Members of the Organised Private Sector (OPS) have described as
\nunprecedented the institution and implementation of some economic policies
\nof the federal government which have helped in reviving the hitherto
\nmoribund manufacturing sector of the economy.<\/p>\n
<\/p>\n
They said that the commitment to the effective implementation of the
\npolicies has led to phenomenal increase in the local production of
\ncommodities which before now are imported into the country.<\/p>\n
Citing the example of the national cement production, the manufacturers
\nascribed the success to the investor friendly policies of the government
\nwhich encourage local production not only to meet domestic demands but
\nalso for export.<\/p>\n
<\/p>\n
The group under the auspices of the Manufacturer Association of Nigeria
\n(MAN) gave kudos to the government of President Goodluck Jonathan for
\nputting in place some broad based incentives generally geared towards
\nreviving the moribund manufacturing sector, encourage industrialization
\nand create jobs.<\/p>\n
<\/p>\n
MAN in a statement signed by its President, Chief Kola Jamodu said that
\ngovernment\u2019s incentive policy, which is designed to encourage
\nindustrialization, has been effective as it has been encouraging new
\ninvestments and creating jobs and now benefitting the larger economy.<\/p>\n
<\/p>\n
Jamodu also commended government for agreeing to the broad base incentives
\nfor the manufacturing sector instead of narrowing them. He said, \u201can
\nimportant reform in the incentive policy, as sought by MAN, was to broad
\nbase the incentives to a whole sector rather than issuing discretionary
\nwaivers for individual firms. This has brought transparency in the policy
\nand created a level playing field for all players.<\/p>\n
<\/p>\n
\u201cThere is a clear evidence of the positive impact of the sector based
\nincentives. Incentives and concessions given to the Cement industry have
\ncontributed to the phenomenal increase in national cement production from
\nless than 2 MN tons in 2002 to over 20 MN tons in 2013. As a result, from
\nbeing a net importer, Nigeria has become a net exporter of cement. This
\nwas achieved in less than a decade thanks to the enabling environment
\nfostered by government policies.\u201d<\/p>\n
<\/p>\n
According to him, the incentive policy has been in place through several
\nadministrations but the President and his Economic Management Team deserve
\ncredit for streamlining the policy to leverage it for attracting
\ninvestment in the priority sectors.<\/p>\n
<\/p>\n
Chief Jamodu added that special intervention funds of the Central Bank of
\nNigeria (CBN) disbursed through the Bank of Industry (BOI) have also
\nhelped revive a good number of ailing industries and SME\u2019s. Incentives are
\nalso helping to boost trade and investment in the non-oil sector and
\ngenerating employment in agro-allied industries. Explaining how the
\nincentives are impacting positively on manufacturing and the economy, he
\nsaid, \u201cIncentives are needed to generate investment in the productive
\nsector \u2013 manufacturing and agriculture. Waiver of customs duty and VAT on
\nimport of plant and machinery is required to make our industries
\ncompetitive. Duty and VAT exemption on equipment used in gas production
\nhas contributed to reduction in gas flaring and growth in gas-to-power
\ninitiative aimed at boosting power supply.\u201d<\/p>\n
<\/p>\n
Meanwhile, the OPS leader decried the cost of doing business in Nigeria
\nwhich he said remains very high noting that due to the prevailing
\ninfrastructural disincentives, companies have to generate own captive
\npower and build surrounding facilities.<\/p>\n
<\/p>\n
Therefore, he pointed out that incentives and waivers are required not
\nonly to attract investments but to also compensate for the public
\ninfrastructure-deficit. \u201cMost developing companies give incentives to
\nattract investment in priority sectors where they have a comparative
\nadvantage and Nigeria cannot be an exception\u201d, the MAN boss argued.<\/p>\n
The MAN equally affirmed its support for the implementation of the
\nrecently launched Nigerian Industrial Revolution Plan and called on
\nwell-meaning Nigerians to be prepared to make their positive contributions
\nto ensuring the success of the programme.<\/p>\n","protected":false},"excerpt":{"rendered":"
Members of the Organised Private Sector (OPS) have described as unprecedented the institution and implementation of some economic policies of the federal government which have helped in reviving the hitherto…<\/p>\n","protected":false},"author":1,"featured_media":21834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-21833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n