Stakeholders seek quick implementation of FG’S industrial plans

TManufacturers Association of Nigeria ( MAN) has commended President Bola Tinubu’s industrial policy to utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

Tinubu, in his inauguration speech on Monday, outlined that he would transform the country’s economic fortunes through budgetary reforms, promote domestic manufacturing, significantly reduce unemployment, continue to drive viable industrial and infrastructural development and fiscal measures, provide accessible electricity, ensure a single foreign exchange market and remove multiple taxations.

Reacting on Monday, the Director General of the Manufacturers Association of Nigeria ( MAN), Segun AjayiKadir, said the President’s economic agenda was encouraging and would benefit the productive sector.

He added that the President expects manufacturers to hit the ground running, resolving the issues affecting the sector including multiplicity of taxes and levies, which have negatively affected manufacturing.

Others include a united exchange rate, promotion of local manufacturing against importation, a fiscal policy that supports productivity and addressing the unwarranted escalation of excise duties on alcoholic beverages and tobacco, which run against the government’s three- year roadmap.

According to him, the latest hike as contained in the 2023 Fiscal Policy Measures was not only going to ruin the affected sectors, but would be counterproductive for government revenue in the near future.

“The cost of energy is between 35 to 42 per cent for most manufacturers and the President promising to lift this burden on his first day is exciting to hear.”

He also urged the government to direct all relevant agencies to ensure that the electronic call- up system at ports, aimed at redressing congestion works without fail and revisit the Finance Bill of 2022 to ensure it includes the critical inputs of the Organised Private Sector ( OPS).

“OPS input on the Customs and Excise Management Act ( CEMA) should also be taken on board before the amendment bill is signed into law. We ask the government to announce a special policy initiative to address the revival of closed and distressed industries, particularly in the north- east where 60 per cent of our member companies have closed,” he said.