By Benson Daniel
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to harmonise taxes and maintain stable economic policies to enhance the competitiveness of local manufacturers and stimulate industrial growth.
The association said the current tax regime, characterised by multiple taxes and levies imposed by different tiers of government, continues to increase production costs and constrain the growth of the manufacturing sector. It noted that simplifying the tax system would reduce the burden on businesses, improve compliance and create a more conducive environment for investment.
MAN stressed that policy consistency is equally important in enabling manufacturers to plan effectively and make long-term investment decisions. According to the association, frequent policy changes create uncertainty, discourage investment and undermine the confidence of both local and foreign investors.
The group also highlighted other challenges facing manufacturers, including high energy costs, foreign exchange volatility, inadequate infrastructure and rising logistics expenses. It urged the government to implement reforms that would address these bottlenecks and improve the ease of doing business across the country.
Industry stakeholders believe that a harmonised tax framework would eliminate duplication, reduce administrative costs and encourage more businesses to expand their operations. They argued that a predictable policy environment would also boost productivity, increase industrial output and strengthen Nigeria’s manufacturing base.
MAN further called for stronger collaboration between government agencies and the private sector in developing policies that support industrialisation, export growth and job creation. It maintained that sustained dialogue with manufacturers would help formulate practical solutions to the challenges confronting the sector.
Economic analysts noted that the manufacturing industry remains a critical pillar of Nigeria’s economy due to its role in value addition, employment generation and economic diversification. They said improving the operating environment for manufacturers would enhance the sector’s contribution to gross domestic product and reduce the country’s dependence on imports.
The association expressed optimism that implementing tax reforms alongside stable macroeconomic policies would improve investor confidence, attract fresh investments and position Nigeria’s manufacturing sector for sustainable growth in an increasingly competitive global economy.
Leave a comment