Close Menu
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
Trending
  • Customs Awaits Arrival Of 67 Scanners, Says Customs CG, Adeniyi 
  • Mukaila Hails FG Over Approval Of 10 Years Policy Document For Marine and Blue Economy Ministry
  • You Can’t Function Properly If Governing Council Is Not In Place, Farinto Tells CRFFN Registrar, Igwe
  • SIFAX Group Honoured With Distinguished Gender Inclusion Award  
  • APM Terminals Apapa, GIVO Launch Zero-Carbon Recycling Hub To Tackle Plastic Waste 
  • AMSAY Conference Ranks Top Amongst Maritime Events, Says Akabogu 
  • Dredge Onne Port For Optimum Utilization, Isikaku Urges FG
  • 19 Year Old OAU Student, Esther Olanrewaju Wins Fola Ojutalayo Speech-making Competition 2025
Prime Time Reporters
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
Prime Time Reporters
Home » MAN, NACCIMA, others highlight priority areas of development for incoming administration
Business

MAN, NACCIMA, others highlight priority areas of development for incoming administration

Saint AugustineBy Saint AugustineMay 28, 2023No Comments8 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The Manufacturers Association of Nigeria, MAN, Federal Institute of Industrial Research, Oshodi and key stakeholders in the Organized Private Sector (OPS) have listed priority areas the incoming President, Bola Ahmed Tinubu, must focus on to achieve an all inclusive economic growth.

The MAN president, Otunba Meshioye Francis, speaking at the investiture of new Executive of the Commerce and Industry Correspondents Association of Nigeria, CICAN tagged the “Agenda Setting for the Incoming Federal Government Administration”, in Lagos, advised the incoming President to as a matter of urgency, reverse with immediate effect, the 2023 fiscal policy measure that raises taxes on beverages and tobacco while also address the issue of multiple taxes in the country.

Represented by the Head, Communications, MAN, Ambrose Oruche, Meshioye stated the need to give the productive sector maximum priority for the general good of all in terms of wealth and job creation for the nation.

He also harped on the need to promote the use of local content by mandating the patronage of Made-in-Nigeria products by all government parastatals, agencies, and ministries; revisit executive orders 003 and 004; create a special window for forex allocation to the manufacturing sector; identify and break the power broker militating against the completion of the Ajaokuta steel complex to make available raw materials for our steel and automobile industries and provide incentives to encourage a rapid energy transition in the manufacturing industry.

Speaking further, he urged the incoming administration to give tariff preferential treatment to the motor vehicle and assembly sector pending the development of the iron and steel sector; revisit and reactivate dormant export incentives and engage and dialogue with the key stakeholders in the manufacturing sector on overcoming the challenges troubling the sector.

“The incoming administration must pay particular attention to this critical low-hanging fruit agenda with a deep sense of effective implementation and monitoring. This requires an unwavering and high spirit of commitment, dedication, and selflessness in public service delivery by the new administration”, he said.

He added that the magnitude of the responsibility awaiting the new administration is enormous, demanding high senses of determination, and resourcefulness, as almost all parts of the sectors are presently in shambles, squarely squabbling in crisis.

“The crisis ranges from political and social rascality to arrays of economic imbalances. Economic imbalances in terms of multiple taxes, fees, and levies imposed by all tiers of government, forex scarcity, a bourgeoning borrowing interest rate, energy insecurity, and an infrastructural deficit in a highly inflationary environment. This is due to misaligned macroeconomic policy, policy misconceptions, negligence, and mismanagement, which have unimaginably negative impacts on the real sector,” he noted.

According to him, the impact is graver among industries, especially manufacturing, which has been battling poor performance and is now on the verge of collapsing as a result of these challenges, especially taxes.

In his words; “Emphatically, while the government believes in tax increments to rake in more revenue, the action is highly counterproductive because a high tax burden on manufacturing and small and medium-scale businesses will squeeze their profit margins, which will have an adverse effect on their tax-paying ability. As a matter of fact, multiple taxes on the manufacturing sector cannot enhance government revenue; rather, it will only erode the operational capability, effectiveness, and competitiveness of the industry, with huge negative spillover effects on government earnings, job creation, and the economy at large.”

Also speaking, the National president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ide John Udeagbala, said the Nigerian economy is primarily powered by the Small and Medium Enterprises, SMEs as over 85 per cent of the country’s industrial sector is reliant on the SMEs which embodies the informal sector also.

“As the ‘Voice of Nigerian Business’, a leading member of the Organized Private Sector (OPS), and the umbrella body for all City, State, and Bilateral Chambers of Commerce in Nigeria, including Business Associations, NACCIMA encourages the incoming Federal Government Administration of Senator Bola Ahmed Tinubu to pay attention to these issues, amongst others, and cooperate with all public and private sector partners to enunciate policies that will foster a private sector-driven economy in Nigeria,” he averred.

“While we believe that this new administration will do great exploits, exceeding the works of their successors, I would also like to use this opportunity to charge you all to work closely with NACCIMA, as the synergy will be needed to further promote business interests in Nigeria and the global economy at large,” he urged.

