The Manufacturers Association of Nigeria (MAN) has called upon federal and state authorities to streamline the complex tax structure affecting its members, asserting that the multiplicity of levies is impeding business growth and expansion. During the association’s 9th annual general meeting held in Ilorin, MAN also appealed to the Central Bank of Nigeria (CBN) for interventions to alleviate the challenges faced by Nigerian manufacturers.
Francis Meshioye, the national president of MAN, and Rahman Bioku, chairman of MAN in Kwara/Kogi states, made these appeals during the gathering, highlighting the pressing issues facing the country’s manufacturing sector. Among the challenges cited were the burden of multiple taxes imposed on manufacturers and the deteriorating infrastructure, particularly the condition of roads leading to industrial facilities.
Meshioye expressed hope that the Kwara State government would address these challenges effectively to improve the operating conditions for businesses in the state.
The vice president of MAN, Southwest zone, Kamoru Yusuf, represented Meshioye at the event and pointed out recent developments in the country’s economic landscape, including the removal of fuel subsidies, the floating of the naira exchange rate, and the increase in the monetary policy rate. He also commended the reversal of the escalation of excise rates on certain products.
The theme of the meeting, “Nigerian tax albatross: Solutions and reforms,” reflects the current reform measures and policies initiated by the Federal Government. These changes are expected to contribute positively to the tax ecosystem in Nigeria.
Meshioye stressed the importance of addressing the poor performance of the national economy in recent years, emphasizing the need for state governments to collaborate more effectively with the Manufacturers Association of Nigeria. Such collaboration would be aimed at sustaining existing manufacturing companies and preventing the collapse of those struggling under the weight of macroeconomic, infrastructural, and regulatory challenges.
In addition to calling for tax reforms, MAN urged the CBN to issue directives to commercial banks, specifically requesting a reduction in interest rates on industrial loans, interventions to address the foreign exchange crisis, and lowering interest rates on other loans distributed as COVID-19 palliatives to one percent.
The appeal by MAN highlights the critical role of the manufacturing sector in Nigeria’s economic growth and job creation. Addressing the challenges faced by manufacturers and implementing effective reforms is essential to enhancing the sector’s contribution to the nation’s development.
