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Manufacturers Challenge FG on Industry Development
Mr Wale Adegbite, the Chairman, Manufacturers Association of Nigeria (MAN), Ogun chapter, has called on the Federal Government to address the challenges confronting manufacturers in the country.
Adegbite made this call at the 32nd Annual General Meeting (AGM) of MAN, on Thursday in Ota, Ogun.
The theme of the meeting is: ‘Developing a Workable Work Plan For Environmental Sustainability-Cost Implications, Benefits and Drawbacks’.
He noted that there was an urgent need to strengthen the real sector by removing all the bottlenecks restraining its growth and competitiveness.
Adegbite identified some of the impediments to include: multiple taxation, scarcity of foreign exchange, high interest rate charged by banks, epileptic power supply, non availability of local inputs and bad roads.
He said that difficulty in sourcing for FOREX and high interest rate by manufacturers, had made it difficult for manufacturers to bring in raw materials to their factories.
The chairman noted that this development had resulted in the decline in production and profit margins, pay cut and closure of factories.
“We urge the Federal Government to make dollars available for manufacturers, grant tax incentives and rebates to ease the economic burden and attract further investments,” he said.
He stressed the need for the Federal Government to address these problems for the sector to perform optimally.
Also speaking on the occasion, Gov. Ibikunle Amosun of Ogun, said the State Government would continue to support MAN and new investors to move the state forward.
Amosun, who was represented by Mr Abimbola Ashiru, the Commissioner for Industry and Commerce, lauded the association for its efforts towards the industrialisation of the state.
“Industriasation plays a vital role in economic development because it is through this that the nation can reduce unemployment and poverty rate,” he said.
Amosun enjoined manufacturers to consistently pay their taxes, so that government could provide conductive environment for businesses to thrive.