The Manufacturers Association of Nigeria (MAN) on Wednesday listed revival of refineries, stability in electricity supply and regulation of multiple taxation to be at the heart of its challenges which government intervention was needed to help its members thrive in the country.
Segun Ajayi-Kadri, the director-general, MAN speaking at the 46th Annual General Meeting (AGM) of the association in Lagos specifically appealed that actions be taken to support the efficiency of the generation, transmission and distribution companies and the efficiency of independent power producers for on and off grid power generation.
He also asked to entrench better exchange rate management to encourage the industry stakeholders, including SMEs, sustain priority forex allocation for raw materials spare parts and machinery to the industrial sector to help it keep up with production.
The director-general, addressing the multiplicity of taxation, called for the implementation of harmonised taxes and levies to be monitored strictly by the Joint Tax Board (JTB) with a view to enforcing compliance by states and local governments.
He further sought the reduction of the Company Income Tax (CIT) from the prevailing 30 percent to 20 per cent to promote higher productivity and employment in the economy.
“The tax net should be expanded to capture the non-tax paying firms, particularly those operating in the informal sector and not to increase tax burden on the already tax compliant businesses,” he said.