The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria to prioritize the allocation of forex to the nation’s manufacturing sector.
The Association argued that the manufacturing sector is recognized as the highest contributor to job and wealth creation, skill development, and technology transfer in the country.
Engr. Mansur Ahmed, President of the Association, made the call at the 35th Annual General Meeting of the Imo and Abia States Branch of the body held in Owerri, Imo state.
He also called on the financial regulator to direct the commercial banks to transparently and diligently process Forex applications by manufacturers.
VAT & Clearing Cargoes
In order to allow manufacturers to take advantage of the stranded electricity, he urged the Federal Government to abolish the 7.5% VAT on the manufacturing sector of the economy, pending the normalization of the International Supply System and the prompt resolution of the complexity surrounding the seamless implementation of the eligible customer initiative.
Ahmed emphasized the need to reduce the amount of time it takes to clear containers and other cargo at the country’s ports and urged the government to enforce, assess, and oversee Executive Order 003’s implementation to ensure MDA compliance, which he said should be cascaded to the levels of local and state governments.
“At the regional and continental levels, we are upscaling our advocacy radar by promoting industrialization and integration in West Africa through the Federation of West African Manufacturers Association (FEWAMA) and we are also facilitating cooperation among African manufacturers in the promotion and protection of the interests of the manufacturing industry in Africa through the Pan-African Manufacturers Association (PAMA) while hoping to achieve cross-border value chain and scale production to ensure that those African-made products are traded in the continental market”.
