MAN, NACCIMA, Others Mull Priority Areas of Dev’t for New Administration

The Manufacturers Association of Nigeria (MAN), Federal Institute of Industrial Research Oshodi and key stakeholders in the Organised Private Sector (OPS) have enumerated priority areas the incoming President-elect Bola Ahmed Tinubu must focus on in order to achieve an all-inclusive economic growth.

They enumerated these priority areas during the inauguration of the new Executive of the Commerce and Industry Correspondents Association of Nigeria (CICAN) tagged: “CICAN Agenda setting for the incoming federal government administration/Investiture of new executives” in Lagos.

In his key address, the MAN president, Otunba Francis Meshioye stated that nation is facing crisis which ranges from political and social rascality to arrays of economic imbalances, stressing the economic imbalances in terms of multiple taxes, fees, and levies imposed by all tiers of government, forex scarcity, a bourgeoning borrowing interest rate, energy insecurity, and an infrastructural deficit in a highly inflationary environment.

He pointed out that this is due to misaligned macroeconomic policy, policy misconceptions, negligence, and mismanagement, which have unimaginably negative impacts on the real sector.

Meshioye, who was represented by the Head Communications, MAN, Ambrose Oruche, advised the incoming President to as a matter of urgency reverse with immediate effect the 2023 fiscal policy measure that raises taxes on beverages and tobacco as well as address the issue of multiple taxes in the country.

“Emphatically, while the government believes in tax increments to rake in more revenue, the action is highly counterproductive because a high tax burden on manufacturing and small and medium-scale businesses will squeeze their profit margins, which will have an adverse effect on their tax-paying ability.

“As a matter of fact, multiple taxes on the manufacturing sector cannot enhance government revenue; rather, it will only erode the operational capability, effectiveness, and competitiveness of the industry, with huge negative spillover effects on government earnings, job creation, and the economy at large,” he said.

He harped on the need to give the productive sector maximum priority for the general good of all in terms of wealth and job creation for the nation.

He lamented that the manufacturing sector is also not doing well due in part to inadequate support for local content development in the sector by government parastatals, agencies, and ministries.

He said “For instance, there is significant potential in the textile industry to produce high-quality military and paramilitary wear and apparel for the government that cannot be compromised. It is unfortunate that these are still being imported into the country.”

He also harped on the need to promote the use of local content by mandating the patronage of Made-in-Nigeria products by all government parastatals, agencies, and ministries; revisit executive orders 003 and 004; create a special window for forex allocation to the manufacturing sector; identify and break the powerbroker militating against the completion of the Ajaokuta Steel Complex to make available raw materials for our steel and automobile industries and provide incentives to encourage a rapid energy transition in the manufacturing industry.

He stated further that the incoming administration should pay particular attention to this critical low-hanging fruit agenda with a deep sense of effective implementation and monitoring, stressing that this requires an unwavering and high spirit of commitment, dedication, and selflessness in public service delivery by the new administration.

He added that the magnitude of the responsibility awaiting the new administration is enormous, demanding high senses of determination, and resourcefulness, as almost all parts of the sectors are presently in shambles, squarely squabbling in crisis.

According to him, the impact is graver among industries, especially manufacturing, which has been battling poor performance and is now on the verge of collapsing as a result of these challenges, especially taxes.

Also speaking, the National president, DG NACCIMA Dr. Sola Obadimu Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ide John Udeagbala, said the Nigerian economy is primarily powered by the Small and Medium Enterprises, (SMEs) as over 85 per cent of the country’s industrial sector is reliant on the SMEs which embodies the informal sector also.

Udeagbala who was represented by the DG NACCIMA Dr. Sola Obadimu said “As the “Voice of Nigerian Business”, a leading member of the Organized Private Sector (OPS), and the umbrella body for all City, State, and Bilateral Chambers of Commerce in Nigeria, including Business Associations, NACCIMA charged the incoming Federal Government Administration to pay attention to these issues, amongst others, and cooperate with all public and private sector partners to enunciate policies that will foster a private sector-driven economy in Nigeria.

“While we believe that this new administration will do great exploits, exceeding the works of their successors, I would also like to use this opportunity to charge you all to work closely with NACCIMA, as the synergy will be needed to further promote business interests in Nigeria and the global economy at large,” he added.

On her part, Mrs. Toki Mabogunje, the immediate past president, Lagos Chamber of Commerce and Industry (LCCI), expressed serious concern about the rising debt profile of the country, stressing that the country is still being faced with forex liquidity concerns, contracting disposable incomes, rising  inflation, escalating unemployment, business disruptions and investment uncertainties.

