The Manufacturers Association of Nigeria (MAN) has said manufacturers are yet to enjoy relief from multiple taxes and levies despite the enactment of the Nigeria Tax Act 2025.

The association disclosed this in its Manufacturers CEO Confidence Index (MCCI) report for the second quarter of 2026, noting that manufacturers continued to grapple with multiple tax collectors and regulatory agencies during the period.

Director-General of MAN, Segun Ajayi-Kadir, said the new tax law, which was expected to reduce the burden of multiple taxation, had yet to deliver the intended benefits.

“Manufacturers complained that they were still met with multiple tax collectors and regulators in Q2 2026. It follows that the implementation of the Nigeria Tax Act 2025 is yet to achieve its objective of relieving manufacturers of the burden of taxes and levies,” he said.

According to the report, Nigeria’s business environment remains largely unsupportive of manufacturing growth, with local sourcing of raw materials emerging as the only indicator that recorded noticeable improvement.

MAN, however, warned that the gains in local sourcing could be undermined by worsening insecurity in parts of the country.

The association attributed the improvement largely to persistent foreign exchange constraints, which have forced many manufacturers to source inputs locally. Nevertheless, it said excessive regulation and multiple taxation continue to weigh heavily on manufacturers.

The report showed that manufacturers recorded a modest increase in sales volume during the second quarter, but rising production, distribution and logistics costs continued to erode profitability.

It added that capacity utilisation, production levels, investment and employment remained broadly unchanged during the review period.

MAN further observed that although recent foreign exchange reforms had helped stabilise the naira, inadequate foreign currency supply remained a major constraint to manufacturing operations.

Other key challenges identified in the report include poor infrastructure, high production costs, raw material shortages and unfavourable trade policies.

The association said the findings underscore the continued pressure on manufacturers despite recent fiscal and foreign exchange reforms, stressing the need for more effective implementation of policies aimed at improving the operating environment for the real sector.

By Godwin Oritse

The Association of Maritime Truck Owners (AMATO) has demanded an urgent review of the Electronic Call-Up (ETO) system following recurring cancellations of paid truck bookings, describing the practice as unfair and contrary to consumer protection laws.

AMATO said truckers incur avoidable losses whenever bookings expire due to operational delays beyond their control, forcing them to pay fresh booking fees.

AMATO’s Head of Research and Technical, Adeshina Ajibola, argued that the practice violates Sections 120 and 130 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which guarantee consumers timely service and appropriate redress where services are not delivered. “The recurring cancellation of paid ETO bookings due to operational delays beyond the trucker’s control deserves urgent review,” he said.

Ajibola urged Truck Transit Parks (TTP), the Nigerian Ports Authority (NPA) and other stakeholders to establish a transparent dispute resolution mechanism and provide refunds or transfer bookings where delays are caused by systemic failures.

Also speaking, AMATO Secretary, Sani Mohammed, called on TTP and the NPA to permanently link each Truck Delivery Order (TDO) to a designated truck immediately after matching to prevent duplication.

He alleged that the current arrangement allows some importers or agents to assign the same TDO to another truck, creating opportunities for abuse.

Mohammed further urged TTP to refund ETO wallet balances for bookings cancelled through no fault of truck owners.

“Where a service is not rendered, the trucker should not lose the booking fee,” he said, questioning why truckers bear the cost of operational inefficiencies while terminal operators and agents face no sanctions.

… restores retained earnings to positive  

By Peter Egwuatu 

Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced a strong performance for the first half of the 2026, recording a group revenue of N804 billion, representing a 9% increase over the N738 billion reported in the corresponding period of 2025.

The company has also restored its retained earnings to a positive position, further strengthening its financial health and reinforcing the success of ongoing business recovery and value creation initiatives.

According to the results released on the Nigerian Exchange Limited, NGX, the breakdown of the unaudited result for the period ended June 30 2026 revealed that the company’s operating profit grew by 8% from N152 billion in 2025 to N164 billion, notwithstanding the increase in Selling, Distribution and Administration Expenses by 20%. A further improvement in the company’s net finance expenses contributed to an 18% growth in the Profit Before Tax. The implementation of the new tax rates moderated the growth in Profit After Tax to 5%, from N161 billion in the first half of 2025 to N193 billion in the current period.

In a statement signed by the company Secretary/Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, the company continued to demonstrate resilience despite a challenging operating environment marked by macroeconomic volatility.

Agbebaku explained that the increase in the group revenue reflects the benefit of revenue management actions and strategic management initiatives, emphasising sustained investment in strategic brands, focused execution across the value chain, and continued contribution from the premium brands and the malt category.  

“Gross profit margin expanded by 2 percentage points with results from operating activities increasing by 8%. Profit before tax went up by 18% supported by a 61% reduction in net finance expense. The impact of the new tax rates limited the group net profit growth to 5%”, he added.