MAN advocacy kept BOI afloat-Udemba

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L-R: Vice President, Lagos Zone/ National Treasurer, Manufacturers Association of Nigeria, Rev Isaac Ade Agoye,MAN President, Dr Frank Jacobs, MON, MAN DG, Segun Ajayi-kadir, Chairman CICAN Toba Agboola at the 2016 MAN Media Luncheon in Lagos Today. Photo by Sunday Eshiet.

The Manufacturers Association of Nigeria (MAN) has stated that its advocacy role has kept the country’s Bank of Industry (BOI) afloat.

The association’s President, Dr Frank Jacobs Udemba, who stated this yesterday while addressing the press during its annual Media Luncheon, noted that it has successfully advocated for the recapilisation of BOI.

Udemba said, BOI does not have the capacity at present to attend to all the needs of manufactures adding that MAN in its recent advocacy reqested that the FG recapitalised BOI.

He said, “Another development bank would help in argumenting the activities. This will set competition among them and it will make manufacturing to have alternatives.”

According to him, it may interest you to know that last year, the association in its usuall practice engaged government at all levels, including ministries, departments and agencies on a number of issue affecting the manufacturing sector in particular and the Nigeria economy in general .

Halted the arbitrary increase in electricity tariff in the face of power inadequacy and poor supply, Udemba prompted the Central Bank of Nigeria (CBN) to give approval for the allocation of at least 60 percent of available foreign exchange to manufacturers, and refocused government’s attention n resource based industrialization through purposeful engagement with the Federal ministry of Science and Technology, reseach institutes and tertiary institutions.

“Periodically, we engaged government on the issues of patronage of made in Nigeria products. We have had forum on it and weve recorded success, to day they are coming up with buy made in Nigeria policy.”

He stated that the association has mandated the federal government not to sign the ECOWAS-EU Economic Partnership Agreement in its current form, while advocating for the reviewing of Export Expansaion Grant (EEG) which has been in limbo since 2014.

We are advocating for improve budgetary allocatiomn for the upgrade of critical infrastrutuce by the Federal government as evidence for the establishment of the Development Bank of Nigeria.

MAN President however stated that the association has secured a favourable tariff regime for the pharmaceutical sector and promoted sector-specific incentives of national economic development.

While speaking on 2017 focus, Udemba maintained that MAN in consonance with its mandate would pursue some strategic issues on the assocaition’s advocacy rader.

He urged the government to emforce significant improvement on infrastructure, especially power and transport.

He tasked the government on general improvement in the business operating environment, calling for abolition of multiple taxation and unorthodox mode of collection and review of the CBN’s list of 41 items not vaild for foreign exchange to enable manufacturers’ source critical raw materials that are not available locally.

 L-R: Director Corporate Affairs, Oluwasegun Osidipe, Vice President, Lagos Zone/ National Treasurer, Manufacturers Association of Nigeria, Rev Isaac Ade Agoye,MAN President, Dr Frank Jacobs, MON, MAN DG, Segun Ajayi-kadir, at the 2016 MAN Media Luncheon in Lagos yesterday. Photo by Sunday Eshiet.

Commenting on backward integration policy of govenrmnt, he called for the development of the country’s abundant natural resources for industrial inputs and enactment of relevant manufacturing friendly laws.



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