policymakers at all levels continue to compound the situation by introducing new taxes; further worsening the difficult and high-cost operating environment.
“In some climes, when the economy slows down, government reduces taxes to encourage businesses to expand, create more jobs and increase economic activities. What we are seeing in Nigeria today is not only increasing tax rate but introducing new taxes and turning every public agency into a revenue collector. In the midst of the challenges, we are resilient and would soldier on with advocacy for a conducive atmosphere for the operation of manufacturing business in Nigeria. We will continue to work towards ensuring that Nigeria becomes an environment that promotes competitiveness,” Ahmed averred.
Also speaking, the Director General, MAN, Segun Ajayi Kadir, said the 50th AGM is special because manufacturers have survived the turbulence both domestically and internationally, stressing that the last few years for manufacturing has experienced external factors largely out of its control impacting negatively on the economy.
Reacting to the federal government’s plan to impose excise duty on non-alcoholic drinks, Kadir said this is the wrong time to have it done.
“What is most painful is that the increase in excise on new products only started this year, so it will amount of changing the goal post in the middle of the game. We have a three-year plan on the escalation of excise duty; all that was thrown into the dustbin and a new and higher one was introduced and targeted at killing the industry. This should be rescinded immediately and that is the only way this sector can survive,” he said.
