Minister of Trade and Investment, Otunba Niyi Adebayo

By Moses Nosike

The Honourable Minister of Industry, Trade and Investment, Otunba Niyi Adebayo has commended Nigerian Breweries for its contributions to the Nigerian economy in its over 70 years of operations in the country and reiterated government support for industry and the private sector as the engine of growth for the economy.

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The Minister who spoke when he received the management team of Nigerian Breweries on a courtesy visit to his office in Abuja on Tuesday, said that as a foremost investor in the country, Nigerian Breweries’ sustained fiscal and corporate social responsibility contributions to the country is an example worth emulating.

The Minister who received the team from Nigerian Breweries in the company of senior officials of the Ministry of Industry, Trade and Investment, assured that “the government is committed to supporting industry and the private sector as they constitute the engine of growth for an economy that is driving a diversification from Oil to open up growth frontiers for her people.” He further informed of the readiness of the ministry to intervene where necessary on behalf of industry on issues of concern to it.

In his remarks, the Managing Director and Chief Executive of Nigerian Breweries Plc, Mr. Jordi Borrut Bel, commended the Honourable Minister for his commitment to supporting the growth of the private sector, especially manufacturing. He thanked him for his open disposition to the views of industry and businesses while also extolling the government for its efforts at improving the ease of doing business in Nigeria and for the stability in the exchange rates.

Mr. Borrut Bel expressed concern about the slow growth in the manufacturing sector, especially in the beer sector and the increasing fiscal burdens impacting the sector. He called on the minister to further weigh in on the side of industry to prevent impediments to the growth of the sector. He further appealed to the Minister to consider special incentives for companies that utilize local content as a form of encouragement, noting that the beer industry does not enjoy any form of incentives as even the tax holiday under the Pioneer Status scheme excludes investments in alcohol.

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Nigerian Breweries Plc is the leading and pioneer brewing company in Nigeria. The company was incorporated in 1946 and started production in 1949 with Star Lager beer at its Lagos brewery.

Vanguard