The Nigerian Breweries (NB) has expressed its dissatisfaction with the proposed increase in excise duty on brewed products by the federal government, stating that it would worsen the existing challenges and affect pricing.

The company also highlighted some socio-economic challenges, including inflationary pressure, rising interest rates, foreign exchange rates, and the implementation of the naira re-design/cashless policy that the incoming government needs to address.

The Managing Director/CEO of NB, Hans Essaadi, emphasized that a sudden and steep increase in excise duty would be counterproductive and erode investors' confidence, and a predictable and sustained excise roadmap is essential for increased government revenue.

 Despite the expected challenges in 2023, including the possibility of excise duty increases, forex challenges, and cash crunch, NB is committed to navigating the difficulties in the short term to deliver long-term sustainable value to its shareholders.

source; vanguard

https://www.vanguardngr.com/2023/04/nigerian-breweries-decries-proposed-increase-in-excise-duty/