Manufacturers Association Lists Economic Areas of Focus for President-Elect

The Manufacturers Association of Nigeria has called on the President-elect, Bola Ahmed Tinubu, to prioritise key areas of the economy when he assumes office, to grow the nation’s economy.

In a document titled “Expectations from the New Administration”, signed by the Director General of MAN, Segun Ajayi-Kadir, the Association urged the incoming government to permanently resolve the difficulties with the currency transition, which has resulted in “over 25% dip in sales of manufactured products. “

It added: “Direct the CBN and ensure that it complies with the prioritisation 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.”

On electricity, the Association called on Tinubu to:

•Direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to 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.

MAN further called on the president-elect to:

•Ensure that the Finance Bill 2022, if not assented to before the transition, includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & 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-worls countries is limited to goods that we have capacity to produce locally and quite importantly, exclude raw materials that are not locally available.  The input of the organized private sector on the CEMA bill should also be taken on board before the amendment bill is signed into law.

Vanguard/Hauwa Abu