Nigerian Manufacturers Laud Continuity of Bank of Industry

The Manufacturers Association of Nigeria (MAN) has expressed satisfaction that the government will continue to keep the Bank of Industry (BoI) afloat as a financial development institution.

The Manufacturers’ body said its advocacy role contributed to bringing to the fore the need to sustain the operations of the BoI.

The association’s President, Dr Frank Jacobs Udemba, who stated this yesterday while addressing the press during its annual Media Luncheon, noted that it has successfully advocated for the recapitalisation of BoI.

Udemba said, BoI does not have the capacity at present to attend to all the needs of manufactures adding that MAN in its recent advocacy requested that the FG recapitalised BoI.

He said, “Another development bank would help in augmenting the activities. This will set competition among them and it will make manufacturing to have alternatives.”

According to him, it may interest you to know that last year, the association in its usuall practice engaged government at all levels, including ministries, departments and agencies on a number of issue affecting the manufacturing sector in particular and the Nigeria economy in general .

Halted the arbitrary increase in electricity tariff in the face of power inadequacy and poor supply, Udemba prompted the Central Bank of Nigeria (CBN) to give approval for the allocation of at least 60 per cent of available foreign exchange to manufacturers, and refocused government’s attention n resource based industrialization through purposeful engagement with the Federal ministry of Science and Technology, research institutes and tertiary institutions.

“Periodically, we engaged government on the issues of patronage of made in Nigeria products. We have had forum on it and weve recorded success, today they are coming up with buy made in Nigeria policy.”

He stated that the association has mandated the federal government not to sign the ECOWAS-EU Economic Partnership Agreement in its current form, while advocating for the reviewing of Export Expansion Grant (EEG) which has been in limbo since 2014.

We are advocating for improve budgetary allocation for the upgrade of critical infrastructure by the Federal government as evidence for the establishment of the Development Bank of Nigeria.

MAN President however stated that the association has secured a favourable tariff regime for the pharmaceutical sector and promoted sector-specific incentives of national economic development.

While speaking on 2017 focus, Udemba maintained that MAN in consonance with its mandate would pursue some strategic issues on the association’s advocacy rader.

He urged the government to enforce significant improvement on infrastructure, especially power and transport.

He tasked the government on general improvement in the business operating environment, calling for abolition of multiple taxation and unorthodox mode of collection and review of the CBN’s list of 41 items not valid for foreign exchange to enable manufacturers’ source critical raw materials that are not available locally.

Commenting on backward integration policy of government, he called for the development of the country’s abundant natural resources for industrial inputs and enactment of relevant manufacturing friendly laws.

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