Business
Traders Blame Cost Of Garri On Flooding
The Secretary of Garri Buyer Association, Orhionmwon Local Government in Edo, Mr. Ozigbo Bright, has attributed the current increase in cost of garri to flooding of farmland.
Bright told newsmen in Lagos that there was high influx of people from Delta to Benin as a result of the recent flooding.
“The population of Benin has risen, forcing an increase in demand for garri.
“This has in turn led to hike in market price of the staple commodity,’’ he said.
Bright said that at the moment the few farmers had also increased the price of the cassava to make more profit.
He appealed to the Federal Government to encourage farmers with loans and equipment for mechanised farming.
“The Federal Government should devise a way of making loans accessible to farmers.
“As a matter of urgency, government should also introduce mechanised farming,’’ Bright said.
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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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