MAN hails govt’s import substitution policy

The President, Manufacturers Association of Nigeria, Dr Frank Jacobs, has commended the Federal Government for pledging to encourage import substitution, adding that the government has responded to the yearnings of the association regarding the policy.

“The import substitution policy is good. MAN has been canvassing it,” he said in an e-mailed response to questions on issues raised in the 2016 budget.
According to him, government’s decision to focus on infrastructure is a good one and if the budget is implemented faithfully, in a few years, Nigeria’s economy will witness tremendous growth.
Jacobs also said the fact that a lot of attention was paid to the mining sector was also a positive sign as the mining sector provides raw materials for the manufacturing sector.
He said, “That sector has for a long time been abandoned and left to informal operators. Yet, Nigeria has an array of untapped solid minerals which can be money spinners directly and indirectly.
“It is a source of raw materials for the manufacturing and other sectors of the economy. If adequate value addition is carried out, it can start yielding money soon.”
On government’s pledge to reduce taxes for small businesses, the MAN president expressed confidence that the move would not only end multiple taxation but would also bring about harmonisation in taxes.
 “I believe that it will make a lot of difference. I also believe that there will be harmonisation of taxes as well. If this is done, there will be a lot of improvement in the system.

“If the harmonisation of fiscal, monetary and social policies is implemented and the   diversification of the economy is followed through, the nation can achieve the 4.37 per cent growth projected in the budget.”
Source: The Punch