Post by Trade Coach on Jul 21, 2014 19:59:57 GMT 1
The Nigerian Export Promotion Council (NEPC) has said the role of the tobacco industry in the country’s economy cannot be overlooked.
In a document exclusively obtained by The Nation, the NEPC observed that when viewed against the background of the statistics from the data for beneficiaries of its Export Expansion Grant Scheme (EEGS), the tobacco sector has contributed immensely to the economy.
For instance, the NEPC said between 2006 and 2012, there was an accumulated inflow of foreign exchange worth N55.386 billion from the sector. The inflow also reflects an increase of 1,055.77 per cent from N1. 08billion in 2006 to N12.51billion in 2012.
In the same period, the sector, according to the report, contributed N20.41billion in investment in capital assets and infrastructure development. There is also an increase of 89.08 per cent in 2012 to the tune of N2. 96billion as against N1. 57billion in 2006. While in the area of employment generation, the sector recorded an increase of 11.64 per cent in 2012 with a total of 1,237 employees as against 1,108 employees in 2006.
“The Council hereby restates that the tobacco companies have significantly contributed to the growth of the nation’s economy in line with the Transformation Agenda of the present administration, especially in the areas of employment and revenue generation,” the NEPC report said.
Investigations into the operations of the British American Tobacco Iseyin Agronomy (BATIA) revealed that from tobacco farming alone, about N1 billion is generated into the economy of its host community of Oke-Ogun, in Oyo State.
Source: thenationonlineng.net/new/nigeria-earns-n55-4b-from-tobacco-says-nepc/
In a document exclusively obtained by The Nation, the NEPC observed that when viewed against the background of the statistics from the data for beneficiaries of its Export Expansion Grant Scheme (EEGS), the tobacco sector has contributed immensely to the economy.
For instance, the NEPC said between 2006 and 2012, there was an accumulated inflow of foreign exchange worth N55.386 billion from the sector. The inflow also reflects an increase of 1,055.77 per cent from N1. 08billion in 2006 to N12.51billion in 2012.
In the same period, the sector, according to the report, contributed N20.41billion in investment in capital assets and infrastructure development. There is also an increase of 89.08 per cent in 2012 to the tune of N2. 96billion as against N1. 57billion in 2006. While in the area of employment generation, the sector recorded an increase of 11.64 per cent in 2012 with a total of 1,237 employees as against 1,108 employees in 2006.
“The Council hereby restates that the tobacco companies have significantly contributed to the growth of the nation’s economy in line with the Transformation Agenda of the present administration, especially in the areas of employment and revenue generation,” the NEPC report said.
Investigations into the operations of the British American Tobacco Iseyin Agronomy (BATIA) revealed that from tobacco farming alone, about N1 billion is generated into the economy of its host community of Oke-Ogun, in Oyo State.
Source: thenationonlineng.net/new/nigeria-earns-n55-4b-from-tobacco-says-nepc/
