Buhari Assures Manufacturers of Access to Forex
operations at seaport
*As MAN raises concerns on planned rise in taxes, others
By Our Correspondent
Manufacturers who have been full of lamentation over issues of access to foreign exchange have been given assurance by President Muhammadu Buhari of an improvement for those wishing to import raw materials and machines for production.
Buhari made the assurance when he received the leadership of the Manufacturers Association of Nigeria (MAN) at the State House, Abuja.
Responding to the request by MAN that the government should do something so that the real sector can contribute more to the economy, the President said the Ministry incharge would address their worries about the increase in excise duties on some products.
He told the manufacturers that his administration’s strategic plan to boost manufacturing activities in the country was on course.
According to him, “We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions, ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs).
“We recognise that MAN remains a key stakeholder in this journey and we will continue our engagement with you.”
The President told the manufacturers that despite limited resources, his administration has made some progress in the areas of road and rail infrastructure development.
He also said his government has provided stimulus packages for the manufacturing sector as well improved energy management, support for exporters “with a view to improving the operating environment for businesses in Nigeria”.
Buhari also spoke on the African Continental Free Trade Area (AfCFTA), assuring that the process of setting up the Designated Competent Authority to superintend the administration of Rules of Origin and Commission, automation of issuance of electronic Certificate of Origin would be fast-tracked.
The President of MAN, Mansur Ahmed, said the visit was to commend the President for the support he has been giving to the manufacturing sector since he assumed office in 2015.
Speaking on the blueprint for accelerated development of the manufacturing sector which he said would be handed over to the President in the first quarter of 2022.
He however identified immediate challenges for the manufacturing sector as “inadequate supply of forex, inadequate electricity supply, poor access to long-term fund, poor patronage of Made-in-Nigeria goods and local content development and the planned rise in taxes.
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