The Manufacturers Association of Nigeria has stated that the recent price increase in excise duty for beverage and tobacco goods will mandate businesses to reduce the rate of their operations, which will result in several factory closures, job losses, and a decline in exports.
Francis Meshioye, MAN President, made this remark on Tuesday, May 16 during a press conference held in Lagos State to object to the just published 2023 Fiscal Policy Measures.
Meshioye had also observed that the excise duty hike was a reneging of a promise made to the association by the Federal Government, through the Ministry of Finance, Budget and National Planning on March 23, 2023.
Moreover, the MAN president declared that the increase was coming at a time when the manufacturing sector was embroiled in an unprecedented crisis and acute recession, owing to several challenges, including the scarcity of naira, limited access to foreign exchange, high inflation, etc.
