MAN President seeks reduction in import duties
The President of the Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, has canvassed a radical reduction in import duties on raw materials.
At the commissioning of a syringe and needle complex (HMA) in Ilorin, he said global standard practice remained five per cent import duties as against Nigeria’s 35 per cent.
“Thirty-five per cent import duties for a nation like Nigeria is killing our indigenous companies. We should also note that countries that process their raw materials are the ones creating job opportunities. While doing this, government should put up policies that would protect the local industries,” he said.
He advocated a favourable tax policy for the nation’s industries, even as he called for speedy implementation of the National Action Plan. He noted that many Nigerian manufacturers operated as “risks takers” rather than promising investors.
The Chairman, HMA Board of Directors, Hon. Ayodele Shittu, said the company would expand the plant from current capacity of 200 million syringes and 350 million needles per annum to 500 million syringes and 700 million needles in the next three years.
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