Manufacturers set 100-day agenda for Buhari’s successor

With the local manufacturing sector yet to recover from the impact of several policies by the current administration, the Manufacturers Association of Nigeria (MAN) has unveiled a set of deliverables the incoming president should accomplish within 100 days of inauguration.

According to the local manufacturers, the productive sector should be given maximum priority for the general good of all in terms of wealth and job creation for the nation.

Speaking on expectation of MAN from the incoming government, its Director-General, Segun Ajayi-Kadir, urged government to permanently resolve the lingering difficulties with the currency transition if it has not been completely addressed by the outgoing government, considering that the policy has resulted in a more than 25 per cent dip in sales of manufactured products.

MAN also urged the government to direct the Central Bank of Nigeria (CBN) and ensure that it complies with the prioritisation of foreign exchange to the productive sector, particularly to manufacturers to import raw materials, spares, and machinery that are not locally available.

It added that immediate and time-bound steps should be taken to achieve the unification of the foreign exchange windows.

“The new government should direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005; direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.

“Furthermore, the government should ensure that the Finance Bill 2022, if not assented to before the transition, includes the critical inputs of the organised private sector. In particular, the jettisoning of the highly objectionable removal of the 10 per cent investment allowance on the acquisition of plants & machinery (in the Company Income-tax Act, section 32).

“Additionally, to ensure that the imposition of the 0.5 per cent levy on eligible imports from third countries is limited to goods that we have capacity to produce locally and quite importantly, exclude raw materials that are not locally available. The input of the organised private sector on the CEMA bill should also be taken on board before the amendment bill is signed into law,”MAN added.

The local producers also sought the announcement of a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60 per cent of its member companies have closed.

It added that a special policy initiative to de-risk manufacturing and unleash adequate funding for the sector through effective funding of special lending windows should be announced.

“Government should craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.

“Direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products. In this regard, there should be a strict application of the margin of preference, effective monitoring and periodic evaluation of compliance and appropriate sanctions meted out to MDAs acting in breach of the executive order”, MAN stated.