Mabogunje hinted that there is a need for policymakers to expeditiously develop a framework that will ensure the country has a well-diversified revenue base, noting that this is imperative for macroeconomic stability.

In her words: “There is a need to deepen efforts to improve investment in human capital development, particularly education and health. There is a strong imperative for mass employment of our teeming population, which in turn will have a positive effect on the current insecurity problems facing the country. The imperative of self-reliance with respect to food security and energy security.”

“I want the government to invest in human capital development for the sustainability of business. Government should be honest, responsible and accountable,” she said.

She emphasized that the media is critical for public policy advocacy and has to be truly effective, especially where the aim is to effect action, a change of policy or to alter the public’s view of issues.

“Certainly the work of CICAN in collaborating to set the agenda around such issues as our up-coming economic and democratic transition, the national, state and local government budgets, tax reform, the investment Climate, new government initiatives, corruption, Audits and other critical economic issues will galvanise a more engaged and informed citizenry, whose ripple effect will touch lives across the country, pulling the people together to act for the economic good of the country.

“Beyond agenda setting, there is the equally important role of following up on the agenda and keeping the executive, legislative and judicial arms of government at all levels, focused on the agenda, accountable, executing the necessary policy reforms that will deliver the prosperity Nigerians desire. Increased and effective media coverage amplifies the voice of business, reaches the public at large and also impacts policymaking. The subsequent media attention may cause policy makers to pay greater attention to the issues at hand and take progressive steps towards actionable reform,” she added.

The Former Acting Director General and Chief Executive Officer, Federal Institute of Industrial Research Oshodi, (FIIRO), Dr. Chima C. Igwe, said commerce and industry are the two sides of a coin and are known as the key drivers of any economy while the media (CICAN) are strategic players in actualizing both.

Igwe recounted that in the past few years, Nigeria and Nigerians experienced a sudden and significant drop in economic activities which led to the loss of the purchasing power of the currency, the Naira, but although, has been able to exit the recession, warning that the strangling effects might still be seen lingering with the possibility of a relapse if the nation does not diversify.

According to him, “For national growth and development, national security and economic recovery and diversification, research and development in the fields of science, engineering, technology and innovation must be at the forefront because it is the very foundation of any successful industrial revolution and industrialization. It is practically impossible to envision a life today without a reliance on science, technology and innovation in our everyday life.”

He affirmed that Science, technology and innovation (STI) is a very crucial cross-cutting sector in all developmental efforts of any nation if it is to be sustainable.

He lauded CICAN for organizing the event, saying that subsequent general meetings of CICAN will enable the association to push for, monitor and interrogate the agenda for the incoming Federal Government Administration.

Igwe itemized CICAN’s agenda going forward to include: “Need to look inwards and utilize not only our local raw materials but also our locally developed process technologies; A facility tour of the various Research Centres in Nigeria to explore the technologies that are in stock for national economic growth and development; Harvest are processed, postharvest, and this ensures availability at the right quantities and qualities all-year-round and food/ nutrition security.

“FIIRO, for instance, had concluded work and packaged a school feeding program ready for implementation by the government. This school meal consists of a solid meal (biscuit) and liquid (Drink) that satisfies the 1/3 energy and protein requirements of children of school age between ages 6-16.”

He charged CICAN Executive to give the incoming Federal Government Administration and all Nigerians a template for the Transformation of the Commerce and Industry sector that will then serve as agents of economic growth and development of the nation.

Earlier, the Chairman, CICAN, Mr. Charles Okonji, charged the government at all levels to rebrand, retool, revamp and rejig the nation’s ailing economy and urged the President-elect to focus on working the talk and delivering on the electioneering promises of his administration.

Okonji lamented that the manufacturers’ goods are in shelves due to the paucity of purchasing power of consumers, while area boys capture delivery trucks and force their drivers to pay illegal levies without receipts.

CICAN Chairman also called on government at all levels to work on the ease of doing business; security of lives and property, companies and students; be responsive to the protection of journalists who have become the most endangered species; as well as stop threatening media houses to be shut down for doing their jobs.

Highpoint of the event are the investiture of the CICAN executives led by its Chairman, Mr. Charles Okonji by the Chairman of Nigeria Union of Journalists, Lagos Council, Mr Leye Ajayi, and the conferment of CICAN’s award on the former Acting Director General and Chief Executive Officer, FIIRO, Dr. Chima C. Igwe for his breakthroughs in Research and Development.