President Buhari Sends New Year Message to Nigerian Manufacturers amid Plan to Increase Prices in 2022

President Buhari Sends New Year Message to Nigerian Manufacturers amid Plan to Increase Prices in 2022

  • Nigerian manufacturers have cried to President Buhari to help make it easy for them to do business
  • Among other things the manufacturers complained that they cant get dollars to import their raw materials
  • They are also asking that the presidency stop its plan to reintroduce excise duty on softdrinks as it will increase the price of the products

In what looks like a new year message for 2022, President Muhammadu Buhari on Wednesday, 29 December 2021 assured Nigerian manufacturers of his administration’s readiness to ease access to foreign exchange for importation of raw materials and machines in 2022.

Buhari, according to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, stated this when the leadership of the Manufacturers Association of Nigeria (MAN) led by its President, Mansur Ahmed, visited him at the Presidential Villa, Abuja.

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He said his administration was aware that the survival of Nigeria lies in agriculture and a viable manufacturing sector the cable reports.

President Buhari sends new year message to Nigerian manufacturers amid plan to increase prices in 2022
President Buhari in discussion with Vice President Yemi Osinbajo Credit: statehouse
Source: Facebook

What the president told the manufacturers

Buhari said:

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‘Our strategic plan to boost manufacturing activities in the country is on course. "We will continue to improve the patronage of locally made goods, bridge the gap between skills required by industry and those provided by our tertiary institutions and ensure seamless access to long term finance for our Small and Medium-Scale Enterprises (SMEs).
‘‘We recognise that MAN remains a key stakeholder in this journey, and we will continue our engagement with you. ‘I beseech you to continue to support the government in our quest to provide the appropriate environment that will attract the necessary investment both domestic and foreign for the upliftment of the nation’s economy.”

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President Buhari also assured that relevant ministry would revisit MAN’s concerns about the increase in excise duties on the identified products and other tariff-related matters.

Other promises

President Muhammdu Buhari also assured road and rail infrastructure development will continue and also provision of stimulus packages for the manufacturing sector.

The Punch added that the president assured improvement in energy management and support for exporters to bolster the operations of businesses in Nigeria.

He added:

‘These projects are there for all to see. Furthermore, we are vigorously pursuing reforms on ease of doing business and currently putting in place other necessary policy measures and incentives that will guarantee full recovery from the consequences of COVID-19, sustain economic development and further shield the economy from the potential impact of fluctuations in the price of crude oil in the global market.
‘‘I have listened carefully to all the challenges enumerated by the President of MAN and would like to assure you that, like we have done in the recent past, we will give consideration to some of the constraints that are yet to be fully addressed, especially those that align with our policies and programmes for economic recovery and sustainable development.

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‘‘Let me assure you that this administration is fully aware that the survival of Nigeria lies in agriculture and having a viable domestic manufacturing sector. I must emphasise here that when I say Agriculture, I also refer to the agro-allied business, which is the value-added component in the value chain.
‘‘A strong manufacturing sector creates more jobs and wealth for our people. it will usher in sustainable economic prosperity because we will produce what we consume as a nation and generate foreign exchange by exporting surpluses and by import substitution.”

CBN reacts to Igbo traders petition against commercial banks

Meanwhile, Igbo traders in a letter to the Central Bank of Nigeria raised alarm on excessive charges by commercial banks in Nigeria

They argued that the majority of charges, deductions were illegal and wants the CBN to force the bank to stop.

CBN has responded asking the Igbo traders and Nigerians to resist unnecessary charges from commercial banks.


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