Business
AU, Centre Sign MoU On Rice Production
The African Union Commission (AUC) and the Africa Rice Center have signed a Memorandum of Understanding (MoU) toward sustainable food security in the continent.
The African Union in a statement made available to newsmen on Friday in Lagos said that the joint effort was aimed at leveraging the continent’s rice sector through research, development policies and capacity building.
It said also that the joint effort on improved rice production was in recognition of the increase of the commodity in Africa and another means of poverty reduction.
The statement quotes Dr Papa Abdoulaye Seck, Africa Rice Director- General, as saying that the MoU would assist in creating an enabling political will to boost Africa’s rice sub-sector.
It noted that, in spite of the significant increases in rice production in many African countries in 2008 and 2009, the continent still imports about 40 per cent of the rice consumed.
On the other hand, the statement argued that high demand for rice in the continent has exposed African countries to international market shocks.
“However, Africa can turn around the situation as it possesses a large reservoir of underutilized agricultural land and water resources, and many technological options developed by Africa Rice and its partners,” it said.
The MOU was signed at the AU headquarters in Addis Ababa, Ethiopia by Seck and Rhoda Peace Tumusiime, AU Commissioner for Rural Economy and Agriculture.
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Business
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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