L-R: Ogun State Commissioner for Finance, Mr Seye Senfiye, Lagos State Commissioner for Finance, Mr Ayo Gbeleyi; Deputy Director, Federation Accounts, Office of the Accountant-General of the Federation, Mr Hakeem Dosumu and Accountant-General of Lagos State, Mr David Sunmoni, at the Federation Accounts Allocation Committee’s meeting in Abuja, recently.

The Manufacturers Association of Nigeria (MAN), Rivers/Bayelsa States branch has said that about 40 companies have closed down business within Port Harcourt and its environs recently.
Making this known in her address at the 29th Annual General Meeting (AGM) of the association in Port Harcourt, last Thursday, the Chairman, Mrs Emilia Akpan stated that manufacturers were faced with numerous challenges which had made it difficult for them to operate.
She said that the business environment had not been favourable, especially in the areas of power supply, road network, and multiple taxation among others adding that many companies could not cope with this trend, and the result would be to close down and the loss of thousands of jobs.
The Managing Director of Indorama Eleme Petrochemical, Mr. Manish Mundra in his lecture “Reviving Manufacturing and Job Creation in Rivers/Bayelsa States”, said that his company’s research had revealed that 33 companies had folded up recently in Port Harcourt.
Represented by Sir Jossy Nkwochia, a management staff of the company, Mr. Mundra said the reasons for the closure included high cost of power supply, dysfunctional public utilities like road, water security, lack of capacity to compete with imported goods and multiple taxation.
Other reasons were multiple regulation by government agencies, insufficient working capital, inconsistency in government policies, decline market and lack of customers.
He however suggested the full implementation of Integrated power supply to provide electricity for industries at low cost to ensure revival of companies and employment generation.
Mundra also recommended that Public  Private Partnership (PPP) involving investors, government Host Community and staff should be in place as well as reduction waver of taxes and import duties on essential raw materials.

Corlins Walter