• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Manufacturers seek succour from economic reforms

Manufacturers

The Matters Press by The Matters Press
September 8, 2023
Reading Time: 2 mins read
0
Ex-MAN chairman calls for more incentives to manufacturers

Lagos, Sept. 8, 2023: Manufacturers have lauded the corrective economic reforms (exchange rate convergence and the removal of fuel subsidy) by the Federal Government.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

But the manufacturers noted that the reforms came at a huge cost to the real sector.

Dr Muda Yusuf, founder, Centre for the Promotion of Private Enterprises (CPPE), said while these reforms were inevitably critical to fixing damaging distortions in the economy, the immediate outcomes were somewhat devastating.

Yusuf noted that intense inflationary pressures, spiking operating costs for manufacturers and severe negative impact on citizens welfare greeted the implementation of the policies.

According to him, they impacted sales and unsold inventories, eroded profit margins, negatively affecting the balance sheets of many cooperations.

These, he said, therefore underscored the imperative of an expeditious response from the administration to address the unintended adverse outcomes of the reforms for investors and the citizens.

He noted that while the commitment of the administration to fiscal and tax reforms was laudable, there seemed to be a disproportionate focus on revenue generation.

“This could hurt industrialists and impede economic growth.

“While it is imperative to ensure fiscal consolidation, it is important to deploy fiscal, tariff and tax policies to provide reliefs to manufacturers because of their elevated vulnerabilities.

“We need to see more fiscal and tax incentives to drive recovery of growth sectors of the economy and mitigate the pains of the current reforms.

“The government now has the fiscal space to support the businesses and the vulnerable segments of the society with this policy driven incentives,” he said.

Yusuf added that the state also had a huge role to play in facilitating the recovery and growth of the manufacturing sector.

He said that issues of multiple taxation, nuisance by non state actors, access to and cost of land were within the remit of the states.

“The intervention of the subnational governments in these areas is vital,” he said.

Mr Segun Ajayi-Kadir, Director-General, Manufacturers Association of Nigeria (MAN), urged government to ensure harmonisation of fiscal and monetary policies to drive stable macroeconomic environment.

This, he said, was critical to promote productivity in the manufacturing sector and improve the ease of doing business.

Ajayi-Kadir noted that the abrupt removal of fuel subsidy without appropriate palliatives was already affecting the confidence of some Nigerians in the new administration.

He said that while the introduction of the Forex Price Verification System Portal was laudable to improve transparency, foreign exchange intervention would not be effective without boosting liquidity levels in the official foreign exchange window.

The DG said more needed to be done to increase liquidity by intensifying efforts to encourage the inflow of foreign investments, promote export in productive industries and encourage local sourcing and local patronage.

“In the medium term, it is essential to tackle problems relating to low productivity and limited export diversification, excessive import-dependent production structure and dilapidated capital goods industry.

“This will require bridging the huge infrastructure gap, especially as it relates to customs, transport and power which are of utmost concern to the manufacturers.

“It would also require boosting public-private investment in renewable energy, backward integration and local sourcing of raw materials to create a highly competitive and self-sufficient manufacturing industry.

“Government must also provide appropriate palliatives to mitigate the adverse impact of fuel subsidy removal on the welfare of households and businesses,” he said.

Tags: Manufacturers
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
Buhari moves against palm oil importers

C/River secures $15m Oil Palm Investment

Nigeria’s non-oil revenue grew above target by 15.7%

Ex-CBN director advises FG to block loopholes in revenue generation

Recommended Stories

25 textile clusters get a boost through SMEDAN

Nigeria to showcase local fabrics in global markets

November 8, 2023
CBN reports drastic decrease in rice import

Multiple taxation killing rice business –Millers

January 19, 2023
NBS reports increase in Inflation

CBN should deploy monetary tools to check inflation – Economist

December 15, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us