. Kingsley Anaroke stressed that it has become exigent for the Customs to embark on engagement of stakeholders to explain the inherent benefits of the policy.

 

He noted that some questions which should be answered at the one-day business discourse are: “How competitive could Nigerian products be with Excise Duty under the African Continental Free Trade Agreement (AfCFTA)? Should the government insist on the Excise Duty collection despite the complaints of economic challenges? What is the most appropriate percentage figure to be adopted for collection if considered imperative? What are the implications of the collection or otherwise on the real sector and the economy in the short, medium and long terms?”

 

Nigeria Customs Service is to deliver the lead paper: “The Merits and Demerits of Excise Duty in a Covid-19 Recovering Economy,” while other agencies and associations make presentations from their respective perspectives on the subject.