By Chidi Nkwopara, Owerri
The Manufacturers Association of Nigeria, MAN, says despite the promises and measures taken by the Federal Government, “the economic situation in the country remains worrisome”.
The MAN President, Dr. Frank S. U. Jacobs, spoke while flagging-off the 29th Annual General Meeting of Imo/Abia branch of the body.
“The economic situation of the country remains very worrisome and this calls for greater synergy between the government and MAN in order to pull the economy out of recession”, Jacobs said.
He also expressed worry that the economic recession has made quite a number of industries to be recording lower capacity utilization and profitability, adding that some have downsized their workforce in order to remain in business.
According to the MAN boss, “the manufacturing sector remains the most viable ally of government, as it creates wealth, generate employment and engenders skill acquisition among other things”.
While asking Nigerian manufacturers to be creative and work out means of remaining in business, Dr. Jacobs also pleaded with his colleagues to key into the resources-based industrialisation policy, which the Federal Government has adopted.
“Government should create attractive incentives for investors, who would engage in the processing of the abundant agricultural and mineral resources from primary produce to secondary or intermediate products”, the MAN President said.
Continuing, Dr. Jacobs reasoned that government has to look for viable options of making foreign exchange available to manufacturers.
Welcoming the participants earlier, the Chairman, Imo/Abia MAN, Barr. Romanus Anyanwu, identified ever increasing input cost occasioned by the inaccessibility of foreign exchange for raw materials and spares, multiple taxes and levies by all tiers of government, as well as fake and substandard imported products, are some of the major problems facing manufacturers.
Anyanwu equally grieved over the militarized form of collecting taxes by government and agencies, high cost of funds, inadequate long term loans to support Nigerian manufacturers and inadequate electricity power supply and exploitation of members through outrageous estimated bills.
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