By Tolulope Oke
The Manufacturers Association of Nigeria (MAN) highlighted that bad government policies, particularly those relating to taxes, and a lack of funding for investments and operations had a severe influence on the sector.
MAN asserts that the sector development policies are not unrelated to the dropping growth rate, adding that manufacturing companies, particularly Small and Medium Enterprises (SMEs), have shut down.
The MAN president, Engr. Mansur Ahmed, at a press conference to announce its 50th yearly general meeting (AGM) scheduled to hold on October 17, 2022 stated that over the years, the performance of the manufacturing sector has been constrained by numerous familiar challenges that are espoused in MAN’s numerous presentations and submissions to the government, The Guardian reported.
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Ahmed stated that even while the economy continues to expand at a very modest pace, authorities at all levels continue to exacerbate the problem by enacting new levies, making the already challenging and expensive operating environment even worse.
“In some cases, when the economy slows down, the government reduces taxes to encourage businesses to expand, create more jobs and increase economic activities. What we are seeing in Nigeria today is not only increasing the tax rate but introducing new taxes and turning every public agency into a revenue collector. Amid the challenges, we are resilient and would soldier on with advocacy for a conducive atmosphere for the operation of the manufacturing business in Nigeria. We will continue to work towards ensuring that Nigeria becomes an environment that promotes competitiveness,” he averred.