Manufacturers To FG: Support Innoson Group, Other Local Producers To Grow Naira

Manufacturers Association of Nigeria (MAN), has asked the Federal Government to support local producers to further strengthen the economy and make the county’s currency to grow in the international market. This was, even as the Manufacturers have lauded President Bola Ahmed Tinubu’s effort to boost production in the South East region, through the initiative called […]

Manufacturers Association of Nigeria (MAN), has asked the Federal Government to support local producers to further strengthen the economy and make the county’s currency to grow in the international market.

This was, even as the Manufacturers have lauded President Bola Ahmed Tinubu’s effort to boost production in the South East region, through the initiative called ‘Light-up Nigeria’ Project.

Speaking yesterday in Enugu, at the South East Business Roundtable during the flag-off of Light-up Nigeria Project – South East, Lady Ada Chukwudozie, Chairman of MAN in Enugu, Anambra and Ebonyi States, said the naira would greatly appreciate against foreign currencies and the economy would be stabilized, if government at all levels, patronize locally made products, to encourage local productions and stimulate productivity and employments amongst the youth.

The Light-up project which was launched by the Vice President, Senator Kashim Shettima, is one of the ongoing efforts of the Federal Government to improve energy supply to industrial clusters across the South East and the country at large.

According to MAN, the Federal Government can support locally produced goods and discourage overdependence on foreign products, by increasing the tarrifs on imported alternatives and provide Manufacturers with incentives like, reducing customs tariffs on raw materials and machinery; as well as allowing them to access dollars for the implementation of raw materials, machineries and equipments.

“If Government can support Manufacturers who are producing locally, support the use of locally produced goods and use the interplay of tax barriers and quotas to encourage these local manufacturers who are currently producing and support locally produced goods; for example, the Innoson Group, who is currently producing motor vehicles; if Nigeria can support them and other local producers, I think it will go a long way.

“Outside this, there is need for Government to look into the tariff from Customs, especially as it concerns Manufacturers.

“If it is possible, give us an incentive that is exclusive to Manufacturers, so that our raw materials and machines can come in at a reduced duty. So this alone can also help engender productivity in the country.

“I want to plead that Manufacturers also be considered in a way that sourcing foreign exchange will come easy for them”, Chukwudozie said.

The Manufacturers expressed optimism that the Light-up South East Project would go a long way to reduce some of the challenges facing the manufacturing sector in the region, described as the “commerical hub” of the nation.

“Now, coming from the Manufacturers, there are lots of challenges that bedevilled us; and this issue of power is very critical and pivotal, because it is the energy that drives the Sector.

“All the Governors have in the past, I must acknowledge, done something about this. It has also been said about the effort of our Governor, His Excellency, Governor Chukwuma Charles Soludo in partnership with EEDC, which is yielding fruits. And I think other Governors are doing something in that direction.

“But this particular light-up Nigeria is like a renewed hope for us and we want to assure you that we are ready to collaborate with you in all ramifications”, she added.

On the ways of cushioning the effects of hardship and boosting food security, the Manufacturers urged the Federal Government to provide farmers with adequate security, farming implements and improved seedlings, saying, food and commodity sufficiency would in turn support Industrialization for export, rural industries and resource-based industrialization.

“This resource-based productivity, if government pays true attention to it, by, first of all, providing security for farmers to go to their farm lands; providing incentives for them; providing farming implements; then there will be enough production of food and commodity which will engender export oriented industrialization, rural industrialization, resource-based industrialization and import substitution industrialization”, Chukwudozie stressed.