The Federal Government’s delay in signing the fiscal policy measure document for over a year has hurt manufacturers’ ability to competitively produce for the export market, according to the Manufacturers Association of Nigeria, Ogun State Chairman George Onafowokan.
Onafowokan, in an interview with The PUNCH, criticised the Federal Government for its delay in signing the 2024 and 2025 fiscal policy measure document, stressing that the failure to do so is stifling manufacturers’ ability to compete effectively.
Onafowokan, whose company, Coleman Technical Industries Limited, is a leading producer of cable wires, lamented that the delay has made it difficult for manufacturers to import essential raw materials, thereby affecting local production and export potential.
“For now, the fibre optic cable market has not been as buoyant as we expected because of fiscal policies that have not enabled the actual business to act.
“The enabling factor is that if the tariffs are not right, which they have not been since 2012, it affects the entire sector. The government finally listened to our concerns on fibre optic tariffs and raw materials, but they missed signing the 2024 fiscal policy measure,” he said.
