Business
NEPAD Plans Summit To Address Poverty In Africa
The African Union–NEPAD meeting, scheduled to hold in Nigeria in the first quarter of 2011, will focus on efforts to reduce poverty on the continent, an official said.
Dr Robert Aniebo, Executive Secretary, NEPAD Business Group Nigeria, told newsmen in Abuja on Sunday that plans were on to ensure that the meeting was a success.
“The meeting is also expected to convene several development roundtables on contemporary development issues on the nine thematic development clusters of NEPAD.
He also said that the meeting would witness the first “Nobel Laureates High Level Meeting with Eminent Persons Group and NEPAD Founding Fathers’’.
Aniebo said the conference was still at the planning stage with the group still consulting various institutions expected to be involved in the execution.
He said the summit would discuss issues on debt management in Africa, among others, as NEPAD was concerned about the growing rate of debts in Africa without reference to their uses.
“We are concerned and we want to be sure that as a people, we are contracting debts that we know the implications and how they accumulate overnight.’’
He said NEPAD would work in collaboration with the Debt Management Office in Nigeria and Central Bank of Nigeria on the issue to educate member countries at the summit.
“We are also working on the International donor conference for the Niger Delta and that will take place during the conference.
“We are also going to exemplify entrepreneurship in Africa and we are going to work with ECOWAS on this,’’ Aniebo said.
He added that issues on the Gulf of Guinea would be discussed at the summit as it was critical for Africa ’s growth.
“These are the areas that we will cover during the NEPAD week and we want to make sure it is purely international and we will bring all the global partners to this conference,’’ Aniebo said
He added that plans were on to contact some Nobel Laureates in Africa to feature at the summit.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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