The Federal Government says it will take appropriate measures to improve access to foreign exchange for importation of raw materials and machines that are not available locally in Nigeria.
President Muhammadu Buhari said this on Wednesday during an advocacy visit of the leadership of the Manufacturers Association of Nigeria, MAN at the Presidential Villa in Abuja, the nation’s capital.
The President told the Mansur Ahmed-led executives of MAN that the relevant Ministry would revisit their concerns about the increase in Excise Duties on the identified products and other tariff-related matters.
On the African Continental Free Trade Area, AfCFTA, the President said Nigeria would fast track the process of setting up the Designated Competent Authority that will superintend the administration of Rules of Origin and Commission as well as the automation for issuance of electronic Certificate of Origin.
He added that the Federal Government would also ensure that relevant structured platforms are established for monitoring and evaluation of the performance of the Ease of Doing Business and improved Government patronage of made in Nigeria products.
Affirming his belief that a private sector led economy is the way to create jobs in the country, President Buhari urged the leadership of MAN to continue to encourage manufacturers that Government recognises the resilience of their members and other private sector organisations in promoting a virile manufacturing sector in Nigeria.
On the impact of Covid-19 on world economies, the President noted that while the pandemic had an adverse impact on the Nigerian economy with the attendant fluctuations in the price of oil, his administration has effectively contained the spread of the pandemic and other diseases.
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He added that the Federal Government would continue to consistently deploy prudent means of judiciously utilising the limited revenue to sustain the economy and stimulate growth.
President Buhari also used the occasion to reemphasise that in spite of limited resources, his government has made appreciable progress in road and rail infrastructure development; provision of stimulus packages for the manufacturing sector; improvement in energy management and support for exporters with a view to improving the operating environment for businesses in Nigeria.
In her remarks, Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum pledged that the Ministry would continue to work with MAN in the areas of policy, trade and creating an environment to facilitate the growth of businesses in Nigeria.
Speaking at the event, the MAN President said the advocacy visit was largely motivated by two things, namely, to thank the President for all the support extended to the manufacturing sector since his assumption of office in 2015, and to seek the urgent support of the Federal Government for the manufacturing sector to overcome the binding constraints to competitive manufacturing in Nigeria.
On the challenges facing the sector, the MAN President said the Association has articulated remedial measures for these challenges in the Blueprint for Accelerated Development of Manufacturing in Nigeria, which will be formally presented to the President within the first quarter of 2022.
The MAN leadership, however, highlighted a few challenges that could be addressed in the immediate term in order to improve the manufacturing environment.
They include inadequate supply of foreign exchange, inadequate electricity supply, poor access to long term fund, patronage of Made-in-Nigeria Goods and local content development, looming increases in tax rate, among others.
Ahmed also used the occasion to formally present the new logo and annual report of the Association to President Buhari.
(Editor: Terverr Tyav)
