The Manufacturers Association of Nigeria (MAN) has said that its advocacy role has kept the country’s Bank of Industry (BOI) afloat.

Dr Frank Jacobs Udemba, the associations President, stated this today, while addressing the press during its annual Media Luncheon, held at MAN House, in Ikeja.

He noted that it has successfully advocated for the recapilisation of BOI.

Udemba said, BOI does not have the capacity at present to attend to all the needs of manufactures adding that MAN in its recent advocacy reqested that the FG recapitalised BOI.

He said, “Another development bank would help in argumenting the activities. This will set competition among them and it will make manufacturing to have alternatives.”

According to him, it may  interest you to know that last year, the association in its usuall practice engaged government at all levels, including ministries, departments and agencies on a number  of issue affecting the manufacturing sector in particular and the Nigeria  economy  in general .

Halted the arbitrary increase in electricity tariff in the face of power inadequacy and poor supply, Udemba prompted the Central Bank of Nigeria (CBN) to give approval for the allocation of at least 60 percent of available foreign exchange to manufacturers, and refocused government’s attention n resource based industrialization through purposeful engagement with the Federal ministry of Science and Technology, reseach institutes and tertiary institutions.

“Periodically, we engaged government on the issues of patronage of made in Nigeria products. We have had forum on it and we have recorded success, today they are coming up with buy made in Nigeria policy.”

He also stated that the association has mandated the federal government not to sign the ECOWAS-EU Economic Partnership Agreement in its current form, while advocating for the reviewing of Export Expansaion Grant (EEG) which has been in limbo since 2014.

We are advocating for improve budgetary allocatiomn for the upgrade of critical infrastrutuce by the Federal government as evidence for the establishment of the Development Bank of Nigeria.

MAN President however stated that the association has secured a favourable tariff regime for the pharmaceutical sector and promoted sector-specific incentives of national economic development.

While speaking on 2017 focus, Udemba maintained that MAN in consonance with its mandate would pursue some strategic issues on the assocaition’s advocacy rader.

He urged the government to emforce significant improvement on infrastructure, especially power and transport.

He tasked the government on general improvement in the business operating environment, calling for abolition of multiple taxation and unorthodox mode of collection and review of the CBN’s list of 41 items not vaild for foreign exchange to enable manufacturers’ source critical raw materials that are not available locally. Commenting on backward integration policy of govenrmnt, he called for the development of the country’s abundant natural resources for industrial inputs and enactment of relevant manufacturing friendly laws.