Brand Owners under the aegis of the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and other key stakeholders in the organised private sector (OPS) have listed priority areas the new President, Bola Ahmed Tinubu must focus on to achieve all-inclusive economic growth.
Speaking at the inauguration of the new Executive of the Commerce and Industry Correspondents Association of Nigeria (CICAN) tagged, “The agenda “Setting for the incoming federal government administration” in Lagos, the MAN president, Otunba Meshioye Francis, advised the president to as a matter of urgency reverse with immediate effect the 2023 fiscal policy measures that raised taxes on beverages and tobacco while also addressing the issue of multiple taxes in the country.
Represented by the Head of Communications, MAN, Ambrose Oruche, the body stated 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.
In the same vein, he also urged the new administration to give tariff preferential treatment to the motor vehicle and assembly sector pending the development of the iron and steel sector; revisit and reactivate dormant export incentives and engage and dialogue with the key stakeholders in the manufacturing sector on overcoming the challenges troubling the sector.
“The new administration must pay particular attention to this critical low-hanging fruit agenda with a deep sense of effective implementation and monitoring. This requires an unwavering and high spirit of commitment, dedication, and selflessness in public service delivery by the new administration,” he said.
Also speaking, the National President, the 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 percent of the country’s industrial sector is reliant on the SMEs which embodies the informal sector also.
On her part, the immediate past president, of the Lagos Chamber of Commerce and Industry (LCCI), Mrs. Toki Mabogunje, explained that the rising debt profile of the country is worrisome, pointing out that the country is still being faced with forex liquidity concerns, contracting disposable incomes, rising inflation, escalating unemployment, business disruptions, and investment uncertainties.