Business
Belgium To Host 2017 World Trade Exhibition
Belgian Ambassador to Nigeria, Mr Dirk Verheyen, has solicited Nigeria’s support in its bid to host the 2017 World Trade Exhibition.
Verheyen made the appeal on Thursday in Abuja when he visited Dr Samuel Ortom, the Minister of State for Trade and Investment.
He said negotiations on improving trade relations between the two countries had been on for ten years, adding that there was need to take urgent steps to iron out the grey areas.
“Belgium is bidding to organise the World Trade Exhibition in 2017, and I have come to ask for the help of Nigeria in securing the hosting right.
“We also need to talk about trade relations between the two countries which have been on for a very long time.
“For 10 years now, we have been talking about agreement on investment; we need to handle the difficult areas before I leave in three years time,’’ Verheyen said.
Responding, Ortom assured the Ambassador that his request would be studied with a view to giving him a feedback “at the appropriate time.”
According to Ortom, Nigeria is reviewing its policies to liberalise trade with other countries including Belgium.
The minister said that the Federal Government would partner Belgium to develop its Small and Medium Scale Enterprises (SMEs).
Reports say that the event was hosted by Belgium (Brussels) in 1958.
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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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