Manufacturers Association of Nigeria (MAN) has highlighted 10 specific deliverables to be accomplished by the new administration within the first 100 days in office, starting from May 29, 2023.
According to a statement by the association on Wednesday, the new administration should permanently resolve the lingering difficulties with the currency transition if it has not been completely addressed by the outgoing government, as already indicated, this has resulted in a more than 25 percent dip in sales of manufactured products.
“Direct the Central Bank of Nigeria and ensure that it complies with the prioritization of foreign exchange to the productive sector, particularly to manufacturers to import raw materials, spares, and machinery that are not locally available and taking immediate and time-bound steps to achieve the unification of the foreign exchange windows.
“And direct the Nigerian Electricity Regulatory Commission to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005,” it said.
Segun Ajayi-Kadir, director-general of MAN added in the statement that the government should direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
“Ensure that the Finance Bill 2022, if not assented to before the transition, includes the critical inputs of the organized private sector and take a definite stand by ordering the removal of fuel subsidy,” he said.
He said the decision should be outright and immediate steps should be taken to commence removal.
Manufacturers’ confidence in the economy dropped in the fourth quarter of last year on the back of surging inflation and foreign exchange.
MAN’s aggregate Manufacturers CEO’s Confidence Index declined to 55.0 points in Q4 from 55.4 points in the previous quarter.
“The fourth quarter of 2022 appeared to be more difficult to manufacturers than the level of hardship in the preceding quarter due to persisting rise in Consumer Price Index, high cost of energy, unabated erosion in naira value and difficulty in sourcing foreign exchange including the harsh effect of Russian-Ukrainian war,” MAN said.
It said these issues, among others, were principally responsible for the difficult operating environment and its declining implication on manufacturing activities in the country during the quarter under review.
Other recommendations include the announcement of a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60 percent of their member companies have closed.
Craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.
Direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products and announce a special policy initiative to de-risk manufacturing and unleash adequate funding for the sector through effective funding of special lending windows.
Ajayi-Kadir of MAN said the association is desirous to see all recommendations implemented by the new administration.
“We believe that if the prosperity of Nigeria is paramount, then the productive sector should be given maximum priority for the general good of all in terms of wealth and job creation for the nation,” he said.
