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Nigerian economy still full of potential – AFFCON

By on October 5, 2014

The Association of Fast Food Confectioners of Nigeria has described the country’s economy as a goldmine despite its many challenges.

According to the President of the association, Mrs. Bose Ayeni, the fast food sector is poised to take advantage of an expanding consumer group brought about by the decline in poverty arising from economic growth of the country.

Ayeni spoke at a conference to announce the association’s 2014 Annual National Conference with the theme, ‘Food industry in Nigeria: Challenges and Opportunities’, holding in Lagos on October 10.

She said the former Managing Director of the Bank of Industry, Ms. Evelyn Oputu, would be the keynote speaker.

“This theme could not have come at a better time, given that Nigeria rebased Gross Domestic Product, making the economy the biggest in Africa and the 26th in the world. In spite of the huge challenges Nigeria is grappling with, the size of our GDP shows that our economy is a goldmine waiting to be tapped,” she added.

Ayeni stated that with a 25 per cent increase in the population of social media users worldwide, the association would also explore technology to improve business effectiveness among its members.

This, she said, would form a sub-theme at the conference.

According to her, the fast food industry is a key contributor to the economy with estimated revenue of N200bn per annum and employment of over 500, 000 people at the processing and retail levels.

She however said that the industry had been plagued by the challenges of multiplicity of taxation and levies, compounded by the introduction of consumption tax by some states.

“While recognising our role as agents of government in the collection of this tax, the impact on the consumer cannot be ignored. This has a net effect on disposable income,” she said.

The association urged the government at all levels to reconsider the consumption tax charges in states where it had been effected or being considered for implementation.

 

[Punch]