Business
Minister Scores Nigeria, Philippines Trade Relations Low
The Minister of State for Foreign Affairs, Prof. Viola Onwuliri, on Thursday scored the trade relations between Nigeria and Philippines as ‘quite low’.
The minister made the remark at the 2nd Nigeria-Philippines Joint Commission in Abuja.
“In spite of the long standing relations between the two countries, the economic and trade relations have been quite low,’’ Onwuliri said.
“Whilst it is heartening to note that there have been an increasing number of Filipino companies conducting business in Nigeria, there is yet much to be done to improve our economic and trade relations,” she added.
Onwuliri, however, noted that the two countries had achieved ‘a desirable’ record on their bilateral relations.
She said that numerous Filipinos had been engaged as expatriate workers thereby contributing positively to the development of Nigeria.
The minister also noted that some Nigerians were currently in pursuit of taking up jobs in the Philippines.
Onwuliri described the Commission, which was being kick- started 27 years after its establishment, as significant adding that a new impetus will be introduced to broaden existing bilateral relations.
“Nigeria and Philippines have several areas for mutually beneficial cooperation which will enhance the growth and development of our two countries,’’ she said.
The minister listed the areas to include education, health, agriculture, water resources, immigration, culture and tourism, trade and commerce and Justice.
She suggested that the collective desire and focus of the two countries should be to institute fruitful deliberations.
Earlier, Erlinda Basilio, Philippines Head of Delegation, expressed that country’s resolve to further strengthen and deepen the existing relations with Nigeria.
Basilio said that the Philippines would discuss regional and international issues of mutual interest.
She also listed other areas of cooperation to include political, economic, cultural, consular and labour related sectors.
Nigeria formally established diplomatic relations with the Philippines in 1962.
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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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