Business
Nigeria’s Steel Consumption, Below World Standard – NSRMEA
The Acting Director General of the National Steel Raw Materials Exploration Agency (NSRMEA), Mr Alex Ohikere, says the country’s per capita steel consumption is below world standard.
Ohikere said in Abuja on Sunday that the average world standard was 150 kilogrammes while Nigeria remained at only 10 kilogrammes.
He said government was planning to increase consumption to 100 kilogrammes in 2020, adding that the figure itself was not adequate for the nation’s steel development programme.
“ Presently, Nigeria per capita steel consumption is only 10 kilogrammes. If you go to the market to buy meat with polythene bag, you can carry 10 kg with ease.
“ That is the equivalent of our per capita steel consumption while the average world consumption of steel is 150 kilogrammes.
“In our 20:2020 Vision, we want to consume 100 kilogrammes which means that as at the year 2020, we will still be below the world average,’’ he said.
He called on the Federal Government to refocus its policy on steel development as it would bring significant transformation to economic and infrastructure development as well as create more jobs.
Ohikere said increasing consumption level to world standard would boost employment as well as reduce crime and other anti-social activities.
He also said the country would generate more revenue while rural-urban migration would be checked.
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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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