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$8.9bn : Why Nigeria can’t disregard brewery industry – Buhari’s minister

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  8 9bn Why Nigeria can t disregard brewery industry Buhari s minister

 

Despite the continuous antagonistic attitude towards brewery industries by some states in the northern part of the country, the Federal Government says the Nigeria’s economy cannot afford to do away with the sector.

Minister of Industry, Trade and Investment in the President Muhammadu Buhari-led Federal Government, Niyi Adebayo, who gave the hint in United States, said the brewery industry has continued to contribute massively to the nation’s economy, with two companies in the sector contributing a total of $8.9 billion to the capital market.

The minister, also a former governor of Ekiti State, stated this in a tweet on Thursday.

READ ALSO :Nigerians drink beer worth N599.11bn in 6 months

“Last night I attended the Worldwide Brewing Alliance networking event on the sidelines of UNGA in New York.
The brewing industry is such an important one in Africa. Companies within the industry are some of the largest listed companies at home in Nigeria, in South Africa and also in Kenya.

“In Nigeria, Nigerian Breweries and Guinness Nigeria have a market capitalization of $6.6 billion and $2.3 billion respectively. That is almost 20% of our entire markets’ capitalization,” Adebanjo said.

PlatinumPost reports that some northern states have continously clamp down on the sale of beer and other alcoholic products, saying it against the tenets of the Islamic religion.

Thousands of beer bottles have been destroyed by Hisbah in Jigawa, Kano and some few other states in recent months.

 

The minister’s tweet :

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https://platform.twitter.com/widgets.js

 

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