The Manufacturers Association of Nigeria (MAN) has expressed support for the current economic policies of President Bola Tinubu’s administration, despite the challenges they pose to businesses and individuals. According to Dr. Adoga Inalegwu, Chairman of MAN in Cross River and Akwa Ibom States, the policies are necessary and welcome, even if they are tough.
President Tinubu’s economic reforms have introduced significant changes, including tax reform, which has both positive and negative implications for manufacturers. The tax reform aims to reduce the complexity of multiple tax issues, making it easier for businesses to operate. Additionally, the government’s efforts to improve disposable income are expected to have a positive impact on the economy.
However, MAN has expressed concern over the high exchange rate, which currently stands at over N1,500 to one dollar. While the stability of the exchange rate is a positive development, the high rate itself is a challenge for manufacturers who import materials from abroad. Despite this, the availability of foreign exchange has improved, making it easier for businesses to access the funds they need.
The economic policies have not been without challenges, and some MAN members are still struggling to adapt. The increase in Value Added Tax (VAT) by 2.5 percent has also been criticized, as it is expected to impact revenues and profitability. Nevertheless, Dr. Inalegwu believes that the policies are a step in the right direction, even if they are not perfect.
The ability of Nigerian manufacturers to adapt to difficult economic conditions is a testament to their resilience and ambition. As the economy continues to evolve, it is essential for businesses to develop strategies to survive and thrive. The support of organizations like MAN is crucial in helping manufacturers navigate the challenges posed by the economic reforms.
Overall, the economic policies of President Tinubu’s administration are seen as a necessary step towards addressing the country’s economic challenges. While there are still concerns and challenges to be addressed, the support of key stakeholders like MAN is a positive indication of the government’s efforts to improve the business environment and promote economic growth.
