…say it’s a threat to competitiveness
The Manufacturers Association of Nigeria has expressed concern over the increasing rate of smuggling in the sector.
President, MAN, Dr. Frank Jacobs, said that the association would sustain its advocacy against the influx of smuggled goods into the country, adding that the low purchasing power on the part of consumers had also made smuggled and sub-standard products acceptable, thereby inhibiting the growth and contribution of the real sector to national wealth.
On the review of 41 items not valid for official foreign exchange allocation, Jacobs said some items earlier excluded were restored.
“We are still exerting pressure on the relevant agencies to ensure that all raw materials that were erroneously included in the exclusion list are restored,” he said.
The manufacturers, however, kicked against the apex bank’s decision to retain the Monetary Policy Rate at 14 per cent, saying that the decision would only continue to increase interest rates in the country.
“Banks cannot continue to lend with interest rates in double digits. The industrial sector cannot thrive with such interest rates. We will continue to criticise the decision of the CBN to retain MPR at 14 per cent,” he said.
He noted that the statistics released by the National Bureau of Statistics, revealed that the nation’s manufacturing sector in 2017 improved against performances in 2016, contributing nine per cent to the Gross Domestic Product.
On fuel shortages, he argued that, to end the perennial scarcity crisis in Nigeria, refineries must be handed over to the private sector, adding that government had no business “doing business” in the nation.
“MAN will ensure greater improvement in the business operating environment, including abolition of multiple taxation and its unorthodox mode of collection by the three tiers of government. We will also push for the enactment of relevant manufacturing-friendly laws and abrogation of adverse and obsolete business-related legislation,” he added.
