The Manufacturers Association of Nigeria has said that recent government interventions, including the Naira-for-Crude initiative, the Nigeria Industrial Policy, withholding tax exemptions, expanded VAT deductibility on fixed assets and services, phased reductions in Companies Income Tax, tax incentives for research and development, and fiscal relief measures for small and medium industries, could revive the manufacturing sector if properly implemented.
The group noted that manufacturers had borne the brunt of economic reforms introduced over the past three years, which led to soaring production costs, declining capacity utilisation, reduced access to credit and significant job losses.
In the organisation’s recent three-year government assessment document, MAN Director-General Segun Ajayi-Kadir stated that the reforms had laid the foundation for long-term economic restructuring but stressed that implementation must now focus on industrial recovery and growth.
Ajayi-Kadir stated, “The Nigeria Industrial Policy and the renewed emphasis on local content procurement through the Nigeria First framework equally
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