The Manufacturers Association of Nigeria (MAN) stated at the weekend that more Nigerians may likely lose their jobs, with more manufacturing companies folding up. This may arise due to the likelihood of imposition of taxes on their members, THISDAY gathered.
With the continuous dwindling revenue from oil, MAN says that government may resort to more taxes on manufacturers, thereby increasing the cost of production, adding that the end result will be closure of businesses and job losses.
While still predicting an ominous business climate in months ahead, MAN said, impediments like high cost of borrowing, poor infrastructure, lack of power and perennial PMS shortage and multiple taxation have become burdens too much for their members to bear.
Making the disclosure at its 2nd Annual General Meeting in Abuja, the Chairman, MAN in Abuja, Nasarawa and Niger states, Mrs. Wosilat Shittu Titilola, said the multiplicities of various tax burdens on manufacturers is negatively impacting on manufacturers operations and the cost of doing business in the country. These factors, she added will lead to Nigerians paying more for locally manufactured goods.
According to her, the situation has further become more difficult with inadequate power supply, unenviable poor infrastructure, high interest rate and general insecurity. “All these factors negate healthy industrialization and have made it difficult for made in Nigeria products to compete favourably with goods from other economies.
