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MAN hails govt’s import substitution policy

The President, Manufacturers Association
of Nigeria, Dr Frank Jacobs, has commended the Federal Government for pledging
to encourage import substitution, adding that the government has responded to
the yearnings of the association regarding the policy.

“The import substitution policy is
good. MAN has been canvassing it,” he said in an e-mailed response to questions
on issues raised in the 2016 budget.
According to him, government’s decision
to focus on infrastructure is a good one and if the budget is implemented
faithfully, in a few years, Nigeria’s economy will witness tremendous growth.
Jacobs also said the fact that a
lot of attention was paid to the mining sector was also a positive sign as the
mining sector provides raw materials for the manufacturing sector.
He said, “That sector has for a
long time been abandoned and left to informal operators. Yet, Nigeria has an
array of untapped solid minerals which can be money spinners directly and
“It is a source of raw materials for the
manufacturing and other sectors of the economy. If adequate value addition is
carried out, it can start yielding money soon.”
On government’s pledge to reduce
taxes for small businesses, the MAN president expressed confidence that the
move would not only end multiple taxation but would also bring about
harmonisation in taxes.
 “I believe that it will make a lot of
difference. I also believe that there will be harmonisation of taxes as well.
If this is done, there will be a lot of improvement in the system.

“If the harmonisation of fiscal,
monetary and social policies is implemented and the   diversification
of the economy is followed through, the nation can achieve the 4.37 per cent
growth projected in the budget.”
Source: The Punch

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