Nigeria: Wine Industry Under Threat From Foreign Brands
Nigeria: Wine Industry Under Threat From Foreign Brands
Jan 6, 2013 6
(AllAfrica) - The local wines and spirits industry with a combined 125,000 work force, contributing N40 billion corporate taxes and Valued Added Tax, VAT, per annum and accounting for N2.17 trillion market capitalisations on the Nigerian Stock Exchange, is now under threat of closure from smuggled foreign brands.
Are Fatai Odusile, Executive Secretary of the Distillers and Blenders Association sub group of Manufacturers Association of Nigeria, who raised the alarm, said unless the Federal Government takes a decisive action against the development, companies in the sector will soon go the way of Afprint, Enpee Industries, Kaduna Textile Limited; Berec, Dunlop and Michelin.
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