The Manufacturers Association of Nigeria, MAN has urged the President –Elect Bola Tinubu to address economic issues affecting the real sector of the economy in his 100 days in Office.
The Association made this known through its Director General, Segun Ajayi-Kadir, while airing his views on what the President –Elect should do in his 100 days in office.
“I would suggest that the President, when sworn in, should set specific deliverables to be accomplished within the first 100 days in office. A must-do list within the 1st 100 days after the swearing-in”, he said.
These issues he listed to include: permanently resolve the lingering difficulties with the currency transition if it has not been completely addressed by the outgoing government. As already indicated, this has resulted in a more than 25% dip in sales of manufactured products, direct the CBN and ensure that it complies with the prioritization of foreign exchange to the productive sector, particularly to manufacturers to import raw materials, spares, and machinery that are not locally available. And taking immediate and time-bound steps to achieve the unification of the foreign exchange windows, direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005 and direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
Others are ensuring that the Finance Bill 2022, if not assented to before the transition, includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & machinery (in the Company Income-tax Act, section 32). Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have capacity to produce locally and quite importantly, exclude raw materials that are not locally available. The input of the organized private sector on the CEMA bill should also be taken on board before the amendment bill is signed into law.
So also taking a definite stand by ordering the removal of fuel subsidy. The decision should be outright and immediate steps should be taken to commence removal, announcing a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60% of our member companies have closed and crafting and announcing a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.
Speaking further, he said, the incoming president should direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products. In this regard, there should be a strict application of the margin of preference, effective monitoring and periodic evaluation of compliance,` and appropriate sanctions meted out to MDAs acting in breach of the executive order and announcing a special policy initiative to de-risk manufacturing and unleash adequate funding for the sector through effective funding of special lending windows.
The Association according to him is desirous to see all recommendations implemented by the new administration. We believe that if the prosperity of Nigeria is paramount, then the productive sector should be given maximum priority for the general good of all in terms of wealth and job creation for the Nation.