A Lagos media outfit, MM Plus has concluded plans to organize a business summit on the propose excise duty on beverages and other items in the country.
The propose summit is sequel to the decision of the Federal Government asking Nigeria Customs Service (NCS) to begin the collection of excise duties on some products such as carbonated beverages, water, tiles, among others.
The event themed “X-raying the Proposed Excise Duty Regime for Carbonated Beverages in a Recovering Economy” is scheduled to take place on November 9th, 2021 at the MMS International Image Centre, FESTAC, Lagos while Facebook and Zoom virtual connections will also be available to interested participants.
Giving an insight into the summit, the media outfit said 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).
It disclosed that some high profile personalities such as the Comptroller-General of NCS, Colonel Hammed Ali (retired); Executive Secretary of Nigerian Shippers’ Council (NSC), Hon. Emmanuel Jime; Director General of National Agency for Food, Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye are expected to attend the summit.
Others are the 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.
The panelists include the 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.
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, the Editor-in-Chief of MMS Plus newspaper, Mr. Kingsley Anaroke in a statement made available to Maritime Bits stressed that it has become exigent for 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 summit 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?”
In the same vein, the NCS 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.