• Monday, February 26, 2024
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BusinessDay

Job creation: MAN commends FG over investment-friendly policies

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Members of the organised private sector (OPS) have described as unprecedented the institution and implementation of some economic policies of the Federal Government which have helped in reviving the hitherto moribund manufacturing sector of the economy.
They said that the commitment to the effective implementation of the policies has led to phenomenal increase in the local production of commodities which before now are imported into the country.
Citing the example of the national cement production, the manufacturers ascribed the success to the investor friendly policies of the government which encourage local production not only to meet domestic demands but also for export.
The group under the auspices of the Manufacturers Association of Nigeria (MAN) gave kudos to the government of President Goodluck Jonathan for putting in place some broad based incentives generally geared towards reviving the moribund manufacturing sector, encourage industrialisation and create jobs.
MAN in a statement signed by its president, Kola Jamodu, said that government’s incentive policy, which is designed to encourage industrialisation, has been effective as it has been encouraging new investments and creating jobs and now benefitting the larger economy.
Jamodu also commended government for agreeing to the broad base incentives for the manufacturing sector instead of narrowing them.
According to him, “An important reform in the incentive policy, as sought by MAN, was to broad base the incentives to a whole sector rather than issuing discretionary waivers for individual firms. This has brought transparency in the policy and created a level playing field for all players.
“There is a clear evidence of the positive impact of the sector based incentives. Incentives and concessions given to the cement industry have contributed to the phenomenal increase in national cement production from less than 2 million tons in 2002 to over 20 million tons in 2013. As a result, from being a net importer, Nigeria has become a net exporter of cement. This was achieved in less than a decade thanks to the enabling environment fostered by government policies.”
He said the incentive policy has been in place through several administrations but the president and his Economic Management Team deserve credit for streamlining the policy to leverage it for attracting investment in the priority sector.