Nigerian Breweries Plc has voiced concerns over the potential introduction of tax stamps by federal authorities, a measure aimed at verifying excise payments and tracking products. CEO Thibaut Boidin raised the alarm during a pre-AGM media briefing in Lagos, calling the proposed policy unnecessary given the industry's consistent compliance with existing excise regulations. He warned that adding tax stamps could further strain the sector, which is still recovering from two difficult years marked by financial losses and declining sales volume. Boidin stressed that such additional fiscal measures could undermine recent fragile gains in productivity and hinder growth momentum.
The company, however, announced a return to a growth trajectory, crediting the turnaround to its human capital and strategic performance improvements in 2025. Boidin reaffirmed the firm's commitment to sustaining its growth ambitions despite ongoing economic challenges. He cited risks linked to the Middle East crisis, including foreign exchange volatility, supply chain disruptions, and rising inflation. Other pressures such as infrastructure deficits, insecurity, adverse weather conditions, and declining oil production were also highlighted as threats to sector performance. The CEO noted that 2026 would be a milestone year for the company, marking 80 years of operations in Nigeria, and said lessons from recent years have improved its ability to navigate economic instability.
Thibaut Boidin warns tax stamps could undo Nigerian Breweries' recovery, yet celebrates 2025 gains while forecasting FX and inflation risks from Middle East unrest. The same economic pressures he cites are worsened by policy uncertainty, leaving consumers and investors exposed to repeated corporate warnings without relief. If tax stamps are imposed, retail prices may rise, directly affecting Nigerians already grappling with shrinking disposable incomes. The company's focus on scenario planning offers no shield to workers or customers bearing the brunt of compounding economic strains.
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