The Manufacturers Association of Nigeria (MAN) calls on the National Assembly to hasten the passage and implementation of six Bills that are critical for manufacturing sector’s well-being.
The legislative proposals include:
1. The Raw Materials Processing and Local Production Protection Bill: This bill seeks to establish a threshold of 30 percent value addition on raw material exports.
2. A Bill Ensuring Allocation of Financial Resources: This proposal mandates that 60 percent of Ways and Means be allocated to support local industries, to enhancemitigaten capacity and mitigating inflationary pressures.
3. Four Tax Reform Bills: These bills are designed to restructure, streamline, and unify tax processes within the sector.
Segun Ajayi-Kadir, the Director-General of the Manufacturers’ Association of Nigeria, has urged the swift implementation of these bills.
He contends that proactive government action can restore macroeconomic stability, foster significant economic growth, improve the business environment, and enhance the overall well-being of citizens.
Ajayi-Kadir expressed grave concerns about the current state of the Nigerian manufacturing sector, stating, “The future of our country is at a critical juncture, and the challenges faced by manufacturers must be addressed through appropriate interventions.”
He highlighted that the outlook for manufacturers in 2025 presents both opportunities and challenges.
Recognizing 2025 as a pivotal year, he noted that its outcomes will be crucial for the sector’s future. Despite anticipated fluctuations in business activity at the start of 2025, there remains a measured optimism among operators, driven by expectations for a more stable exchange rate, cessation of interest rate increases, a slight easing of energy costs, and the timely enactment of favorable Tax Reform Bills by the first quarter of 2025.