On her part, the immediate past president, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Toki Mabogunje, explained that the rising debt profile of the country is worrisome, pointing out that the country is still being faced with forex liquidity concerns, contracting disposable incomes, rising  inflation, escalating unemployment, business disruptions and investment uncertainties.

She emphasized the need for policymakers to expeditiously develop a framework that will ensure the country has a well-diversified revenue base, stressing that this is imperative for macroeconomic stability.

“There is a need to deepen efforts to improve investment in human capital development, particularly education and health. There is a strong imperative for mass employment of our teeming population, which in turn will have a positive effect on the current insecurity problems facing the country. The imperative of self-reliance with respect to food security and energy security,” she advised.

She, however, said the Media is critical for public policy advocacy to be truly effective, saying that the importance of the role of the media in the process of disseminating policy-related information through the communications media, especially where the aim is to effect action, a change of policy or to alter the public’s view of issues cannot be over emphasized.

“This is where the CICAN has such an important role to play in Nigeria’s democratic dispensation. CICAN was established in 1990, to enable the practice of Business Journalism, and it has maintained momentum and growth ever since, with its relationships with journalists throughout the country. The practice of economic journalism engages the analytical skills of the business journalist to report well on crucial economic issues, and provide citizens with an understanding of core social and economic realities (and values) that are needed to keep a democracy in place,” she stated.

The Former Ag. Director General and Chief Executive Officer, FIIRO,Dr. Chima C. Igwe, said commerce and industry are the two sides of a coin and are known as the key drivers of any economy while the media (CICAN) are strategic players in actualizing both.

He noted that in the past few years, Nigeria and Nigerians experienced a sudden and significant drop in economic activities which led to the loss of the purchasing power of the currency, the Naira, but although, has been able to exit the recession, warning that the strangling effects might still be seen lingering with the possibility of a relapse if the nation does not diversify.

“For national growth and development, national security and economic recovery and diversification, research and development in the fields of science, engineering, technology and innovation must be at the forefront because it is the very foundation of any successful industrial revolution and industrialization. It is practically impossible to envision a life today without a reliance on science technology and innovation in our everyday life,” he advocated.

He maintained that Science, technology and innovation (STI) is a very crucial cross-cutting sector in all developmental efforts of any nation if it is to be sustainable.

He commended CICAN for organizing the event, saying that subsequent general meetings of CICAN will enable the association to push for, monitor and interrogate the agenda for the incoming Federal Government Administration.

Earlier, the president, CICAN, Mr. Charles Okonji, called on the government at all levels to retool, revamp and rejig the nation’s ailing economy while also calling the President-elect to focus on working the talk and delivering on the promises of his administration.

Photo: L-R: Dr. Olusola Obadimu, representative of the Director General, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr. Ide John C. Udagbala; Mr Chima Igwe, former Executive Director, Chemical Fibre & Environment Technical Department, Federal Institute of Industrial Research (FIIRO); Charles Okonji, CICAN Chairman; Mrs Toki Mabunguje, immediate past president, LCCCI; Mr Ambrose Oruche, representative of the President, Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye; Angela Okosi, Media Consultant, Standard Organization of Nigeria (SON) and  Mr. Emmanuel Ayele, President/Nigeria representative, Institute of Certified Business Consultant (ICBC) at the event.

Send your press invite, news, press releases/articles to augustinenwadinamuo@yahoo.com. Also, follow us on Twitter @PrimetimeRepor1 and on Facebook on facebook.com/primetimereporters or call the editor on 07030661526.

CICAN Dr. Chimao Igwe FIIRO Ide John C. Udeagbala LCCI Mrs. Toki Mabogunje NACCIMA Otunba Francis Meshioye Senator Bola Ahmed Tinubu
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleAjadi extols CICAN for contribution to real sector development
Next Article Children’s Day: Soludo, wife, others, celebrate Anambra children, extol their talents
Saint Augustine
  • Website
  • Facebook
  • X (Twitter)

Saint Augustine is a seasoned freelance journalist and the chief editor of Primetime Reporters.

Related Posts

Customs Awaits Arrival Of 67 Scanners, Says Customs CG, Adeniyi 

June 2, 2025

Dredge Onne Port For Optimum Utilization, Isikaku Urges FG

May 31, 2025

Foreign Investors See Opportunities Where Locals See Challenges – Coleman Wires MD

May 30, 2025
Leave A Reply Cancel Reply

Recent Posts

Customs Awaits Arrival Of 67 Scanners, Says Customs CG, Adeniyi 

June 2, 2025

Mukaila Hails FG Over Approval Of 10 Years Policy Document For Marine and Blue Economy Ministry

June 2, 2025

You Can’t Function Properly If Governing Council Is Not In Place, Farinto Tells CRFFN Registrar, Igwe

June 2, 2025

SIFAX Group Honoured With Distinguished Gender Inclusion Award  

June 1, 2025

APM Terminals Apapa, GIVO Launch Zero-Carbon Recycling Hub To Tackle Plastic Waste 

June 1, 2025
© 2025 Copyright Primetime Reporters.
  • Home
  • Business
  • Features
  • Interview
  • News
  • Opinion
  • Politics
  • The Icon
  • Get In Touch
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.