🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Nigeria bans foreign drinks at all govt functions

Published 10/14/2009, 12:31 PM
Updated 10/14/2009, 12:33 PM
HEIN
-

ABUJA, Oct 14 (Reuters) - Nigerian President Umaru Yar'Adua has banned all foreign sodas, beer and alcohol at official events and in federal offices as part of a campaign to promote Nigeria-made products, his spokesman said on Wednesday.

The nationwide beverage ban is largely symbolic since most international brand name drinks, such as Coca-Cola, Pepsi, Guinness and Heineken, are produced and bottled by Nigerian-based subsidiaries.

The Nigerian Bottling Company, the country's largest soft drinks manufacturer, produces most drinks under the Coca-Cola brand in the West African country. 7UP Bottling Company is licensed to sell Pepsi, 7UP and Mountain Dew.

The government is battling to restore self-confidence in Africa's most populous country, and launched a "Made-In-Nigeria" campaign on Tuesday.

"President Yar'Adua noted that Nigeria with a population of over 140 million people has a market big enough to sustain a bubbling domestic industrial sector if only her citizens look inwards and patronize their local products," the presidency said in a statement. But critics say the real problem is not the lack of consumer demand for local products but poor electricity supplies and transportation system that keep costs high for local businesses. (Reporting by Randy Fabi; Editing by Louise Ireland)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.