Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the Federal Government recognised manufacturing as central to the current administration’s economic transformation agenda.
This, Oyedele said, was why the Federal Government introduced several fiscal, trade and business facilitation measures to improve the investment environment and strengthen industrial competitiveness.
He made this known in a keynote address delivered on his behalf by the Director of Technical Services, Federal Ministry of Finance, Basheer Abdulkadir, at the 41st Annual General Meeting (AGM) of Manufacturers Association of Nigeria (MAN) Ogun State Branch.
The AGM, with the theme :“Building a Resilient Manufacturing Sector: Surmounting the Challenges of Fiscal and Regulatory Policies and Tariffs,” brought together government officials, industry leaders, manufacturers, development partners and other stakeholders to deliberate on the challenges confronting the sector.
Among the measures, Oyedele listed the Import Duty Exemption Certificate (IDEC), which provides zero per cent import duty on eligible machinery, equipment and industrial spare parts used for establishing or expanding factories.
He also highlighted the National List under Chapter 99 of the Common External Tariff, which provides concessionary duties or waivers on critical raw materials and industrial inputs that are not sufficiently available locally.
