Economy: Nigerian Manufacturers Demand Review Of Govt. Policies

Economy: Nigerian Manufacturers Demand Review Of Govt. PolicesThe President of the Manufacturers Association of Nigeria, Mr Frank Udemba, has expressed concerns about some government policies which he says may hinder the development of the economy.

He said this at the Presidential Villa where government officials, manufacturers and members of the private sector met to discuss issues on how best to make the economy work in the interest of ordinary Nigerians.

Speaking the mind of most businessmen and women in the hall, Mr Udemba listed the Central Bank’s policy on foreign exchange, lack of access to long term funding, multiple levies by government agencies and lack of infrastructure as some of the areas the federal government needs to revisit in its efforts to get the nation out of economic recession.

He, however, commended the government for its giant strides in ensuring adequate security across the country.

The Minister of Budget and National Planning, Udo Udoma, and the Minister of Finance, Kemi Adeosun also provided the perspectives from their ministries, providing explanations on the concerns raised.

Vice President Yemi Osinbajo was also present at the meeting and he explained why the meeting was necessary.

He highlighted the need to get the private sector fully involved in the effort to revive Nigeria’s economy as manufacturing remains a major area the country must develop.

It was the second time the Vice President would be holding the quarterly business forum.

Recession: Buhari Commits To Developing Nigeria’s Manufacturing Sector

Muhammadu Buhari, Manufacturing SectorPresident Muhammadu Buhari has reiterated his commitment to developing the manufacturing sector of the economy as a way out of Nigeria’s recession.

President Buhari made the promise at the annual meeting with members of the Manufacturers Association of Nigeria (MAN).

The pledge is coming on the heels of serious concerns raised by members of the association regarding administrative bottlenecks which they say affect the manufacturing sector negatively.

Speaking on Thursday in Abuja in company of some of his cabinet members, the President of MAN, Mr Frank Udemba and the President of Dangote Group, Mr Aliko Dankote, highlighted some challenges facing the sector.

Other members of the association further sought government’s intervention in the areas of steady electricity supply and reduction of company income tax.

They argued that the manufacturing sector was capable of helping Nigeria overcome its economic recession.