The Manufacturers Association of Nigeria, MAN have listed priority areas the incoming President-elect Bola Ahmed Tinubu, must focus on to achieve an all-inclusive economic growth.

The MAN president, Meshioye Francis, speaking at the investiture of new Executive of the Commerce and Industry Correspondents Association of Nigeria, CICAN, tagged the agenda “Setting for the incoming federal government administration” recently in Lagos, advised the incoming President to as a matter of urgency reverse with immediate effect the 2023 fiscal policy measure that raises taxes on beverages and tobacco while also address the issue of multiple taxes in the country.

Represented by the Head Communications, MAN, Ambrose Oruche, stated the need to give the productive sector maximum priority for the general good of all in terms of wealth and job creation for the nation.

He also called on the need to promote the use of local content by mandating the patronage of Made-in-Nigeria products by all government parastatals, agencies, and ministries; revisit executive orders 003 and 004; create a special window for forex allocation to the manufacturing sector; identify and break the powerbroker militating against the completion of the Ajaokuta steel complex to make available raw materials for our steel and automobile industries and provide incentives to encourage a rapid energy transition in the manufacturing industry

Speaking further, he urged the incoming administration to give tariff preferential treatment to the motor vehicle and assembly sector pending the development of the iron and steel sector; revisit and reactivate dormant export incentives and engage and dialogue with the key stakeholders in the manufacturing sector on overcoming the challenges troubling the sector.

“The incoming administration must pay particular attention to this critical low-hanging fruit agenda with a deep sense of effective implementation and monitoring. This requires an unwavering and high spirit of commitment, dedication, and selflessness in public service delivery by the new administration,” he said.

He added that the magnitude of the responsibility awaiting the new administration is enormous, demanding high senses of determination, and resourcefulness, as almost all parts of the sectors are presently in shambles, squarely squabbling in crisis

“The crisis ranges from political and social rascality to arrays of economic imbalances. Economic imbalances in terms of multiple taxes, fees, and levies imposed by all tiers of government, forex scarcity, a bourgeoning borrowing interest rate, energy insecurity, and an infrastructural deficit in a highly inflationary environment. This is due to misaligned macroeconomic policy, misconceptions, negligence, and mismanagement, which have unimaginably negative impacts on the real sector,” he noted.

According to him, the impact is graver among industries, especially manufacturing, which has been battling poor performance and is now on the verge of collapsing as a result of these challenges, especially taxes.

In his words; “Emphatically, while the government believes in tax increments to rake in more revenue, the action is highly counterproductive because a high tax burden on manufacturing and small and medium-scale businesses will squeeze their profit margins, which will have an adverse effect on their tax-paying ability. As a matter of fact, multiple taxes on the manufacturing sector cannot enhance government revenue; rather, it will only erode the operational capability, effectiveness, and competitiveness of the industry, with huge negative spillover effects on government earnings, job creation, and the economy at large.

Head Communications, MAN, Ambrose Oruche, stated the need to give the productive sector maximum priority for the general good of all in terms of wealth and job creation for the nation.

He added that the magnitude of the responsibility awaiting the new administration is enormous, demanding high senses of determination, and resourcefulness, as almost all parts of the sectors are presently in shambles, squarely squabbling in crisis .

According to him, the impact is graver among industries, especially manufacturing, which has been battling poor performance and is now on the verge of collapsing as a result of these challenges, especially taxes.

In his words; “Emphatically, while the government believes in tax increments to rake in more revenue, the action is highly counterproductive because a high tax burden on manufacturing and small and medium-scale businesses will squeeze their profit margins, which will have an adverse effect on their tax-paying ability. As a matter of fact, multiple taxes on the manufacturing sector cannot enhance government revenue; rather, it will only erode the operational capability, effectiveness, and competitiveness of the industry, with huge negative spillover effects on government earnings, job creation, and the economy at large.”