…As Buhari promises access to long term finance for SMEs
…MAN to present blueprint in Q1, 2022
Abimbola Abatta, Uthman Salami and Seun Ibiyemi
The Federal Government on Wednesday said it would review concerns about the increase in excise duties on identified products and other tariff-related matters.
President Muhammadu Buhari made the pledge in Abuja during an advocacy visit of the leadership of Manufacturers Association of Nigeria (MAN).
The advocacy visit, it was learnt, was meant to seek the backing of the Government for the manufacturing sector to overcome constraints to competitive manufacturing activities in Nigeria.
In response to requests to make the manufacturing sector contribute more to Nigeria’s economy, Buhari assured of access to long term finance for Smalland Medium Enterprises (SMEs).
Buhari further told the Mansur Ahmed-led executives of MAN that the government would boost access to foreign exchange for importation of raw materials and machines that are not available locally.
This is even as, MAN President, Mansur Ahmed said the association will formally present the Blueprint for Accelerated Development of Manufacturing sector in Nigeria, which contains the remedial measures for the ‘MAN’ challenges, within the first quarter of 2022.
According to him, challenges that could be addressed to improve the manufacturing sector include: inadequate supply of foreign exchange, inadequate electricity supply, poor access to long term fund, patronage of Made-in-Nigeria goods and local content development, looming increases in tax rate, among others.
Meanwhile, on the African Continental Free Trade Area (AfCFTA), Buhari said Nigeria would fast track the process of setting up the Designated Competent Authority that will superintend the administration of Rules of Origin and Commission as well as the automation for issuance of electronic Certificate of Origin.
He added that Government would also ensure that relevant structured platforms are established for monitoring and evaluation of the performance of the Ease of Doing Business and improved Government patronage of made in Nigeria products.
“Our strategic plan to boost manufacturing activities in the country is on course. We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs).
“We recognise that MAN remains a key stakeholder in this journey and we will continue our engagement with you.
“I beseech you to continue to support the Government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy,” he said.
He added that Government would continue to consistently deploy prudent means of judiciously utilising the limited revenue to sustain the economy and stimulate growth.
Buhari maintained that his government has recorded achievements in road and rail infrastructure development; provision of stimulus packages for the manufacturing sector; improvement in energy management and support for exporters.
He said, “These projects are there for all to see. Furthermore, we are vigorously pursuing reforms on ease of doing business and currently putting in place other necessary policy measures and incentives that will guarantee full recovery from the consequences of COVID-19, sustain economic development and further shield the economy from the potential impact of fluctuations in the price of crude oil in the global market.
‘‘I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, like we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.
‘‘Let me assure you that this Administration is fully aware that the survival of Nigeria lies in Agriculture and having a viable domestic manufacturing sector.
“I must emphasise here that when I say Agriculture, I also refer to Agro-Allied business which is the value-added component in the value chain. A strong manufacturing sector creates more jobs and wealth for our people.
“It will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution,” he added.
In her remarks, the Minister of State, Industry, Trade and Investment, Mariam Katagum said the Ministry would continue to work with MAN in the areas of policy, trade and creating an environment to facilitate the growth of businesses in Nigeria.
“MAN is in business to create a climate of opinion in this country so that manufacturers can operate efficiently and profitably for the benefit of all,” she said.