Business
MAN Presents Blueprint On Manufacturing Development
The Manufacturers Association of Nigeria (MAN), last Wednesday said that it had aided the zero per cent waiver on agricultural value chain to encourage processing.
The President of the association, Dr Kola Jamodu, said this at a media presentation of the “MAN Blueprint for accelerated development of manufacturing in Nigeria’’, in Lagos.
He raised the hope that Nigeria would soon move from a consuming nation to become a producing nation.
According to him, the duty on importation of enzymes for cassava processing has been reduced to zero per cent.
“We must look at the entire value chain of agriculture. Only three weeks ago, the government reduced the duty on enzymes to zero per cent.
“We want the government to also reduce the duty on machinery that will aid the manufacturing sector too,’’ Jamodu said.
He also said that MAN had embraced backward integration for the agriculture sector.
Jamodu said that no fewer than 250,000 farmers had been engaged by various manufacturing companies in the country.
“So many food and beverage manufacturing companies have engaged more than 250,000 farmers for the cultivation of cassava and maize.’’
Jamodu further said that the manufacturing sector was contributing 18 per cent to the nation’s Gross Domestic Product (GDP).
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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