With an estimated annual revenue of 200 billion and employment of over 5,00,000 people at the processing and retailing levels, the organised Nigerian Fast food industry is set to further open up the industry to remain a key contributor to the economy.
Addressing journalists on the forthcoming 2014 annual conference of Fast Food Confectioners of Nigeria (AFFCON), the president of the association, Mrs. Bose Ayeni, said the association was poised to sustain the contribution of the organised fast food industry to the economy in the last few years.
According to Ayeni, this year's conference theme; 'Food Industry in Nigeria: Challenges and Opportunities,' will focus on how the industry can be more relevant in the current economic regime. In April this year, Nigeria’s GDP was put at $510 billion from $262 billion, making it the biggest in Africa and the 26th in the world.
Ayeni said: "In spite of the huge challenges Nigeria is grappling with, the size of our GDP shows that our economy is a gold mine waiting to be tapped. Food is essential to keep our large population of 170 million alive, nourished and going. This is one of the opportunities that will be addressed at the conference,"
She indicated that a former Managing Director of the Bank of Industry, Ms. Evelyn Oputu, would be the keynote speaker, adding that the topic could not have come at a better time, given the current status of the nation's economy.
According to Ayeni, with the 25 per cent boost in the rate of social media users worldwide, the organisation would also try to explore the platform to further extend its frontiers. This, she said, would form a sub-theme during the conference.
She however noted that the industry had been slowed down by enormous challenges, especially, multiple taxation and levies. She also listed the sudden introduction of expenditure taxation by some states as another phase of the challenge.
“While recognising our role as agents of government in the collection of this tax, the impact on the consumer can't be ignored. This has a net outcome on disposable income. We use this opportunity to restate our case for the reconsideration of consumption tax charges in states, where this has been implemented or being considered for implementation,” she said.
According to Ayeni, this year's conference theme; 'Food Industry in Nigeria: Challenges and Opportunities,' will focus on how the industry can be more relevant in the current economic regime. In April this year, Nigeria’s GDP was put at $510 billion from $262 billion, making it the biggest in Africa and the 26th in the world.
Ayeni said: "In spite of the huge challenges Nigeria is grappling with, the size of our GDP shows that our economy is a gold mine waiting to be tapped. Food is essential to keep our large population of 170 million alive, nourished and going. This is one of the opportunities that will be addressed at the conference,"
She indicated that a former Managing Director of the Bank of Industry, Ms. Evelyn Oputu, would be the keynote speaker, adding that the topic could not have come at a better time, given the current status of the nation's economy.
According to Ayeni, with the 25 per cent boost in the rate of social media users worldwide, the organisation would also try to explore the platform to further extend its frontiers. This, she said, would form a sub-theme during the conference.
She however noted that the industry had been slowed down by enormous challenges, especially, multiple taxation and levies. She also listed the sudden introduction of expenditure taxation by some states as another phase of the challenge.
“While recognising our role as agents of government in the collection of this tax, the impact on the consumer can't be ignored. This has a net outcome on disposable income. We use this opportunity to restate our case for the reconsideration of consumption tax charges in states, where this has been implemented or being considered for implementation,” she said.
Culled from www.thisdaylive.com
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