What manufacturers expect from incoming govt – MAN

Forum 1 year ago

What manufacturers expect from incoming govt – MAN

Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN) have called on the incoming federal government to set specific deliverables to be accomplished within the first 100 days in office to ensure economic growth.

Director General, MAN, Mr. Segun Ajayi-Kadir, stated the expectations of the manufacturers in a statement made available to Vanguard on Wednesday.

His words: “The new president should have a must-do-list within the first 100 days after the swearing in. And these should include: “Permanently resolve the lingering difficulties with the currency transition if it has not been completely addressed by the outgoing government. As already indicated, this has resulted in more than 25% dip in sales of manufactured products.

“Direct the Central Bank of Nigeria (CBN) and ensure that it complies with the prioritization of foreign exchange to the productive sector, particularly to manufacturers to import raw materials, spares and machinery that are not locally available. And taking immediate and time-bound steps to achieve the unification of the foreign exchange windows.

“Direct the Nigerian Electricity Regulatory Commission (NERC) is to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access power as stipulated in the Electric Power Sector Reform Act 2005.

“Direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.

“Ensure that the Finance Bill 2022, if yet to be passed, includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on acquisition of plants and machinery (in the Company Income Tax Act, section 32).

“Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have capacity to produce locally and quite importantly, exclude raw materials that are not locally available.

“Take a definite stand by ordering the removal of fuel subsidy. The decision should be outright and immediate steps should be taken to commence removal.

“Direct all ministries, departments and agencies of government to unfailingly comply with Executive Order 003 on patronage of made in Nigeria products. In this regard, there should be strict application of the margin of preference, effective monitoring and periodic evaluation of compliance and appropriate sanctions meted out to MDAs acting in breach of the executive order.

“Announce a special policy initiative to de-risk manufacturing and unleash adequate funding for the sector through effective funding of special lending windows.”