• Wednesday, February 28, 2024
businessday logo

BusinessDay

Minister discusses industry issues with manufacturers

businessday-icon

Ngozi Okonjo-Iweala, co-ordinating minister for the economy and minister of finance, has dialogued with members of the Manufacturers Association of Nigeria (MAN) over recent developments in the captive sector and the country’s economy.

Addressing them during an interactive section last Monday tagged “Manufacturing and Nigerian economy,’’ the minister assured them that government now pursued sector-based policies rather than individual-based ones, adding that manufacturers should reciprocate by embracing local content and job creation drive.

“You must show how the waivers are helping to create jobs and addressing other economic problems; otherwise, many people would continue to see it as a way of perpetuating corruption,” she said.

The minister also assured them that the Export Expansion Grant (EEG) scheme was being reviewed to ensure sustainability, adding that in spite of current enormous challenges, government would continue to support manufacturing.

Earlier in a welcome address, Kola Jamodu, president, MAN, said the interactive session was geared towards assessing the performance of the sector, given its role in wealth and employment creation and Nigeria’s strategic position in the West African industrial sector.

According to him, the manufacturing sector has started showing signs of recovery, owing to various government policies, citing increased capacity and raw materials utilisation as instances.

He urged the Federal Government to continue with sector-based incentive policy and address high interest rate issues, adding that Pre-Arrival Assessment Report (PAAR) recently introduced by the customs was an impediment as it caused delays.