Business

MAN cautions Buhari on economic policy

Published

9 years ago

September 5, 2015

The Manufacturers Association of Nigeria (MAN) has told President Muhammadu Buhari to be cautious in his economic policies formulation.
The association which expresses concern about the grave implication some policies could have on the economy, said it was already collaborating with the Central Bank of Nigeria (CBN) to ascertain items that could be exempted from forex allocation based on availability of local capacity.
For instance, the association is demanding that the government should introduce Import Adjustment Tax of 20 per cent on imported Finished Pharmaceutical Products with HS Code 3003 and 3004 because Nigerian manufacturers had the capacity to produce such items.
MAN President, Frank Jacobs, said, “The import prohibition list prescribed in the CET should be retained because there is available local capacity in Nigeria.

“There is need for the government to create an exchange rate window that is less volatile than the current inter-bank from which manufacturers can source for forex until the economy is diversified to a level where it can provide the needed industrial raw-materials.

“The government should fast-track the establishment of its Development Bank of Nigeria which was inaugurated earlier and the bank should give priority to the needs of the manufacturing sector”, Jacobs said.

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