Employers in the food, beverage and tobacco industry said it is high time Nigeria and other countries took a bold step to operationalise the African Continental Free Trade Area (AfCFTA), which came into effect on January 1, 2021.
Under the aegis of the Association of Food, Beverage and Tobacco Employers (AFBTE), they said with over two years passed without much about its implementation, actions must be urgently taken to take the deal to the next level.
President of AFBTE, Chinedum Okereke, said this during the association’s 44th yearly general meeting. He lamented the lack of zeal and commitment to the regional trade pact.
Citing some of the challenges bedevilling the food industry, the AFBTE chief said there was the need for government to support the industry to ensure food security and safety in the face of adulteration and counterfeiting.
He called on the government to collaborate with the industry in the fight against the criminalities, saying it needed a deliberate reconsideration of the demands made on companies.
To address challenges of rising inflation, tariffs, foreign exchange and policy inconsistencies, Okereke, who is also the Managing Director of The LaCasera Company Plc, advised the incoming administration on constant stakeholders’ engagement.
He said proper stakeholder engagement would solve many problems and accelerate economic growth.
On the recent increase in exercise duties, he said: “It is not auspicious to add more to their already suffocating situation. We plead with government to rethink this matter. Government needs to put a halt to the free fall of the naira, address the problem of illiquidity in the forex market and allocate more forex to the real sector.”
Speaking on the theme, ‘Implementation of the 2023 Fiscal Policy Measures and Tariff Amendments: The Food, Beverage and Tobacco Industry in Focus’, West Africa Tax Leader at PwC Nigeria, Taiwo Oyedele, said Nigeria needs to repeal and harmonise taxes, noting that taxpayers would pay less while government would get more revenue.
