Be cautious in formulating economic policies, MAN tells Buhari

Related stories

OPEC+ Surprises With Oversized Output Hike

OPEC+ will ramp up oil production more aggressively than anticipated...

2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for Tinubu

By Abiola Olawale The All Progressives Congress (APC) in the...

Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in Oyo

Kicks Off State-wide Consultations By Abiola Olawale Minister of Power,...

Osun Guber: Davido’s Uncle, Adeleke Quashes Defection Rumours

Says he stands firm with PDP By Abiola Olawale Osun...

Zamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal

Governor Weighs options In what has been described as...

imageThe Manufacturers Association of Nigeria urged President Muhammadu Buhari to be cautious in formulating policies that would have grave implications on for economy.

The association said it had been collaborating with the Central Bank of Nigeria to determine items that should be excluded from forex allocation based on availability of local capacity or alternatives.

MAN said such collaboration would reveal the actual items that should be excluded from the market.

In a document obtained on Thursday by our correspondent from the MAN President, Mr. Frank Jacobs, the association asked the Federal Government to sustain the policies, especially, at a time investors might have invested on the domestic production of such items.

MAN asked the government to introduce Import Adjustment Tax of 20 per cent on imported Finished Pharmaceutical Products with HS Code 3003 and 3004 because Nigerian manufacturers had the capacity to produce them.

Jacobs said, “The import prohibition list prescribed in the CET should be retained because there is available local capacity in Nigeria.

“There is need for the government to create an exchange rate window that is less volatile than the current inter-bank from which manufacturers can source for forex until the economy is diversified to a level where it can provide the needed industrial raw-materials.

“The government should fast-track the establishment of its Development Bank of Nigeria which was inaugurated earlier and the bank should give priority to the needs of the manufacturing sector.

“The CBN 220bn Micro, Small and Medium Enterprises Development Fund and the N300bn Real Sector Support Facility are welcome developments, but CBN should make the funds easily accessible to manufacturers by simplifying the current application procedures.

“The government should also encourage the CBN to speed up the establishment of the Movable Asset Collateral Registry to enable SMEs access credit from conventional banks as well as from the various support funds provided by CBN.

“The issue of disputed estimated bills by the electricity distribution companies which is now a subject of litigation by MAN should be quickly resolved by the Nigerian Electricity Regulatory Commission as this is negatively impacting on the economy. There is need also for the distribution companies to improve on the current metering coverage.”

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
OPEC+ Surprises With Oversized Output Hike2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for TinubuAmid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in OyoOsun Guber: Davido's Uncle, Adeleke Quashes Defection RumoursZamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal$4.2m Covid-19 Scam: Nigerian Pastor Goes to Jail, Osun Monarch, Oloyede Forfeits Assets in US As Crackdown BeginsNatasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court's RulingTinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military Strength
X whatsapp