Nigerian Breweries says some employees will be affected by the company’s cost savings measures adopted to improve its finances.

Cost savings measures were adopted by Nigerian Breweries following the N106 billion net loss reported in 2023.

During a media briefing in Lagos on April 17, the company said the workforce will be resized after suspending operations at two of the company’s breweries in Imo and Kaduna states.

Sade Morgan, Nigerian Breweries’ corporate affairs director, said the number of affected staff has not been ascertained.

“This is not a number that we have at this moment, but what we do have is the commitment to keep the number as minimal as possible,” Morgan said.

“How are we going to do that, it’s by exhausting all possibilities of relocating, redistributing our people to our other seven operating breweries.

“And for the affected people, we will ensure that we give them full support and good severance packages, which now are still a subject of discussion with the unions.”

In a statement dated April 12, Nigerian Breweries told the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB) that its proposed plan would include operational efficiency measures.

Also, Nigerian Breweries said soaring inflation rates and foreign exchange (FX) volatility contributed to its net loss last year.

The company said a combination of other challenging economic factors such as heightened operational costs and continued pressure on consumer disposable income also impacted its earnings.

Nigerian Breweries said the resizing is crucial to the company’s quest to return to profitability.

Uaboi Agbebaku, Nigerian Breweries’ legal director, said there is a need to take action to reduce costs overall.

Agbebaku said the resizing and fundraising — through rights issue — are some of the steps taken by Nigerian Breweries to restore profit and give shareholders value.

On April 3, Nigerian Breweries said it would raise N600 billion through rights issue to reduce its debt burden.

The company said its debt and overdue payables were N542 billion last year.

The Dangote refinery says it has reduced the price of automotive gas oil (AGO), also known as diesel, to N1,000 per litre.

According to a statement on Tuesday by the refinery, the price of the product was dropped from N1,200 per litre.

“In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel to from 1200 to 1,000 naira per litre,” Dangote refinery said.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

“This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

The development comes days after Dangote refinery fixed the minimum volume of diesel that can be purchased by oil marketers at one million litres.

The 650,000 barrels per day (bpd) capacity refinery was inaugurated by former President Muhammadu Buhari in May 2023.

Subsequently, the plant commenced operations with the production of diesel and aviation fuel on January 12 — after receiving six shipments of crude from oil marketers.

President Bola Tinubu has inaugurated the national single window project to boost trade in Nigeria.

INAUGURATES,PORT CLEARANCE,
Speaking during the inauguration of the project and the steering committee members on Tuesday in Abuja, Tinubu spoke about the importance of collaboration to ensure the success of the initiative.

According to the president, the project is estimated to yield $2.7 billion per year for the country.

Tinubu said it is time for Nigeria to join countries such as Singapore, Korea, Kenya and Saudi Arabia, which have experienced significant improvement in trade efficiency upon adopting single window systems.

“It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process,” Tinubu said.

“We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.”

Tinubu highlighted the project’s potential to improve regional integration and trade efficiency, making it a crucial step towards Nigeria’s economic advancement.

Members of the national single window steering committee include representatives of the ministries of finance, marine and blue economy, transportation, industry, trade and investment, Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigeria Sovereign Investment Authority (NSIA).

Others are the Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).