Coleman wants FG to review fiscal, macroeconomic policies

The Chief Executive Officer (CEO), Coleman Technical Industries Limited (CTIL), George Onafowokan, has called on the federal government to review some of its fiscal and macroeconomic policies that are having adverse effects on the manufacturing sector and other businesses.
  
Speaking recently during the recent Nigerian British Chamber of Commerce (NBCC) Next Generation Series, with the theme: “Transforming a Manufacturing Business,” which was held in Lagos, he said the constant  upward reviews of the exchange rate for import duties, which has gone up from N422.30/$1 in June 2023 to over N1 650/$1 presently is extremely concerning.
   
“Manufacturers are literally struggling at the moment and we need to have a review of a lot of decisions that have been made on the macro, fiscal and monetary policy levels. Raw materials and machinery for instance are being imported into Nigeria at cutthroat exchange rates and the government is increasing custom rate figures daily despite the fact we have protested this severally. This is a fiscal policy issue that needs to be addressed. It might be increasing revenue to the government, but more businesses will continue to die. That is one major area that needs urgent review,” he said.