26th May, 2011
Members of the Organised Private Sector on Wednesday lauded President Goodluck Jonathanâ€™s initiative on tariffs restructuring but reminded him of many other challenges militating against the sector.
They listed other challenges as poor power supply, dilapidated infrastructure, policy inconsistency, multiple taxation and inadequate take-off incentives for new businesses, among others.
They told the News Agency of Nigeria (NAN) in Lagos that governmentâ€™s plans on duties and tariffs as well as tackling of these other challenges would put the country on the path of growth.
The private sector operators advised that the government should ensure that the issue of backward integration should also be on the front burner.
Chief Kola Jamodu, President of the Manufacturers Association of Nigeria (MAN), said that Jonathanâ€™s road map for the sector was laudable because of Nigeriaâ€™s over dependence on imported goods.
He said that Nigeria had relied too much on importation of goods, which he said, was not in the best interest of the nation.
Jamodu gave assurances that the sector was ready to support President Jonathanâ€™s government.
He said that manufacturers had submitted a 90-page blueprint on ways to improve the nationâ€™s economy to the Ministry of Commerce and Industry and urged the President to look at it.
Jamodu said that other problems in the sector were institutional and policy challenges, indiscriminate granting of waivers and smuggling of substandard products into the country.