Lagos, Dec. 4, 2024 – The Manufacturers Association of Nigeria (MAN) has urged the federal government to recapitalise the Bank of Industry (BoI) to enable it meet the demands of the industries.
The association also called on the government to provide credit information to industries and widen the scope of assets for collateral.
These are part of the recommendations of the MAN in its position paper on the third quarter Gross Domestic Product (GDP) of the country,
MAN also called on government to create special windows for providing single-digit interest rates to productive sectors and relax stringent conditions for SMEs to access funds.
MAN also advised the government to retain the current Excise Duty of N10 per liter on non-alcoholic beverages to avoid shutting down the industry.
It said it was important for the government to direct the Central Bank of Nigeria to clear $2.4 billion outstanding dollar obligations on FX forward contracts to support manufacturers.
The association said there was also the need to review import duty rates for production inputs, particularly those not locally available, and consider pegging the rate at N800.
It urged the federal government to implement measures to streamline customs’ procedures, including increased use of technology and decentralisation of seaports.
The association advised that priority should be given to infrastructure development in the budgetary allocations, especially along strategic economic hubs.
It urged the government to encourage public-private partnerships for infrastructure development like roads, railways, and port access roads.
The association urged the government to direct the Nigerian Electricity Regulatory Commission (NERC) to review its tariffs for Band A customers. (GBN)
