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Multiple Taxation, Epileptic Power Supply, Exchange Rate Are Our Major Problems – Manufacturers
Author: By Nna Anulumadu.
Published on: Tuesday, September 08, 2015

The Chairman Manufacturers Association of Nigeria (MAN) Anambra/Enugu/Ebonyi State Branch Chief Sir Aloysius Azubuike Okafor JP recently identified multiple taxation, epileptic power supply, exchange rate as major factors militating against industrialization in Nigeria.

            Chief Okafor who is also the Chairman/Managing Director Zubee International Company Limited made the identification while addressing pressmen who visited his office.

            According to him, manufacturers in the country are facing serious challenges in the area of supply of power, stating that cost of production in Nigeria is on the high side because the manufacturers depend largely on electricity generating sets in running their companies. “The epileptic supply has forced us into using alternative power supply which is not auguring well with captains of industries. We use to spend greater percentage of our earnings on diesel and petrol and thereby skyrocketing the prices of locally made goods”.

            “The banks are not really helping matters. The current interest rate pegged at 30% is not favouring the manufacturers because we operate most times on loan which is serviceable. In essence when the interest rate is high, the purpose for taking up a loan is defeated. We therefore plead with the banks to slash down their interest rate so that the manufacturers can survive and as well sustain production of goods at a reduced price.

            The government should as well give us enabling ground by providing stable and sufficient electricity so that the heavy dependency on diesel and fuel powered generating sets would be reduced”.

            The chairman also expressed worry that in Anambra State multiple taxation is hitting hard on the manufacturers. “The issue of multiple taxation should be addressed because we the manufacturers are the number one victim.

            We call on Anambra State Government led by amiable governor Chief Willie Obiano to wade into the issue of multiple taxation and address it urgently so that the industrialists would be encouraged.

            Not withstanding that corruption which is endemic in Nigeria is being tackled the government should redouble their effort in order to reduce the tempo.

            The manufacturers cannot make much progress in a country that citizens swim in ocean of corruption”.

            Chief Okafor further eulogized the Anambra State governor Chief Obiano, stating that his administration is recording giant strides especially in the area of security. “The governor has proved beyond reasonable doubt that security of lives and property in the state is possible and achievable”.

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