Govt’s revenue drive’ll put pressure on industrialists – MAN
The Manufacturers Association of Nigeria has said that the expected focus on electioneering and quest for increase in the Internally Generated Revenue by regulatory agencies may lower concentration on the economy and put pressure on the manufacturing sector.
The President, MAN, Dr. Frank Jacobs, stated this on Wednesday during the association’s annual media luncheon.
While speaking on the outlook for the year, Jacobs expressed the hope that based on the improved price of crude oil in the international market, foreign reserve would increase, thereby improving the availability of foreign exchange for the importation of needed raw materials, machinery and accessories.
He said if increased capital expenditure as proposed in the 2018 budget was followed by actual release of funds, the infrastructure gap in the economy would narrow down.
Speaking further about the advocacy efforts of the association during the past year, he said it had yielded a lot of positive outcomes such as sustained quarterly meetings between the organised private sector and the Presidency.
He said, “On many occasions during the year, the leadership of the association met Vice-President Yemi Osinbajo, ministers and other top government functionaries, where the challenges of our members were presented with a view to eliciting speedy solutions.
“Our deliberations with the government, especially at the quarterly meetings, contributed immensely to recent positive policy measures of the government, some of which are already yielding results.”
He said the advocacy efforts would continue this year especially against the ECOWAS European Union Economic Partnership Agreement.